Category Archive : Latest News & Updates

USDA Eligible Area survive until end of 2013

       Latest News & Updates / USDA Guidelines & Rules / USDA Income Eligibility / USDA Property Eligibility / USDA Zero Down Loans

On March 20, the Senate passed by a vote of 73 to 26 its amended version of the House-passed FY 2013 continuing resolution (CR), H.R. 933. On March 21, the House also passed, by a vote of 318 to 109, the amended version of the CR. The bill now goes to the President for his signature. The FY 2013 Agriculture…… Read More »

Some Better News About Private Mortgage Insurance (PMI) !

       CONVENTIONAL Loans / FHA, VA & Conventional Related / General / Latest News & Updates

Private Mortgage Insurance (PMI) is a necessary evil when you borrow more than 80% on a Conventional loan. But in 2007 the Govt. passed the Mortgage Forgiveness Debt Relief Act which allowed PMI to be tax deductible if you fit certain income criteria. Unfortunately that Rule expired in 2011 which meant in 2012 homeowners couldn’t write off PMI as a…… Read More »

USDA holding off Change of Eligibility Areas Until March 2013

       Latest News & Updates / USDA Guidelines & Rules / USDA Property Eligibility / USDA Zero Down Loans

Good news, the recent USDA change of Eligibility areas was deferred until March 27, 2013. This means the geographic areas which had been singled out to be eliminated from eligibility for RD502 financing, will remain eligible until at least April 2013. Here’s the entire Notice from the USDA from September, 2012.

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Consumer Confidence Will Dictate Housing Recovery

       General / Latest News & Updates

So the Chief Economist at NAR (National Assoc of Realtors) predicts housing sales will increase 4% next yr (2012).  Moody’s Analytics (Celia Chen) is more ambitious, thinking a 20%+  jump in 2012. But the much-desired housing recovery will be strangled by one thing above all . . .lack of consumer (homeowner) confidence in that Recovery. You see if house prices…… Read More »

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Push Congress To Pass H.R.8026 so FICO Scores Could Increase For Millions!!

       General / Latest News & Updates

Everyone! Write your Congressman/Congresswoman and push them to pass H.R. Bill 8026 known as “The Medical Debt Responsibility Act (2011”. Below is a Summary of what the Bill means, straight from Congress. Basically, any medical bill less than $2500 which is satisfied or paid CANNOT BE REPORTED ON YOUR CREDIT REPORT! Could you imagine what this would do to the…… Read More »

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USDA Zero Down Loans Will Have Mortgage Insurance

       Latest News & Updates / USDA Guidelines & Rules / USDA Zero Down Loans

There are some sweeping changes coming in the Fall of this year (2011) which will make Mortgage lenders more accountable for the loans they fund and approve; some speculate that this is the part of the reason the USDA has chosen to tack on Mortgage Insurance (just like FHA’s) to the monthly payment. Thankfully, we the tax payers won’t be…… Read More »

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HUD extends FHA Waiver of Anti-Flipping Rule

       FHA Loans / FHA, VA & Conventional Related / Latest News & Updates

For another whole year, through Jan 2012! What does this mean exactly ? Homes that were purchased (by Investors) and resold aka “flipped” (usually for profit) . . will be allowed with certain restrictions even if the home is being resold within 90-days of the Seller (investor) acquiring it. This helps the housing market by providing affordable financing with flexible…… Read More »