The Clock is Ticking! Time is Running Out for Significant Savings!Attention home buyers! Waiting to buy a home could cost you nearly $20,000 or more over a seven-year period if you time your purchase incorrectly. While the actual impact will vary depending on purchase price, the impact will certainly be significant because of stimulus programs scheduled to end in the coming months.
Economic turmoil and the real estate bubble have created significant opportunity for all those seeking to capitalize on the situation at hand. YOU Magazine will address the real estate purchase market and what people interested in both buying and selling a home need to know this month to take advantage of the current market conditions.
We also consulted with Michael J. Maher of "The Maher Team," one of the busiest agents in the country who sold 216 homes in 2009. With a degree in mathematics, he knows his numbers and the impact on both buyers and sellers.
As little as a few years ago, it would have almost been incomprehensible to expect that actions from Washington would impact decisions involving the purchase and financing of real estate. Well, that was then and this is now and the decisions people make or don't make stand to impact wallets across the country.
Cost for FHA Loans are increasing so now is the time to save with rates in the mid to upper fours and conventional loans under five too. Purchase or refinance now to save, get a free mortgage analysis now.Keep Reading »
USDA Program Makes "Rural" Homes More Accessible
One of the biggest difficulties many first-time home buyers face is a lack of down payment and the necessary funds for closing costs. However, even with the widespread availability of "no-money-down programs" evaporating in the credit crisis, one national no-down payment program still remains: USDA Rural Development home loans.Guaranteed by the USDA (United States Department of Agriculture), this program might make you think that you have to buy farmland or live "in the country" to qualify, but this is often not the case. In fact, you might be surprised to see just how many neighborhoods actually do qualify as rural development areas. For this program, the term "rural" really applies to those areas with a lower population or fewer homes, not necessarily those areas and neighborhoods far outside of the city!There are several benefits of the USDA loan program besides no money down. The program also does not require private mortgage insurance, and the seller is allowed to pay all of your closing costs and pre-paid items up to 6.00% of the total sales price of the property. And while this is great news for first-time home buyers, it's important to note that you don't have to be a first-timer to qualify for a USDA loan.Other than the location of the property you're seeking to buy, there is one other limitation to this valuable program that you must consider: your income. Luckily, however, these numbers have recently increased to allow more potential buyers to take advantage of this special program. For households in non-high cost areas, with up to four people, the income limit is $70,750. In households where 5-8 people reside, the income limitation is $93,400. These income limitations are guidelines and, in some cases, may be exceeded. To find out more about USDA loans, give us a call or click here. We can have an answer as to whether you qualify for this program in just a few minutes.
Richard WoodwardBanker / Senior ManagerEnvoy MortgagePhone: 972-661-5136Fax: 972-314-9647Rwoodward@Envoymtg.comwww.Envoy-Mtg.com
17311 Dallas Parkway Ste, 173 Dallas, Texas 75248
Staff Profiles | Contact Us | Your FICO score | Realtor Partners & Listings | Commercial Mortgages | Protect Your Identity | Videos You Should See | Employee Benefit Programs | Home Buyer Tax Credit | Career | Tell a Friend | News | Real Estate Glossary | Home | Mortgage Saving Tips | Finance Agencies | Site Map | Apply Now | The Loan Process | Get Your Loan Faster! | Improve Your Credit Score | Should you buy points? | Getting Qualified | When to Refinance | What is a credit score? | Bi-weekly Pmt Calc | ARM Calc | APR Calc | Fixed Rate Mtg Calc | Mortgage Points Calc | 15 vs 30 Year Mtg Calc | Mtg Tax Savings Calc | Balloon Mortgage Calc | ARM vs Fixed Rate Calc | Mortgage Qualifier Calc | Required Income Calc | Maximum Mortgage Calc | Mortgage Payoff Calc | Rent vs Buy Calc | Refi Interest Savings Calc | Refi Breakeven Calc | Mortgage Calculators | Customer Login | Interest Only Calc | 9 Steps to Ownership | What is PMI? | VA Loans | Government Loan Programs | Buyer Don'ts | HUD-1 Settlement Statement | Are You Pre-Approved? | Reverse Mortgages | Shopping Settlement Costs | Mortgage Tuneup | Home Price Index | Daily Rate Lock Advisory | Mortgage Update Blog
Copyright © 2010 Envoy MortgagePortions Copyright © 2010 a la mode, inc.Another XSite by a la mode, inc. | Terms of Use| Site Map
