Good to the last dollar!

Rural Development funds were projected to run out before the end of April. Many large lenders across the country stopped processing these loans to avoid having the cash window shut in their face. Those who continued to apply for the (100%, no monthly MI, low 30 year fixed rate and a 2% financed funding fee) RD loan have been rewarded with the best possible loan in today’s mortgage market.

We will keep submitting...

FHA recently changed their upfront mortgage insurance premium. This should NOT keep you from using the FHA program! The FHA changes will help protect the program from disappearing as many mortgage options have in recent times. Even with slightly higher premiums it only amounts to a 0.005% increase in the upfront mortgage insurance premium. This program can still help many homeowners refinancing their mortgage:

FHA Rate and Term Refinance:
FHA...

Wisconsin Illinois Minnesota and Florida FHA Identity of Interest Transaction (family member to family member purchase)

There’s not a lot of information on this topic, so today I thought I would discuss what it is and what it means to you.

Not too long ago, purchasing a home from a family member and having them gift you equity so that you could get a better interest rate or lower loan to value was an easy task but that is no longer the case....

USDA announced this week that they expect to run out of the entire year’s appropriated funds for their popular Guaranteed Rural Development home loans by the end of April. That’s six months before the next federal budget would renew the program coffers. Lenders are scrambling to get approvals for the last $4B in guarantees.

There is no reason to quit trying for an RD loan, but cover yourself by being pre-approved for another type of loan (FHA, conventional,...

We get this questions a lot; "Can I refinance into a USDA Rural Housing loan?" and the answer, 9 out of 10 times, is no. Unless your current loan is a Guaranteed Rural Housing loan or a USDA Section 502 Direct loan, you cannot refinance into the program.

If you have a USDA loan now, you can refinance with or without an appraisal and with a guarantee fee of only 0.50%. See below for additional USDA refinance information.

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