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News You Can Use
Wondering what the latest news is on the USDA and FHA fronts? Details are still being worked out but here’s a summary of the latest developments:
Regarding USDA: “Congress is considering alternatives to cover the cost of the program going forward. They are discussing raising the guarantee fee in two ways. They are: 1) raise the upfront fee from 2% to 3.5% or 2) retain the upfront fee at 2% and establish an annual fee of .5%. It will probably be a week or two before the USDA funding issue is resolved.”Either way, having access to 100% financing can be a smart strategy for some buyers. If they find a home in an eligible area and are conscious of the loan’s associated fees, it’s a great deal.Regarding FHA’s seller concessions: “FHA has sent the Notice soliciting public comments on lower allowable seller sales concessions (from 6% to 3%) to OMB for review. This means the Notice will probably be published for comment in 30-60 days.” Accordingly, implementation will likely be delayed until late Summer (August-September) vs the original target date of June.Until this is sorted out, the additional 3% that is allowed can make a huge difference in a buyer’s down payment plan. This is a great marketing tool for potential sellers.Have questions about either program? Give me a shout and have a great week!Featured Loan Program
$100 Down FHA Repo Program
It’s now possible for buyers to purchase a HUD repo for $100!- Owner Occupied only
- FHA financing is used in conjunction with this program
- Available for 1 to 4 unit properties, as well as condominiums and manufactured homes
- Max loan limit for Charlotte MSA is $303,750 for a single family home
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