USDA Fees to Increase…..tomorrow!

Fiscal Year End Conversion Process Due to Increase in Annual Fee On October 1, 2014 the annual fee for both purchase and refinance loans will increase from .4% to .5%.  This change is required to maintain a neutral cost of the program. The USDA annual fee is paid monthly as part of your USDA mortgage payment. […]

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Can you use projected rental income on your Primary Residence to qualify for a Home Loan?

A better question….can you use the projected rental income on your current home if you plan to convert it to a rental property when you buy your new home? The short answer….YES! The long answer….YES…and NO! It really depends on a number of factors, let’s break them down. Here’s the scenario – you’re shopping for […]

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USDA Zero Down Payment Home Loans!

With all the noise the doom and gloom media is making about tightening credit restrictions and rising interest rates, many homebuyers have been led to think low down payment loans are a thing of the past.  Make no mistake, there are many programs still available.  One often-overlooked loan program belongs to the U.S. Department of […]

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ABILITY TO REPAY and QUALIFIED MORTGAGES: The new challenges for homebuyers (and their agents)

On Jan. 10, the Consumer Financial Protection Bureau (CFPB) rolled out new rules governing how mortgage lenders originate loans. The regulations are designed to prevent shady or predatory lending and otherwise protect consumers. Financial institutions have been preparing for the changes for months. The big fear is that potential homebuyers will be blindsided. What do […]

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