Tag Archives: USDA mortgage loans

Lower USDA Fees

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usdaLower USDA Fees

 

Good news!

 

Both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance using USDA Rural Development’s home loan program will decrease on October 1, 2016, the first day of fiscal year 2017.

 

The upfront guarantee fee will drop from 2.75% to 1%, and the annual fee from 0.5% to 0.35%.

 

This could possibly mean more buying power! Income limits and credit approval will apply, but this could be a wonderful opportunity for anyone you know considering buying a home in an approved rural area.

 

Want to know more? Click here to find a loan officer in your area!

 

ABOUT INLANTA MORTGAGE

Headquartered in Pewaukee, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

In 2016, Inlanta Mortgage was recently named a Top Workplace for a third consecutive year. Inlanta has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine. Inlanta has also received the Platinum Million Dollar USDA Lender Award.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

USDA Rural Development

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USDA Rural Development

 

Achieving the dream of home-ownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.

The program was originally created to boost the development of land in more rural areas of
the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is what she had to say about USDA financing:

 

Q: What makes USDA different from other loan programs?

LL: USDA offers 100% financing. They also add in closing costs and any prepaid items. Another great bonus is that home repairs can be added to the loan as long as the appraised value comes in high enough.

 

Q: What are the benefits of going with USDA Loans?

LL: Many of the features that make USDA different are benefits of this loan program. Also, no money down, which is huge for some people. There is also reduced mortgage insurance premiums.

 

Q: What are the downfalls?

LL: The guarantee fee is a downfall to the USDA loan program, but that will be reduced this coming September!

 

Q: Is this program a good choice for first-time home buyers?

LL: Absolutely. With the no money down and many other great benefits, this would be perfect for first-time home buyers who may not have a lot of combined household income.

 

Q: What documentation is required when applying for USDA loans?

LL: The documentation requirements are the same as any other loan, unless there is a tougher credit situation. Then, there might be additional documentation required that will be disclosed by your loan officer.

 

Q: How do I know if I am eligible for USDA?

LL: A pre-approval will tell you if you are eligible for a USDA loan. You, as well as the location of the home you plan to buy, must be USDA eligible to qualify for this loan.  This loan program does have income limits for the county the home is located in as well as the number of people in the household.

 

Q: Do USDA loans exclusively go towards the purchase of a home?

LL: No, it can also go towards refinancing. However, you can only refinance with a USDA loan if your original home loan was also USDA.

 

Now that you know a little more about the USDA program, contact a loan officer near you to see if you, your family, and the house you want to purchase qualify. Let us help you make your dream of homeownership a reality!

 

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

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.