Category Archives: USDA Mortgage Loans

USDA Rural Development Loans

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USDA Rural Development

What is USDA Rural Development?

The USDA Rural Development Loan Program is designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA Rural Development loans, you can finance a home with no down payment

USDA Program Eligibilty Extended

The U.S. Department of Agriculture has extended the USDA Rural Development program until September 30, 2013. Areas that were eligible for USDA financing (Single Family and Multi-Family Housing Programs) on September 30, 2012, will remain eligible until September 30, 2013.

Defining Rural

On October 1, 2012, the USDA was expected to revise its definition of “rural”. This revision would have made USDA rural development loans more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.

Communities in Wisconsin that could be affected if the change is implemented later this year include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee. A very large number of Florida communities could be affected as well.

Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you. Use our branch locator to find a local Inlanta Mortgage office.

USDA Rural Development Loans –  Top Originators

Two Inlanta Mortgage loan officers have been recognized among the nation’s Top Originators in 2012 for their efforts to help borrowers with the USDA Rural Development Program. Joe Fowler, branch manager in Ocala, Florida and Laura Leonhard, branch manager in Marshfield, Wisconsin were both recognized in a recent release by Scotsman Guide. Laura has been recgonized as the #1 USDA Lender by volume in the country. Joe Fowler is the #1 USDA Lender by volume in Florida.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

USDA Rural Development Program Update

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USDA Rural Development Program Update

What is USDA Rural Development?

The USDA Rural Development Loan Program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA Rural Development loans, you can finance a home with no down payment

USDA Program Eligibilty Extended

The U.S. Department of Agriculture announced last week that USDA Rural Development program has been extended until September 30, 2013.  Areas that were eligible for USDA financing (Single Family and Multi-Family Housing Programs) on September 30, 2012 will remain eligible until September 30, 2013.

Defining Rural

On October 1, 2012, the USDA was expected to revise its definition of “rural.” This revision would have made USDA rural development funding more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.

Communities in Wisconsin that could be affected if the change is implemented later this year include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee. A very large number of Florida communities could be affected as well.

Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you.

Two Inlanta Mortgage loan officers have been recognized among the nation’s Top Originators 2012 for their efforts to help borrowers with the USDA Rural Development Program. Joe Fowler, branch manager in Ocala Florida, and Laura Leonhard, branch manager in Marshfield, Wisconsin were both recognized in a recent release by Scotsman Guide. Laura has been recgonized as the #1 USDA Lender by volume in the country.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

Rural Development Loans – USDA

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USDA Rural Development Loans

What’s So Great About USDA Loans?

Answer: 100% financing.

The USDA rural development loan program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA rural development loans, you can finance 100% of the home value with no down payment.

USDA Program Changing Next March

On October 1, 2012, the USDA was expected to revise its definition of “rural”. This revision would have made USDA rural development funding more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.  These changes are now delayed until March 27, 2013.

Communities in Wisconsin that could be affected if the change is implemented next March include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee. A very large number of Florida communities could be affected as well. For a complete list of communities that may potentially be affected by tighter rural development eligibility restrictions click here.

How do I check if my home is USDA / Rural Housing-eligible?

With the USDA Rural Housing Program, your home must be located in a rural area. However, the USDA’s definition of “rural” is quite liberal. Many small towns meet the USDA requirements, as do suburbs and exurbs of most major U.S. cities. Click here to check your home’s USDA loan eligibility.

What is the USDA program’s minimum downpayment?

The USDA has no down payment requirement. You can finance 100% with a USDA loan.

Is the USDA loan program limited to first-time buyers?

No, the USDA Rural Housing Program can be used by first-time buyers and repeat buyers.

What mortgage products are available with a USDA mortgage?

The USDA / Rural Housing Program offers 30-year fixed rate mortgages only. There is no 15-year fixed rate mortgage and no adjustable-rate mortgages.

Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage was named a 2012 Top Workplace in Southeastern Wisconsin.

USDA Rural Development Loan Program Changes Delayed

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USDA Loan Program Changes Delayed

The USDA rural development loan program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA rural development loans, you can finance 100% of the home value with no down payment.

The U.S. Department of Agriculture announced this week that changes to the USDA rural development loan program scheduled to take place on October 1st will be delayed until March 27, 2013. This is great news for rural home buyers looking to taking advantage of record low mortgage rates.

On October 1, 2012, the USDA was expected to revise its definition of “rural.” This revision would have made USDA rural development funding more restrictive. Eligibility would have been limited to communities with a population less than 20,000 not located within a MSA (metropolitan statistical area). Half the rural population in America lives within a MSA and would be ineligible for the USDA rural development loan program if this change had been implemented.

Communities in Wisconsin that could be affected if the change is implemented next March include: Burlington, Hartford, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex, Vernon, and Waunakee. A very large number of Florida communities could be affected as well.

For a complete list of communities that may potentially be affected by tighter rural development eligibility restrictions click here.

Are you house shopping in a rural community? Click here to determine if your property is eligible.

Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage was named a 2012 Top Workplace in Southeastern Wisconsin.

Marshfield Wisconsin Branch Receives Award

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Marshfield Office Receives USDA Lender Award

Marshfield Office Receives USDA Lender Award

Inlanta Mortgage’s Marshfield, Wisconsin branch has been selected to receive the United States Department of Agriculture Guaranteed Rural Housing Program Million Dollar Lender Award. Laura Leonhard and her staff in Marshfield received, for the 5th straight year, the Platinum Level Award, which is the highest level award possible from this program.

The award recognizes lenders who in partnership with USDA Rural Development have made a significant contribution in assisting Wisconsin rural residents with the financing and purchasing of a home and becoming homeowners. Awardees are recognized for having utilized in excess of $15 million of GRH program funds in fiscal year 2011.

USDA mortgage loans are designed to help lower income individuals purchase homes in rural areas. Eligibility for the USDA Rural development loan program is dependent upon income and property location. For more information on the eligibility requirements of USDA Rural Development program, contact a licensed mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Photo Credit: http://ci.marshfield.wi.us/

USDA Rural Development Program Facing Changes

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USDA Rural Development Program Facing Changes

What is a USDA Rural Development loan? The USDA rural development loan program is overseen by the U.S. Department of Agriculture and is designed to make rural housing more affordable. With USDA rural development loans, you can finance 100% of the home value with no down payment. Income restrictions apply and loans are 30-year fixed rate mortgages.

Eligibility for the USDA rural development loan program is also dependent upon property location. Currently, communities outside of a metropolitan statistical area (MSA) qualify as long as their populations are below 20,000, and inside a metropolitan statistical area as long as their populations are below 10,000.

Communities with more than 10,000 people in metropolitan statistical areas would not qualify but for the grandfather clause, which said that communities that were eligible before the 1990 census would remain eligible until Oct. 1 as long as their population remained under 25,000.

On October 1, 2012, the USDA must revise its definition of “rural” as that grandfather clause first enacted in 1990 and extended in 2000 – will expire.

This revision will make USDA rural development funding more restrictive. Eligibilty will be limited to communities with a population less than 20,000 that are not located within a MSA. Half the rural population in America lives within a MSA and will therefore be ineligible for the USDA rural development loan program.

Communities in Wisconsin that could be potentially be affected include: Burlington, Muskego, Port Washington, Portage, River Falls, Stoughton, Sussex Veron, and Waunakee.

A large number of Florida communities could be affected as well. For a complete list of communities that may potentially be affected by tighter rural development eligibility restrictions click here.

Congressional action would be needed to extend current elibility requirements – but you can still take advantage of less restrictive USDA rural development eligibilty criteria.

Click here to determine if your property is eligible.

Need more information on the USDA rural development loan program? Consult a licensed mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage has recently earned the distinction of being named a 2012 Top Workplace in Southeastern Wisconsin.