Atlanta, Georgia (Feb. 2012) – USDA Rural Housing just announced a new USDA streamline refinance pilot program expected to help LOTS of homeowners across Alabama, Georgia, Florida, Tennessee, South Carolina and 14 other states.

Designed to provide a simple, low documentation, NO APPRAISAL refinance path for current USDA homeowner’s, the streamline [...]]]> USDA Streamline Refinance Program

Atlanta, Georgia (Feb. 2012) – USDA Rural Housing just announced a new USDA streamline refinance pilot program expected to help LOTS of homeowners across Alabama, Georgia, Florida, Tennessee, South Carolina and 14 other states.

Designed to provide a simple, low documentation, NO APPRAISAL refinance path for current USDA homeowner’s, the streamline refinance program will create millions in mortgage savings, help more rural owner’s stay in there in homes and provide a huge stimulus to the rural economy.

Get a USDA Streamline Refinance Quote!

So, how does the new rural housing refinance program work and how can you take advantage?

USDA Streamline Refinance Guidelines

1. The loan must be a USDA rural home loan.
2. The new interest rate must be a fixed rate 1% below your current USDA interest rate.
3. USDA Streamline Refinance is only available on a 30 Year FIXED rate.
4. A USDA Streamline Refinance loan may only include the principal balance of the loan plus a portion of or the full upfront guarantee fee. The upfront refinance guarantee fee is 1.5 percent. No cash out is allowed. Accrued interest, closing costs, lender fees, and late fees are not eligible to be part of the streamline refinance loan.
5. USDA rural mortgage insurance WILL apply. As of 2012, all USDA loans have an annual mortgage insurance rate of .30 of the loan balance.
6. No appraisal, no credit and no income documentation is required. Some USDA streamline refinance lenders, due to the history of storms in the pilot states, some rural housing lenders MAY require a property inspection to ensure that the subject property still meets USDA guidelines.
7. USDA Streamline Refinance Pilot loans must be manually underwritten. They cannot be processed through the Guaranteed Underwriting System.
8. Closing costs, as with almost ALL mortgage loans including USDA refinances, are still applicable. There are still third parties that have to do their jobs. Title needs to be pulled, you need to sign the closing docs and loan officers still need to feed their families. You do, however, have closing cost options that include NOT having to pay ANYTHING for your USDA streamline refinance out of pocket.

USDA Streamline Refinance – Closing Cost Options

Like I stated before, nothing is free. There are third parties that work and want to get paid for those services. I don’t care what you heard on the news, don’t be a sucker. HARP Refinances are no different, they also have closing costs. FHA Streamline Refinance loans do too.

Now that we have established USDA Streamline Refinances (Pilot Version) are going to have some closing costs. Less discuss the payment options. One of your options includes ZERO out of pocket. Interested?

USDA Refinance – NO CLOSING COST Option

Most of my FHA Streamline Refinance borrowers prefer this option. I’ll bet that most people pursuing the USDA Streamline Refinance will too.

Basically, ALL no cost refinances work the same. The closing costs still exist and still have to be paid, only the LENDER will pay them for you. Why and how would the USDA streamline refinance lender do that? Through increased interest rate.

ALL NO COST REFINANCES, USDA STREAMLINE REFINANCE INCLUDED, COME WITH AN INCREASED INTEREST RATE.

Sorry to yell, but I wanted to be as clear as possible on how no cost refinances work. If a mortgage lender tells you different then you need to find another mortgage lender.

USDA Streamline Refinance – LOW Closing Cost Option

When you pursue your USDA refinance you should be able to check out multiple closing cost options. Along with a NO COST streamline, you will have low cost and full cost options.

Each USDA Streamline Refinance closing cost option should have a different interest rate. Higher the closing costs, lower rate and vice versa.

Make sure you get several USDA Streamline Refinance options to choose from. Look at the costs, the cash to close, the mortgage payment and choose which refi option is best for you.

Do USDA Income and Geography Restrictions Apply?

Yes. USDA Streamline Refinance income guidelines still apply. USDA geography restrictions are also still applicable for their streamline refinance program.

If you or your family has seen a significant increase in income then you may not be eligible for a USDA Streamline Refinance. However, the USDA recently increased their household income allowed, even if you recently got a raise you should still look in refinancing.

DO You Qualify? 10 Seconds, No SSN – USDA Streamline Refinance Rate Quote

 USDA Streamline Refinance Pilot States – Alabama | Georgia | Florida | Tennessee | South Carolina

With no down payment, low mortgage insurance and interest rates at all time lows, it is no wonder why USDA loans have become so popular.

While most mortgage [...]]]> USDA Rural Home Loans

Since 2007 when 100% mortgage financing options all but disappeared, USDA Loans have become one of the hottest mortgage loans in the south.

With no down payment, low mortgage insurance and interest rates at all time lows, it is no wonder why USDA loans have become so popular.

While most mortgage guidelines have gotten stricter, USDA guidelines have remained intact. You still have income and geographic restrictions and eligibility guidelines, but other than that very little has changed.

Income eligibility is determined by the county you live in, but typically ranges around 115% of HUD’s median income for the county in which the property is located.

While family factors like dependents and child care expenses play a role, most Georgia, Alabama, Florida, Tennessee and South Carolina counties typically restrict home buyers to between

$70,000 - $80,000 in maximum household income to be USDA eligible.

When it comes to geographic eligibility, the home needs to be located in a rural location. Population growth around metro areas like Atlanta, Birmingham, Jacksonville, Tampa, Savannah, Huntsville, Mobile, Charleston, Greenville, Nashville, Knoxville, Memphis and Montgomery threatens eligibility in desirable areas.

So for anyone looking to buy a new or existing home with no down payment and in an area close to an urban area, you may want to take a look at getting pre qualified for a USDA Loan now.

Determining eligibility is simple, just complete the contact form to the right and one of our USDA HOME LOAN EXPERTS will contact you for a free, no obligation USDA consultation.

In addition to the basic USDA eligibility guidelines revolving around income and geography there are also some other basic qualifications to keep in mind.

• 620+ Credit Score Required
• Minimum Loan Size is $75,000
• Purchase Loan ONLY
• Max Debt to Income is 45%
• No Foreclosures or Bankruptcy in the last 3 years (unless extenuating circumstance can be documented)

Take advantage of the foreclosure driven buyer’s real estate market and one of the only 100% mortgage loans available.

Stop guessing, start knowing. Act now! USDA 100% financing may not be around forever!

Description:

This area is bounded on the North by Lee and Terrell County lines until Tallahassee Road intersects with the Terrell County line and continues South down Tallahassee Road until the Tallahassee Road intersects with Georgia Highway 234 and turns East for a distance. At the intersection of Georgia Highway [...]]]> Albany/Dougherty County Ineligible Area Designation

Description:

This area is bounded on the North by Lee and Terrell County lines until Tallahassee Road intersects with the Terrell County line and continues South down Tallahassee Road until the Tallahassee Road intersects with Georgia Highway 234 and turns East for a distance. At the intersection of Georgia Highway 234 and Flowing Wells Road continue South to the intersection of Tarva Road and continuing South to the Baker County Line the continuing East along the Baker and Mitchell County lines then turning North along the Worth County line to the beginning point at the intersection of Lee and Worth Counties. See attached map for a more complete and accurate description.

DESCRIPTION FOR DADE COUNTY, GEORGIA

The ineligible areas of Dade County, Georgia, includes all areas northeast and east of Georgia Highway 157 beginning at the east Dade-Walker county boundary; and following westerly to the intersection of Georgia Highway 189; and following Georgia Highway 189 northeast to the intersection of [...]]]> RURAL/URBAN DELINEATION METES AND BOUNDS

DESCRIPTION FOR DADE COUNTY, GEORGIA

The ineligible areas of Dade County, Georgia, includes all areas northeast and east of Georgia Highway 157 beginning at the east Dade-Walker county boundary; and following westerly to the intersection of Georgia Highway 189; and following Georgia Highway 189 northeast to the intersection of Gerber Branch; and following Gerber Branch westerly to the intersection of Lookout Creek; and following Lookout Creek northeasterly to the Georgia-Tennessee State boundary.

The ineligible area of Coweta County, Georgia, includes all areas north of Stallings Road beginning at the east boundary line at the intersection of Line Creek; and following Stallings Road westerly to the intersection of McIntosh Trail, and [...]]]> Coweta County Georgia USDA Property Eligibility

RURAL/URBAN DELINEATION METES AND BOUNDS

DESCRIPTION FOR COWETA COUNTY

The ineligible area of Coweta County, Georgia, includes all areas north of Stallings Road beginning at the east boundary line at the intersection of Line Creek; and following Stallings Road westerly to the intersection of McIntosh Trail, and following McIntosh Trail westerly to the intersection of Reese Road; and following Reese Road southerly to the intersection of Georgia Highway 16; and following Georgia Highway 16 northerly to the intersection of Georgia Highway 154; and following Georgia Highway 154 southerly to the intersection of Gordon Road; and following Gordon Road northerly to the intersection of Georgia Highway 16; and following Georgia Highway 16 westerly to the intersection of Interstate Highway 85; and following I-85 southerly to the intersection of Emmett Young Road; and following Emmett Young Road westerly to the intersection of Hannah Road; and following Hannah Road westerly to the intersection of Earl North Road; and following Earl North Road westerly to the intersection of Old Corinth Road; and following Old Corinth Road southerly to the intersection of Holbrook Road; and following Holbrook Road northwesterly to the intersection of Chandler Road; and following Chandler Road northwesterly to the intersection of Smokey Road; and following Smokey Road westerly to the intersection of Bruce Jackson Road; with ineligible areas east of Bruce Jackson road, and following the road northerly to the intersection of Georgia Highway 34; and continuing northerly as Pierce Chapel Road to the intersection of Handy Road; and continuing northerly as Summers McCoy Road to the intersection of Boone Road; with ineligible areas south, and continuing northerly as Wagers Mill Road to the intersection of Georgia Highway 16; and continuing easterly as Dr. Elliot Road to the intersection of Old Carrollton Road; and following Old Carrolton Road southerly to the intersection of Newton Road; with ineligible areas south, and following Newton Road easterly to the intersection of Macedonia Church Road; and following Macedonia Church Road easterly to the intersection of Georgia Highway 70; with ineligible areas east, and following Georgia Highway 70 northerly to the intersection of Brimer Road; with ineligible areas south and following Brimer Road easterly to the intersection of Duncan Road; and following Duncan Road easterly to the intersection of Jim Starr Road; and following Jim Starr Road easterly to the intersection of Happy Valley Circle; and following the northern arc of Happy Valley Circle easterly to the intersection of Cedar Creek Road; and following Cedar Creek Road southeasterly to the intersection of U.S. Highway 29; and following U.S. Highway 29 easterly to the intersection of Georgia Highway 154; and following Georgia Highway 154 southerly to the intersection of Raymond Hill Road; and following Raymond Hill Road easterly to the intersection of Fischer Road; and following Fischer Road northerly to the intersection of Major Road; and following Major Road easterly to the intersection of Minix Road; and continuing easterly as Woodsford Road to a dead end at the intersection of Line Creek; and following Line Creek southerly to the point of beginning.

INELIGIBLE AREA DELINIATION

THE INELIGIBLE AREA OF COLUMBIA COUNTY GEORGIA INCLUDES ALL OF THAT AREA EAST OF A LINE INTERSECTING THE COUNTY BEGINNING ON THE SOUTH SIDE OF THE COUNTY AT THE JUNCTION OF HWY 278 AND THE COLUMBIA AND RICHMOND COUNTY LINES. FOLLOWING HWY 278 IN A WESTERLY DIRECTION TO OLD [...]]]> COLUMBIA COUNTY GEORGIA

INELIGIBLE AREA DELINIATION

THE INELIGIBLE AREA OF COLUMBIA COUNTY GEORGIA INCLUDES ALL OF THAT AREA EAST OF A LINE INTERSECTING THE COUNTY BEGINNING ON THE SOUTH SIDE OF THE COUNTY AT THE JUNCTION OF HWY 278 AND THE COLUMBIA AND RICHMOND COUNTY LINES. FOLLOWING HWY 278 IN A WESTERLY DIRECTION TO OLD LOUISVILLE ROAD; FOLLOWING OLD LOUISVILLE ROAD IN A NORTHERLY DIRECTION TO WRIGHTSBORO ROAD; CONTINUING IN A NORTHERLY DIRECTION AS LOUISVILLE ROAD TO TUBMAN ROAD. FOLLOWING TUBMAN ROAD IN A NORTHEASTERLY DIRECTION TO WASHINGTON ROAD AND CONTINUING IN A NORTHEASTERLY DIRECTION AS N. TUBMAN ROAD UNTIL IT ENDS AT THE MOUTH OF LITTLE KIOKEE CREEK AT THE SAVANNAH RIVER.

All lands located within the confounds of Ft. Benning Military Reservation of Chattahoochee County are ineligible.

DESCRIPTION FOR CATOOSA COUNTY, GEORGIA

The ineligible areas of Catoosa County, Georgia, includes all areas east of U.S. Highway 27 beginning at the west county boundary located below the Chickamauga National Military Park; and following U.S. Highway 27 to the intersection of Vineyard-Alexander Road;

With ineligible areas north of [...]]]> RURAL/URBAN DELINEATION METES AND BOUNDS

DESCRIPTION FOR CATOOSA COUNTY, GEORGIA

The ineligible areas of Catoosa County, Georgia, includes all areas east of U.S. Highway 27 beginning at the west county boundary located below the Chickamauga National Military Park; and following U.S. Highway 27 to the intersection of Vineyard-Alexander Road;

With ineligible areas north of Vineyard-Alexander Road and following the road easterly to the intersection of Alexander Bridge Road; with ineligible areas east and north of Alexander Bridge Road and following the road southeasterly to the intersection of Burning Bush Road; and following Burning Bush Road northerly to the intersection of Poplar Springs Road; with ineligible areas north of Poplar Springs Road and following the road easterly to the intersection of Baggett Road; with ineligible areas west of Baggett Road and following the road northerly to the intersection of Boynton Drive; and following Boynton Drive easterly to the intersection of Hoover Road

With ineligible areas west of Hoover Road, and following then road easterly to the intersection of Fowler Road; and following Fowler Road east and north to the intersection of Battlefield Parkway; with ineligible areas north of the parkway and following the road easterly to the intersection of U.S. Highway 41; with ineligible areas west of U.S. Highway 41 and following the highway northerly to the intersection of Chapman Road

With ineligible areas north of Chapman Road and following the road easterly to a dead end at the intersection of Chickamauga Creek; and following Chickamauga Creek northerly to the intersection of Hurricane Creek; and following Hurricane Creek northerly to the intersection with the Georgia-Tennessee State boundary.