Mortgage Lender in New Jersey (888) 464-8732

In this post, USDALoanInfoNJ wants to talk about hiring a really good loan officer or Mortgage Lender in New Jersey and the importance of doing that, especially when searching for a USDA Loan in New Jersey.

We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in New Jersey this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.

USDALoanInfoNJ believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.

To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in New Jersey. The lender that the prospect had hired actually made an error  which delayed three days of the process!

I'm Sarah Young with NAR GovernmentAffairs, and I'm here with Kathy Glover who headsup the section 502 Direct Loan Program at USDA and Washington DC.

So, I know that there's a section 502Guaranteed Home Loan program that many people are familiar with.

But, there's also a section 502 Direct HomeLoan Program that people might not be as familar with, but it's a good option for many rural home buyers.

Can you tell me moreabout the difference between the two programs and who might qualify for the Direct LoanProgram? Okay, so the 502 Guaranteed Loan Program isa program that's administered by agency approved lender.

So, all of the loan processing is done by the lenders.

The Direct Loan Program which is theprogram we're focusing on today is administered by the rural developmentfield offices.

The big difference is the incomelimitations on the guaranteed program, the incomelimits are a little bit higher where's they are much lower on the direct side.

For example, the average 502 DirectLoan borrower has an income of around thirty thousand dollars and they areable to purchase a new or existing home.

But, with such a low income.

So, if I'm a home buyer and I'm interested in the Direct Program, I go to my lender to find out about it or is there another process that I needto be following? So, if they're interested in a 502 Direct Loan Porgram, they should not go to their lender that would be for theGuaranteed Program.

On the direct side they should go to on of our local rural development field offices where they would actually collect andprocess the application.

make the eligibility determination andum prep everything for loan closing.

Okay, so, if I'm a real estate agent.

What other things can I do to help a potential homebuyer use one of these rural home loan programs? Are there other tools that I could use, or resourcesthat I could direct my home buyer to? Well, there's quite a few things that wehave on our website that could help a realtor.

Prep a buyer for a home loan with us.

Ourproperty and eligibility website actually contains all up the incomelimits for the program it also contains the rural areas that would be very important to makesure the loan is in a rural area they can find out informationthere and they can actually put in the customers income and determine which programwould best suit them.

So, I know that $900 million wasappropriated in 2015 for the Direct Loan Program.

Is thatenough money to fund all the loans that people might beinterested in the program this year? Okay, that's a very fair question.

Yes, that is correct, we only have 900 million available for the 502 DirectLoan Program this year.

We do not foresee any problems meetingthe demand this particular physical year.

Last year we were not able to um, use all of the funds believe it or not when we had just nine hundred milliondollars.

Should we get into a situation where we think we may be running out of funds.

We will work closely with allof our partners including the real estate agents to make sure they are aware funding situations before an advocate can sign a contract.

So, just to wrap up do you have anysuccess stories of a family that recently used the program? To give our members an idea of who, what kind of client they might be working with to use the Direct Program? Okay, yeah, I have I have a great storyof a young family uh, actually it was a single mother whohappened to be hearing-impaired.

She had a daughter, and she did not growup in a single-family home, and all she wanted was a home for heryoung daughter.

So, we were able to assist her andconstructed a brand new home for herself and her young daughter whichis great story.

That's great.

We're really excited towork with, we are so glad you came in today.

And we're dedicated to providing moreresources to members on realtor.

Org.

I know we've we've committed todeveloping some are frequently asked questions that we can provide to ourmembers, as well as information that I knowyou're planning to provide on the USDA website.

Thank you for having me we're glad to behere and I'm so looking forward to working closely with your organization.

The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.

Land Mortgage

The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!

How Much Mortgage

Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.

There’s situations, especially in this market right here in New Jersey that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.

If that happens, they might just cancel the contract and they let it expire and take the other offer.

If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.

If you’re searching for a Mortgage Lender in New Jersey, you need to make sure the lending company that you hire is:

-Good
-Reputable
-Honest
-Understands the USDA Eligibility Guidelines

AND is someone who’s going to do the right thing. USDALoanInfoNJ suggests that you always ask for references.

The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.

Mortgage Lenders in New Jersey: Here’s how to Apply for a USDA Loan

How Much Mortgage

The housing market has been taking a big hit these past few years. Between fluctuating PLRs and the current credit crunch, buying a home can be a challenge. Have you considered a home in the rural areas of our great country? Well, you can finance your new home with a USDA government loan.

The United States Department of Agriculture (USDA) has a division called the RHS (Rural Housing Service) that offers a complete range of services to home buyers. The idea behind this rural housing movement is to help develop rural communities. Community services like clinics, child care services, fire departments, police and schools are dependent on property taxes as a source.

The RHS offers guaranteed loans, direct loans and grants for several purposes. Among these are purchasing a home, building a new home or repairing/renovating an existing home. Applicants need to meet a set of criteria based on income. The limits are very liberal and are attainable.

Rates start at 4.5% for low income applicants regardless of what the PLR is at the time of the purchase.

For the north central area of Florida, this is an excellent opportunity for consumers. This is especially true for first time homebuyers in the area of north central Florida. At the present time, housing prices are down and it is a good time to buy in this area. The USDA loan parameters make this a prime program.

First, north central Florida is not significantly affected by hurricanes. The areas to the east and west are where the real danger is located. As a result, hurricane insurance is available at lower rates. This makes the area very attractive for many buyers in many situations; especially first time buyers.

The USDA loans are available for not only a purchase, but to build a brand new home OR repair an existing home OR renovate an existing home. Imagine the possibilities of being able to purchase a property at tax sale prices and using the remainder of the loan money to renovate the property to your liking. Literally, you could have the home of your dreams for a song.

The level of your income is not a factor either. The loans are available at differing rates for differing levels of financial responsibility. The dividing lines for the rates are determined by the area the home is located in. For instance, a moderate income level in Alachua county Florida will differ from the same moderate income level in Dade county Florida.

The USDA's Rural Housing Service web page has a full table of these levels. You can actually look at properties in separate locations and pick the one that best fits your pocket. It is actually possible to get the house you have always dreamed of at a price you NEVER thought possible.

Add the fact that the coastlines are accessible in either direction by car. A couple of hours west and you are at the Gulf Coast, go east and there's the Atlantic Ocean.

So if you are looking at homes in the north central Florida area, take a serious look at USDA rural home loans. Great for first time buyers from all walks of life.

Guide to Self Employed Loans UK

Usda Loan Map

The USDA (US Department of Agriculture) funds some mortgage loans, and guarantees others. Apply for these loans at your local lender's office, or go through a mortgage broker, or go directly to a Department of Agriculture Service Center (see link below for locations of these centers.) Your real estate agent will know about these loans. The USDA provides funds for low to moderate income borrowers to purchase rural housing.

Rural is rather loosely defined. The home should be located in an area with a population of less than 20,000. I do not know, and neither does anyone I've spoken to about this, what the defined boundaries of an area actually are.

However, it is certain that the USDA home loan program does not provide funds for purchasing a home in large cities. But if you are looking to buy your first home home in a rural or semi-rural area this type of mortgage loan is definitely worth investigating.

The US government has traditionally recognized that it is beneficial to the country as a whole for it to encourage rural development. For instance, the rural electrification program was a huge part of the New Deal. The Homestead program directly assisted mostly rural citizens, and CCC projects abounded "out in the country."

There is NO down payment required, the interest rate is usually well below "market," and they are 30 year, fixed rate loans. These rates and terms are set at the lender's discretion, however. Make sure that you are getting a good deal before you sign anything. This type of mortgage loan is widely available, but as I previously mentioned - big city banks usually do not offer them.

USDA Rural Development website =>http://www.rurdev.usda.gov/rhs/index.html