Tag USDA Rural Housing Loans

Tag USDA Rural Housing Loans

What You Need to Know About the USDA Repair Escrow

John Thomas January 9, 2018 Tags:
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The USDA Repair Escrow Loan can Help You Close

Many home buyers find their dream home, but then hit a brick wall in the loan approval process: the appraiser says it does not meet USDA loan guidelines. The home of their dreams requires minor repairs to be completed or they will not be able to close. The seller won’t budge – they have a loan that requires all repairs to be completed before closing, but that’s impossible since the process can’t move forward without those repairs. It seems like a frustrating, impossible situation, but it can be rectified with a Delaware USDA Repair Escrow Loan.  The John Thomas Team can help you navigate the specifics of the Delaware USDA Repair Escrow  – give us a call today at 302.703.0727 or APPLY ONLINE. Keep Reading...

USDA Rural Housing Loans Increasing Monthly Mortgage Insurance October 1, 2014

John Thomas September 7, 2014 Tags: , ,
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USDA Rural Housing Loans will be increasing the monthly mortgage insurance premium that is charged beginning on Guarantee Commitments assigned on or after October 1, 2014 as announced by Rural Development.  The monthly premium charged is currently based on an annual premium of 0.4% of the principle balance of the outstanding loan.  The annual premium is increasing to 0.5% effective with commitments issued on or after October 1, 2014.  It doesn’t matter if the loan application or the sales contract was dated prior to October 1, 2014. Keep Reading...

Delaware USDA Rural Housing Loan Income Limits for 2014

John Thomas February 6, 2014 Tags: , , ,
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Delaware USDA Rural Housing Loan Income Limits for 2014 remained the same as 2013 for each county in Delaware.  The income limits are based on the household income for the total number of people living in the home.  If you have questions about USDA Loans for the purchase or refinance of a home, please call 302-703-0727 or you can APPLY ONLINE.

The income limits for New Castle County, Kent County, and Sussex County are displayed below:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2014: Keep Reading...

Delaware USDA Rural Housing Loan Eligible Property Areas Changing October 1, 2014

John Thomas August 28, 2013 Tags: , , ,
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Delaware USDA Rural Housing Loans Eligible Property Areas are Changing October 1, 2014

The eligible property areas for Delaware USDA rural housing loans in Delaware were suppose to change on October 1, 2014 when Rural Development was switching from using the 2000 US census date to determine eligibility based on population density to using the 2010 US Census.  The current areas that are eligible which were no longer going to be eligible are Middletown, Delaware and Smyrna, Delaware.  THE CHANGE WAS DELAYED UNTIL 2021!!

The USDA Rural Housing Loan offers 100% financing for borrowers looking to purchase homes in eligible areas that fall under the household income limit.  The income limit is based on the number of people in the household and on which county the property is located in Delaware, Delaware USDA Loan 2013 Income Limits.  The New Eligible Property Areas Map effective October 1, 2013 by county are displayed below: Keep Reading...

Delaware USDA Rural Housing Loans – Lapse in Funding October 1, 2011

John Thomas October 7, 2011 Tags: ,

Delaware USDA Rural Housing Loans are now subject to a lapse in funding as Rural Development is only issuing “Contingent Conditional Commitments,” subject to the “availability of commitment authority” as there are currently no more funds available for guaranting loans as of October 1, 2011. Therefore most lenders have ceased funding USDA Rural Housing Loans.
Primary Residential Mortgage is still originating and funding these loans with the contingent commitment and will do so until funding is restored. If you received a commitment from Rural Development prior to October 1st then you will be fine if not you will need to check to see if your lender will still fund the loan and won’t have any delays. If you cannot get your loan funded, please call us at 302-703-0727 and we can get your loan closed for you.  You can also APPLY ONLINE for a Delaware Mortgage. Keep Reading...

Delaware USDA Rural Housing Loans – How much can you borrower?

John Thomas February 26, 2009 Tags:
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USDA Loan How Much Can You Borrower

Delaware USDA Rural Housing Loans How Much Can You Borrower?

Delaware USDA Rural Housing Loans can be used to purchase a home and allow you to borrower up to 101% of the appraised value.  This is a big difference from Delaware conventional loans and other government loans such as Delaware FHA Loan or Delaware VA Loans.  Every other loan bases the maximum amount you can borrower off the LOWER of the purchase price or appraised value.

USDA Rural Development Loans will let you borrower up to 101% of the appraised value no matter what the purchase price.  So lets say you are buying a house for $210,000 and it appraises for $220,000.  You could borrower up to 101% of $220,000 which would be $222,200.  Now you can’t get paid to buy a house so you can only borrower above the purchase price to cover your closing costs.  So if you can’t negotiate for the seller to pay your closing costs, you could finance them into your USDA loan if home appraises higher than the purchase price.  See Example Below: Keep Reading...