Eustis, Tavares, and Mount Dora - What are you waiting for?

Eustis, Tavares, and Mount Dora – What are you waiting for?

By Jason, Mar 29 in Blog, Mortgage News with 0 comments

USDA just announced the following: “The Recovery Act allocation has arrived!We will have ample ‘funding’ to carry the program without danger of depletion at the end of our FY-2009. In addition to the Recovery Act, we anticipate the normal annual budget funding will arrive soon.”

Here is what you need to know about that statement: some lenders have a waiting list of borrowers ready to close on these USDA guarantee loans. Just like anything else in life, it is first come first serve. Just like USDA’s normal annual budget, these funds that are being granted to these mortgage programs will go fast.

Remember, USDA offers 100% financing and it is not just for first-time home buyers. It is limited to primary residences only, though. It even allows for up to 6% concessions towards closing costs. And even better, there is no mortgage insurance with these mortgage loans.

But do not fret. If you are still shopping for a new home and have not been able to find that prefect one, Knightlines can still get you funded even if USDA itself runs out of money again. Our resources offer portfolio financing that allows us to continue this product and fund on it even when USDA cannot no longer buy the loan. The loan will still be backed and guarnateed by USDA; they just have not purchased the loan from our lending source.

So, no pressure on finding the house today. But you better find it tomorrow because interet rates are a whole other story.