Obama (sotu) Purchase and Refinance Homeowners Incentives

By Aideyan Omoregbee
FICO REQUIRED (NA)

Obama New Home Purchase and Refinance Incentives
During the January 31, 2012 State of the Union message, President Obama announced a brand new plan to help responsible homeowners buy or refinance their home and heat up the housing market that is beginning to see some improvement but still sluggish. 

As with previous announcements by the president, if this plan is effectively executed, a lot of homeowners who are now confused about how they will get out of the jam they are in will get help. With this incentives giving them the needed boost to their confidence, they will be able to do all they can to hold on to their homes. We at Tricont Mortgage, believes that this plan will help more of our homeowners get out of this limbo and we urge you to do so. 

To learn more about this plan Please call (803) 317-2500 or click on the following link to read Obama's Plan to Help Responsible Homeowners and Heat the Housing Market 

MORE INFORMATION
For more information on different mortgage loan types, purchases, refinances, blog posts, please visit us at any of our following sister sites @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com  Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan. 

Hope we can earn your trust and help you with all your mortgage and financial needs..... PLEASE RATE & LEASE US A COMMENT. 

NOTE: .......As always, please call your Tricont Mortgage Client Advisor @ (803) 317-2500  for any additional help on how you can take advantage of this latest plan or email us @ aomoregbee@tricontmortgage.com

USDA 100% RURAL HOME LOANS 3

By Aideyan Omoregbee

Fico 620 Require

Part III

DIFFERENCES BETWEEN THE SECTION 502 (USDA) GUARANTEED AND DIRECT LOAN PROGRAMS

There are several other Section 502 loan programs, but the only one that approaches the guaranteed program in number of loans made is the Homeownership Direct Loan Program.

LENDER

1.      The lender for Section 502 guaranteed loans is a private savings and loan institution, bank, or mortgage company which also handles all the loan servicing.

2.      The lender for the direct program is the Rural Housing Service (RHS); Rural Development (RD) handles the servicing.

INCOME LEVELS

      Income levels for Section 502 guaranteed borrowers are capped at 115 percent of the area median income (AMI)

      Income levels for the direct program must be no more than 80 percent of the AMI.

PAYMENT ASSISTANCE

1.      Payment assistance subsidy is not available through the guaranteed program.

2.      Payment assistance, which can reduce the interest paid on the mortgage to as low as 1 percent, is available for borrowers in the direct program and is based on the borrower’s income as a percent of AMI.

BORROWER PROTECTION

      Borrower protections differ between the programs. Applicants for guaranteed loans do not have the rights of moratorium or of appeal that accompany the direct program.

      Also, in the case of default, Section 502 guaranteed loans are liquidated by the commercial lender, while direct loans are liquidated by the government.

MORE INFORMATION

For more information on different mortgage loan types, purchases, refinances, blog posts, please visit us @ Tricont Mortgage www.tricontmortgage.com, Tricont Buzz www.tricontbuzz.com, Tricont Post www.tricont.posterous.com  Tricont Blog www.tricontblog.com and Tricont Mortgage Blog www.tricontmortgage.blogspot.com before closing on your purchase or refinance mortgage loan …..I can be reach @ (803) 317-2500 or email me @ aomoregbee@tricontmortgage.com........Thank you very much and Welcome.

Hope we can earn your trust and help you with all your mortgage and financial needs..... PLEASE LEASE US YOUR COMMENTS.

NOTE: Approximately 30% of Guaranteed 502 loans are made to families with incomes below 80 percent of AMI... A decision on your application should come within 30 days of receipt of your file at the Rural Development office. Rest assured! Your new home may be right in front of you

FHA 203(b)

FHA 203(b) POOR CREDITS MORTGAGES (Fico 580 Require)

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