Archives for July 2013

USDA Loan Boundaries to Change

USDA ZERO DOWN FINANCING in TEXASUSDA Loan Boundaries to Change  October 1, 2013

by Tim

One of the best mortgage products available today is the USDA home loan. It allows borrowers to purchase a home with zero down, as long as the home is within a “rural” geographical area as designated by USDA.

USDA is a little different than other government-backed programs like FHA and VA, in that the first thing the lender will review is the location of the property.

Even if the borrowers are fully qualified from an income and credit perspective, the USDA loan cannot be approved if the property is not located in an eligible area. And these eligible geographic areas are about to change.
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Resources For Homeowners Facing Foreclosure

For homeowners, facing foreclosure can be a difficult, and often scary, situation. While it can be very complex, there are resources available to help homeowners facing foreclosure. Below, you will find information on what help may be available.

Created in 2009, the Making Home Affordable program was designed to help homeowners prevent foreclosure. Modification, refinancing and other alternative options are available. By visiting this website, homeowners can learn more about their options, review frequently asked questions and locate a HUD-approved housing counselor.

U.S. Department of Housing and Urban Developement

HUD provides information on how to avoid foreclosure, including how to contact a foreclosure counselor and find local and state resources. Additional information on foreclosure scams, refinancing options, what to do if you are at risk and more is available on their website.

Texas Department of Housing and Community Affairs

According to their website, the Texas Foreclosure Prevention Task was created to “avert home mortgage foreclosures and the impact of foreclosure on Texas families and communities.” Frequently asked questions, along with information on counseling services, free resources, a Homeowner’s HOPE Hotline and more, is available online.

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