DeLand FL real estate listings and homes for sale, home buying, home selling information – Florida's Mortgage Advisor

A Home of Your Own

Bernacki Speaks But Credit Still Hard To Get.

February 29th, 2008 9:45 AM

This week Fed Chairman Ben Bernacki expressed continued concern about the slowdown of the economy and indicated that further rate cuts are likely. Though the Fed can only control the discount rate and not the pricing for fixed rate mortgages, mortgage rates did improve some. What the Fed hopes for is that if the banks can borrow money cheaply enough. they will then be willing to lend more and stabilize the housing market. However, Fannie Mae, Fredie Mac and mortgage insurers announced credit tightening guidelines to go into effect in the near future. So although there might be cheap money available, it will likely not be passed on to the consumer. For those seeking to take advantage of this buyers market there is an answer. The Federal government through its USDA Rural Development program is still making loans at 100% at low fixed rates. Using this special but largely unknown program, homebuyers may get the deal of a lifetime. With plenty of foreclosures and homes priced far below their current value, this loan can help buyers make a great investment into their future.

Posted by Eligible Homes on February 29th, 2008 9:45 AMPost a Comment (0)

Now May Be The Time To Buy.

February 26th, 2008 1:15 PM

Several local reports indicate that we may be nearing the bottom of the housing market. Although housing prices and sales slipped again in January, close to 700 applications for the homestead portability have been received by Volusia county perhaps indicating that some homeowners are ready to move. Additionally, inflation worries have pushed fixed mortgage rates up from their recent lows. Now may be time to get of the fence and purchase a home, before the market picks up steam, and rate climb higher. And using Rural Housing loan financing can help with low rates, 100% financing, and no monthly mortgage insurance. Check it out today.

Posted by Eligible Homes on February 26th, 2008 1:15 PMPost a Comment (0)

How Does A Rural Development Loan Compare To FHA?

February 20th, 2008 10:31 AM

One of the often asked questions I come across is how a RD loan stacks up against an FHA loan.

FHA has an upfront mortgage insurance of up to 1.5%. This is added to the loan amount. RD has a 2% guarantee fee on the 502 Guaranteed program.
FHA has an annual mortgage insurance premium of .5% of the loan amount. This increases your monthly payment. A RD loan does not require mortgage insurance. That means a lower monthly payment and more buying power.
FHA has a required minimum cost to the buyer of 3%. That money can come from a variety of sources. However, RD has no minimum down!
FHA limits the loan amount to the sales price or the appraised value, whichever is lower. RD allows the loan amount to exceed the sales price up to the appraised value of the property. That means that all closing costs could be added in to the loan, and there would be less out of pocket costs.

Both FHA and RD have their own individual advantages. But more often than not, a RD loan can be more beneficial for the buyer.

Posted by Eligible Homes on February 20th, 2008 10:31 AMPost a Comment (0)

What If You Have No Credit?

February 19th, 2008 5:38 PM

If you have no credit, that's OK. With Rural Housing, the lack of credit is not necessarily a reason to deny the loan. There are many factors used to determine the borrowers willingness and ability to repay a house payment. Best advice: Don't assume that you don't qualify.......FIND OUT. Contact Us TODAY!

Posted by Eligible Homes on February 19th, 2008 5:38 PMPost a Comment (0)

Still Tough Times Ahead As Some Find Opportunity.

February 13th, 2008 12:31 PM

Although the real estate market continues to struggle, some potential homebuyers are finding opportunity. Increased inventory and lowered prices has turned this into a buyer's market. For those buyers with clean credit and stable income, some great deals can be had. What has to be understood is that prices may continue to drop, and financing is available only for those that can meet more stringent guidelines. So a buyer has to be ready to consider their purchase as a longer term investment.; not a buy-and-flip deal.

Posted by Eligible Homes on February 13th, 2008 12:31 PMPost a Comment (0)

A True No Money Down Option.

February 12th, 2008 1:07 PM

Rural Development (RD) financing is perhaps the most misunderstood home financing program offered today. It provides probably the best terms for a mortgage available. Best of all, this loan features the NO MONEY DOWN option. In todays market it is perhaps the only TRUE No Money Down program.

Posted by Eligible Homes on February 12th, 2008 1:07 PMPost a Comment (0)

USDA Makes Homebuying Easy!!

February 11th, 2008 1:24 PM

Many experts agree that it is buyer's market out there. With an oversupply of homes, sellers as well as bank owned foreclosed properties, have pushed prices down sometimes at auction levels. But as those who have been out there shopping for a home have found out, financing may be tougher tan expected. One little program that seems to be getting more just attention is the USDA's 502 Guaranteed program. It is one of the remaining mortgage loans that still allows 100% financing. Check out this great program at http://USDAlender.com

Posted by Eligible Homes on February 11th, 2008 1:24 PMPost a Comment (0)