rural housing: USDA just might have a major problem with your "rural" property - 09/19/11 09:47 PM
Have you heard the news??  I just wanted to publish some information regarding this new USDA requirement related to outbuildings and farm service buildings.It’s a relatively new requirement put out by the USDA National Office back on July 22, 2011 and it’s related to outbuildings.  About two months ago, USDA issued Adminstrative Notice (AN 4590) with very little fanfare in the press and I know I haven’t seen really any posts regarding this issue.Click here to read the entire publicationThe biggest provision that is mentioned in the notice is related to what they label as “farm service buildings.”  USDA defines a … (4 comments)

rural housing: Is FHA going to raise the down payment to 5%? - 05/26/11 01:51 AM
...that's a great question!  I wish I knew the final answer.
On May 25, 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity met with one goal: 
"Determine the role of FHA, RHS, and GNMA in the Single- and Multi-Family Mortgage Markets"
Several industry leaders were brought in to testify at the hearing, including NAR's own president, Ron Phipps as well as chairman of Mortgage Banker's Association, Michael Berman.
A draft of the FHA-Rural Regulatory Improvement Act of 2011 was the focus of the hearing.  The headline from this act will obviously be the change of FHA's minimum down … (6 comments)

rural housing: USDA Guaranteed Loans - "No PMI" No More! - 03/02/11 11:33 PM
 
USDA Rural Development has long been the 100% financing leader for a lot of areas across the nation.  One of the major benefits of this loan product was that it required no monthly escrows for an annual mortgage insurance (MI).  MI is sometimes referred as PMI, and the loan is advertised many times as 100% Financing with No PMI.  That’s all going to change come October 1, 2011. USDA issued Administrative Notice 4551 on February 24, 2011 that alluded to this upcoming change.  The change has been confirmed in an email that also included instructions on how to calculate the … (12 comments)

rural housing: USDA Rural Housing gets much needed funding! - 07/28/10 06:25 PM
Great news for buyers who are depending on the USDA Rural Development Program for 100% Financing.  On July 27, 2010, the House made a motion to suspend the rules on H.R. 4889, thereby moving forward the bill that would give emergency appropriations to the USDA Rural Development Program.  The motion passed 308 - 114 with 10 abstaining from the vote.
This new appropriations bill will give this program much needed funding for the USDA Rural Development Program.  New guidelines will be in place and will be announced by the USDA National office as soon as the dust settles.
Our company has … (8 comments)

 
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