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Franklinton : Real Estate Advice

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  • Home Buying4
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Activity 7
Fri Aug 12, 2016
Kendratara answered:
USDA Rural Development Loan Program Requirements - http://usdalenders.org

There are two primary types of USDA loans for rural home financing. They are:

Rural Development Guaranteed Loan
Rural Development Direct Loan

The Direct Loan is the USDA's loan program where the underwriting and financing is handled by the agency itself. The USDA provides a guarantee to protect the lender in case of default in the future. It is currently the only available 100% Financing available for purchasing rural homes. Basically it's a zero down payment loan.

There is also no monthly MI/MIP and a just a 620 Minimum Credit Score is all that's needed in most cases.
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Sat Mar 29, 2014
Scott Godzyk answered:
You can check it free at annualcreditreport.com once each year at no cost. Then find a local and trusted loan officer. If you are having problem with communication now before it starts, move on quick. Your buyer broker should have some tips for good loan officers they have worked with before. ... more
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Thu Jan 2, 2014
Trisha Kraybill asked:
This question was asked from http://www.trulia.com/property/1028975794-2569-Winding-Creek-Ln-Franklinton-NC-27525?ecampaign=con_day_propertycomp_bk&eurl=www.trulia.com%2Fproperty%2F1028…
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Tue Mar 20, 2012
Scott Godzyk answered:
It certainly is if you quailify for USDA or VA. You should meet with a local and trusted loan officer who can prequailify you at no cost and let you know what types of loans are available. FHA is only 3.5%. ... more
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Fri Nov 11, 2011
Thomas Bohlmann answered:
Brittany

All good answers. The North Carolina Housing Finance Agancy is a great place for credit councling

http://www.nchfa.com/

If I can help let me know. I am over in Wake Forest

Good Luck

Tom
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Fri Oct 7, 2011
Thomas Bohlmann answered:
Chris is correct

and along with the Neiborhood Stabilzation act of 2010 REO or bank owned properites must be sold for market value.
If the condition of the home is less then par then it is priced according.

When we see homes for far less then market value, this indicates that that home needs quite a bit of work.

None the less most homes are of great value in todays market. The Challenge is these homes go fast.

Good Luck

Tom
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Sat Sep 17, 2011
Thomas Bohlmann answered:
Banks / Mortgage companies are required to list and sell for "MARKET VALUE."

If Market Value is LESS then what the house was foreclosed on so be it. If the Market Value is HIGHER, not Likely, then it will list and sell for Market Value.

Thank you Neighborhood Stabilization Act of 2010
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