USDA home buyers, sellers and realtors should take note that USDA RD mortgage closing time frame is currently 60-70 business days. This is just for USDA’s part of the process. Remember it takes the bank/lender about 2 weeks to go through the underwriting, appraisal process before a loan file can be sent to USDA for final approval. So home buyers should figure closer to 90 days for the entire process from start to closing. This only applies to Florida properties.
USDA Florida has been working with a limited staff, in addition the Gov shutdown stopped everything for a few weeks. We expect these longer turn times for a few months likely into 2014. Read more... (155 words, estimated 37 secs reading time)
FHA home loans are a great choice for Sarasota FL home buyers, especially first time home buyers with limited savings. In this post we will talk briefly of what the FHA (Federal Housing Administration) does and the great benefits to the FHA home loan program.
First it should be noted that FHA does not actually lend homebuyers money directly. FHA only insures the loan with approved lenders and banks against loss. FHA loans are given to consumers though FHA approved lenders in Sarasota who lend money to buyers that have FHA insurance for the loans. FHA loans are meant to help people who by offering lower mandatory down payments. This is great for Sarasota first time home owners that have min savings. Read more... (670 words, estimated 2:41 mins reading time)
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Sarasota FHA Mortgage – Pre Application Lender Requirements
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Martin County first time home owners are always looking for ways to purchase a home with minimum down payment. In most cases they can own a home cheaper than the costs of rent. Interest rates are still near historic low levels, which makes owning a home much more affordable. However, the large downpayment is often required is the main roadblock for most first time buyers. Most conventional loans today require at least 10% down payment, which is out of reach for new buyers trying to enter the housing market for the first time. Let’s take a look at the FHA 3.5% down option below - Read more... (591 words, estimated 2:22 mins reading time)
Florida veterans and active duty military personnel in Key West have some wonderful benefits to take advantage of, in particular the 100% VA mortgage. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property in Florida, ensuring low rates and easier qualification guidelines than with conventional loans.
Benefits of a VA Mortgage Read more... (352 words, estimated 1:24 mins reading time)
- Many VA loans are assumable, meaning if you sell your home the new owners can take over your mortgage rather than applying for a new loan. This is extremely attractive to many buyers and will set your property apart from others for sale.
Starting the home buying process can be a scary process for buyers, especially for first time homeowners. From mortgage loan qualifying , to picking a realtor, insurance agent, etc, the process of purchasing a home can be complicated. Listed below are some steps Florida first time buyers should read to insure your home buying experience is smooth sailing.
Making the decision to become a homeowner:
Alright, you think you may be ready to stop renting and start being a homeowner? How exciting! Owning a home is a big part of the American dream. It’s also likely the biggest purchase you’ll ever make. Read more... (1098 words, estimated 4:24 mins reading time)
The VA mortgage loan guaranteed by the U.S Department of Veterans Affairs and can only be issued by qualified lenders such as banks, savings & loans, or mortgage companies. Thousands of qualified veterans and active military reside right here in Florida, especially in Jacksonville Duval County. The government VA guaranteed mortgage can be used to buy or refinance your existing VA loan. There are many advantages to a VA loan, of course the biggest benefit is that VA loans are 100% financing and require NO down payment. That’s right, VA (along with the USDA loan) still do NOT require a down payment. You won’t have to compromise on that dream home or wipe out all your savings. VA loans also come with limits on closing costs, origination fees and appraisal fees. This is another way to help lower out-of-pocket expenses when buying a house. Read more... (1348 words, estimated 5:24 mins reading time)
There are many reasons first time homeowners apply for a USDA Guaranteed Home Loans before any other. First and foremost, USDA is the only home loan program in Florida that still offers 100% financing with no money down! Many rural and small community families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. Even many popular suburbs around Tampa, Orlando, Tallahassee, Gainesville, Jacksonville, Tampa and Ocala are eligible!
When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA’s Guaranteed Rural Housing Loan Program, low- and moderate-income people can qualify for mortgages even without a down payment. That’s right, 100% financing is still possible in Florida. Read more... (450 words, estimated 1:48 mins reading time)
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USDA Home Loan Benefits – First time buyers, Teachers
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USDA Rural Development was set to change the approved locations (map) for the USDA home loan program this month. USDA is supposed to do this periodically as new census data is completed. It was announced this week, any map changes have been delayed. This is great news for first time home buyers wanting to take advantage of 100% financing. If you are looking to purchase a home in a more populated area, it may be good idea to do it sooner than later. Read more... (332 words, estimated 1:20 mins reading time)
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USDA Eligible Location Map – Staying same for now
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The USDA Pilot refinance mortgage program is now available to help homeowners that currently have a USDA mortgage refinance at a lower 30 Year fix interest rate. The best part is the USDA refinance program does not require an appraisal, equity, home inspection, or calculating debt to income ratios as long as household is under the USDA income limit for the county in which the property is located. With the new USDA refinance guidelines, it provides a less restrictive streamline form of refinancing thus saving homeowners money.
The USDA Rural Development Pilot refinance program guidelines include the following: Read more... (466 words, estimated 1:52 mins reading time)
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New USDA Refinance Program Offer Low Rates
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100% home financing is hard to find these days, especially in Florida. There are only a few options left – VA and USDA. USDA is often overlooked, now is the time to discover the benefits of USDA and how it can help you purchase a home with little money out of pocket. Most people think in order to get a USDA loan the property has to be way out in the county….not true. You would be surprised the houses that are USDA eligible, many properties right around town. Read more... (408 words, estimated 1:38 mins reading time)