USDA 100% RURAL HOME LOANS

By Aideyan Omoregbee

Fico 620 Require

Part I

GUARANTEED AND DIRECT LOAN PROGRAMS

The Rural Housing Service (RHS) is a part of Rural Development (RD) in the U.S. Department of Agriculture (USDA). RHS operates a wide range of programs that were once administered by the Farmers Home Administration to support affordable housing and community development in rural areas. RHS provides direct loans (made and serviced by USDA staff) and also guarantees loans for mortgages extended and serviced by others.

USDA 100% Rural Home Loans is Booming throughout SC

A USDA Government guaranteed and insured loan is a loan that offers purchase or fixer upper borrowers a 100% financing in the rural areas of the country. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Some urban areas also qualify for these loans. More than 75% of South Carolina qualifies for USDA mortgage loans.

With a USDA loan program, an individual or family may borrow up to 100% of the appraised value of the home. NOTE: Many USDA loans are available with:

•  No Money Down.
• No Mortgage Insurance
• Affordable by Low Income Borrowers
• Come with Low Monthly Mortgage Payments.
• Borrower only Needs 620 Credit Score

 Important Characteristics of USDA Guaranteed Rural Housing Loans (Section 502) (U.S. Dept. of Agriculture) Mortgages

PURPOSE

The USDA (Section 502) loans are primarily used to help individuals or households with steady, low or modest income, but are unable to obtain adequate housing through conventional financing to purchase homes in rural areas.

Funds can be used to build, repair, renovate or relocate a home, or to purchase a new or existing dwelling or the purchase of a new manufactured home and prepare sites, including providing water and sewage facilities. RHS does not make a loan directly to an eligible applicant, but reduce the risk by guaranteeing a loan made by a commercial lender

ELIGIBILITY

Applicants for direct mortgage loans from Rural Development Housing & Community Facilities Programs (HCFP) must have very low or low incomes. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI.

Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically within 22 to 26 percent of an applicant's income. However, payment subsidy is available to applicants to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories.

ELIGIBLE ACTIVITIES

An eligible applicant must have an adequate and dependable income (up to 115 percent of adjusted area median income, [AMI]) a decent credit history and be unable to qualify for conventional mortgage credit.

To qualify the applicant, RHS uses two formulas to determine a family’s ability to undertake the responsibility of a mortgage loan.

• First, the burden of principal, interest, taxes, and insurance (PITI) must be 29 percent or less of the applicant gross monthly income.
• Second, the total of monthly debts must be 41 percent or less of gross monthly income.

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 need..... PLEASE LEASE US YOUR COMMENTS.

Part 2 of 3

USDA 100% LOANS REQUIREMENTS

To follow soon…..Thank you

Rates Drop @ Tricont

Rate Drop @ Tricont
1) - If your mortgage, credit cards, auto loans, medical bills, etc. rates are 3% or higher, visit www.tricontmortgage.com or call (803) 317-2500, or complete our 3 easy steps product matching interview and take advantage of our "Low Rates Warehouse".

Name Your Own Rate
2) - Call (803) 317-2500 or visit us @ www.tricontmortgage.com for our 9 popularly acclaimed reasons people Tricont their mortgage loans every time 

Tricont Promotions
3) - Free Credit Pulls & $100 - 500 off Closing Fees with Closed Loans time 

WHY TRICONT YOUR MORTGAGE
4) - At Tricont, we have a "9 Popular Reasons people Tricont Their Mortgage Loans" every time. Click www.tricontmortgage.com to see for yourself, take advantage & THREE TIMES YOUR SAVINGS (3xYs) @ our LOW RATES WAREHOUSE. Email or call me @ aomoregbee@tricontmortgage.com (803) 317-2500

“Three Times Your Savings” Now @ Tricont Mortgage “Low Rates Warehouse”

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

Home Affordable Refinance Program (HARP) Allows Homeowners to Refinance into Today’s Low Interest Rates.

On November 15th, 2011, Fannie Mae and Freddie Mac released guidelines for the Home Affordable Refinance Program (HARP). This comes less than a month after the October 24th announcement by The Federal Housing Finance Agency (FHFA) about expanding HARP.

The goal of expanding HARP in the new guidelines is to allow more borrowers who are behind on their home loans or who have little equity to be able to refinance at today’s low interest rates. Fannie Mae and Freddie Mac hope that this will:

• Stabilize the housing market. A market that have seen frustration for a long time

• Boost the economy by putting extra spending money in the pockets of consumers who are likely to spend them.

HARP BENEFITS FOR QUALIFIED HOMEOWNERS

• Homeowners can refinance from now through December 31, 2013.
• No maximum Loan to Value LTV is required (this applies to all homeowners refinancing into a fixed rate mortgage).
• Homeowners refinancing into an adjustable rate mortgage can go up to a maximum LTV of 105%.
• Appraisal is not required as long as an automated value can be determined.

At Tricont Mortgage, we are optimistic that these benefits will bring the much awaited relief to our borrowers. However, we are waiting for clarity on how the new HARP program will be implemented. The Fannie Mae and Freddie Mac November 15 announcements offer more encouragement for all borrowers with low to no equity on their homes.

There are approximately 4 million Fannie Mae and Freddie Mac borrowers with mortgages larger than today’s market values for their homes. Across the country, there are about 11 million homeowners or about 22.5% of all outstanding loans who have fallen behind on their loans, according to CoreLogic, a data provider to mortgage underwriters. Of these, about 2.4 million hold less than 5% equity in their homes.

WHAT IS HARP?

HARP is a Federal Housing Finance Agency (FHFA) program that allows homeowners facing difficulties refinancing their mortgage through conventional methods to apply for a refinance of their mortgage. Homeowners that are current with their monthly payments but are unable to refinance because of a drop in the market value of their homes are the ideal candidates for HARP program. HARP goal is to allow a homeowner to refinance their mortgage into a lower interest rate and monthly payment.

HARP ELIGIBILITY GUIDELINES:

1. The loan must be owned or guaranteed by Fannie Mae or Freddie Mac
2. The loan was sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
3. The loan was not refinanced under HARP previously, unless it is a Fannie Mae loan that was refinanced under HARP from March through May, 2009.
4. The loan’s current loan-to-value (LTV) is greater than 80%.
5. There is no loan-to-value cap in the new HARP for fixed-rate loans. Previous cap/limit was 125%. Fixed Rate refinance borrowers can now go beyond 125%. LTV
6. Loan on borrower’s property must be owned or guaranteed by Fannie Mae or Freddie Mac. Call us if you are not sure who own or is guaranteeing your mortgage (803) 317-2500
7. Borrowers must be current on their mortgage monthly payments at time of application. They can have one 30-day late payment in the past 12 months, as long as it is not within the last 6 months before application.
8. Borrowers must have a reasonable ability to pay the new mortgage monthly payments.
9. The refinance must improve the borrower’s long-term affordability or stability of the loan.

For details on this and/or other mortgage loan types, refinancing, 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.

Good luck on your investment and enjoy your house…..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.

Your 9 Popular Reasons to TRICONT your Next Mortgage Loans.

1.  - Get your Lowest Rates @ our "Low Rates Warehouse"
2.  - "Three Times Your savings" (3xYs)
3.  - "Name Your Own Fees and Rates"
4.  - Get a "No Cost and Lowest Rates" mortgages
5.  - Get Your Final Loan Approval within "72 Hours"
6.  - Close Your Loan within "21 Days"
7.  - Get a "No Down Payment" purchase mortgages
8.  - Get a "No Closing Cost" mortgage Refinances
9.  - Payoff (Consolidate) Your High Rates Debts

HELLO TRICONTNEERS

Please allow me to take some of your time here to again introduce myself and my company. Tricont Mortgage is a Division of Tricont Financial Corporation. Tricont blog is one of our earlier media to try and connect with you our MVP (Most Valuable People). Besides the summary below, Tricont Mortgage prides itself on its rich quality, tradition, culture and above all its relationship with you, our MVP. Please take some time to visit us @ www.tricontmortgage.com or simply call (803) 317-2500  or email us @ clientcare@tricontmortgage.com for detail about our company…….Thank you very much.

WHO I AM & WHY PEOPLE TRUST ME

My name is Aideyan Omoregbee. I moved from New York to the Carolinas in 2007. With the move, my contacts and reputation in the mortgage industry was left In New York, I was very well-regarded in my community, to mortgage consumers, my peers and other industry leaders.

Since starting as a mortgage loan officer in 1996, I have worked for only four companies before joining Tricont mortgage. For the 11 years I worked as a Loan Officer in New York, I never had to seek a job but was constantly approached by banks and other mortgage companies in need of my service.

I was very successful because I treated my customers as I would treat my mother, as my MVP (most valuable person). I won top national awards at Bank of America and at Fidelity Mortgage where I won the national Eagle and other bank awards year after year. When I moved to the Carolinas, I was surprised by the way banks and mortgage company’s owners and loan officers treat their customers. I couldn’t fit in and didn’t want to.

As luck would have it, I ended up here at Tricont Mortgage. Tricont Mortgage lends and prides itself as a place where good relationship, respect and treatment of our customers not only matters but really does come first. I hope I will be able to retire here. ……..Thank you very much.

TRICONT COMPANY PROFILE

TFC Tricont Mortgage, the designer and publisher of “Low Rate Warehouse” & “Three Times Your Savings” is a nation’s #1 place’, consumers go to take advantage of the lowest no costs, no down payments, low fees and the lowest rates in the mortgage industry by completing a 3 easy steps product matching interview.

 Tricont Mortgage, is also a nation’s premier home for quality no closing costs, no down payments and low rates refinances, purchases, Home Equities, Commercials, Reverse Mortgages, VA loans, FHA Mortgages, USDA Mortgages, Government Loans and Mortgages, Interest Only Mortgages, Jumbo Mortgages, Balloon Mortgages Loans, Home mortgages, First time Homebuyers Programs and Debt Consolidation mortgages.

Tricont Mortgage specializes in mortgage lending products ranging from Conventional Mortgages, Residential Mortgage Loans, Fort Mill SC Mortgages, Home Equities Mortgages, Commercial Loans, Debt Consolidations, SC Mortgages, Fixed and Adjustable Rates Mortgages, My Community 100 & 97, Etc.

Tricont Mortgage is a one stop refinance, purchase, home equity, commercial, Government and debts consolidation mortgage provider with a relationship with many, many lenders nationwide that enable us to three times the savings of our refinancing, purchasing, home equity  or debts consolidation customers with the lowest fees and rates every time.

WHAT MAKE TRICONT DIFFERENT FROM OTHER MORTGAGE LOANS LENDERS IN THE COUNTRY

At Tricont, we have a “9 Popular Reasons people Tricont Their Mortgage Loans” every time. Click www.tricontmortgage.com to see for yourself, take advantage and “Three Times Your Savings” (3xYs) at our “Low Rates Warehouse”. You may also email or call me @ aomoregbee@tricontmortgage.com / (803) 317-2500.

USDA Rural Home Loans is Booming throughout South Carolina

A USDA Government guaranteed and insured loan is a loan that offers purchase or fixer upper borrowers a 100% financing in the rural areas of the country. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Some urban areas also qualify for these loans. More than 75% of South Carolina qualifies for USDA mortgage loans.

With a USDA loan program, an individual or family may borrow up to 100% of the appraised value of the home.
NOTE: Many USDA loans are available with:

·         No Money Down.

·         No Mortgage Insurance

·         Affordable by Low Income Borrowers

·         Come with Low Monthly Mortgage Payments.

·         Borrower only Needs 620 Credit Score

For details on this and/or other mortgage loan types, please visit/email us @ www.tricontmortgage.com / aomoregbee@tricontmortgage.com or call us @ 803) 317-2500

Dealing with Debt Collectors

Sometimes life throws us a curve ball when we least expect it. This video by the FTC is a good teaching on how to deal with debt collectors. Take a few minutes to listen: http://www.youtube.com/watch?feature=player_detailpage&v=Yv-I-x-X6gk

For OTHER financial or mortgage needs, please call us @ (803) 317-2500 or visit our website @ http://www.tricontmortgage.com/ to obtain a no closing costs, no down payments and a low, low rate mortgage to "Three Times Your Savings" at our "Low Rates Warehouse"

Don’t Forget to Change Your Clocks This Weekend

On Sunday, Daylight Saving Time officially ends at 2:00 a.m. local time. You’ll need to set your clock back one hour to adjust for the change.

Daylight Saving Time ends on the first Sunday of November, and begins on the second Sunday in March. Not all places in the United States observe Daylight Saving Time. In particular, Hawaii and most of Arizona do not use it, so if you live in those areas, you don’t have to change your clocks.

Standard time was instituted in the United States and Canada by the railroads in 1883, however, Daylight Saving Time was not established in U.S. law until the Act of March 19, 1918, sometimes called the Standard Time Act.