SBA Opens Temporary Refinancing Program to Real Estate Mortgages Maturing after December 2012

Small business owners with eligible commercial real estate mortgages maturing after Dec. 31, 2012, will be able to secure more stable, long-term financing through the U.S. Small Business Administration’s temporary 504 refinancing program as a result of a change that will be published in The Federal Register by April 6.In February, SBA implemented a temporary refinancing program enacted under the Small Business Jobs Act of 2010, which allowed small businesses facing maturing commercial real estate mortgages or balloon payments before Dec. 31, 2012, to refinance with an SBA 504 loan. The SBA change will lift the date limitation and will allow more small businesses to secure stable, long-term financing and avoid potential foreclosure on mortgages approved before and during the recession that were based on inflated real estate values.

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HUD Selects 2 Innovative Public Housing Authorities to Elite Program to Enhance Federal Rental Assistance Programs

have been selected to participate in HUD’s Moving To Work Program (MTW).  This program allows housing agencies to design and test innovative strategies to strengthen the delivery of services to families living in public housing or who are assisted through HUD’s Housing Choice Voucher Program.The two agencies will join 33 others across the U.S. that participate in the MTW Program. The agencies were selected from five agencies that applied for MTW designation last year and will have this designation until 2018 (see attached summaries).

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How To Find USDA Loan Program Qualifying Areas In Arizona

The USDA Loan Program is restricted to certain geographic areas, and one of the questions I hear a lot is how can I tell what areas are eligible for the USDA Loan, where should I be looking to buy a home?

Let’s take a quick look at what the USDA defines as an eligible area.

The USDA says that to be eligible a property must be in a rural community.  Generally, these are communities of less than 10,000 people, but the USDA does make exceptions.  Certain areas between 10,000 and 25,000 in population are considered rural based on their distance from urban areas.

So it comes down to population and how far away from an urban area you are.

So here is a list of Urban areas that are NOT eligible; Flagstaff, Bullhead City, Lake Havasu City, Prescott, Phoenix, Tucson, Yuma and Sierra Vista.  Now be sure to keep in mind that their suburbs may be A-Okay.

Did you know that Arizona has 15 counties?  And right now 7 of those counties don’t have any eligibility restrictions.  That means that every single geographic part of that county qualifies for the USDA Loan.

On the USDA Rural Maps tab you can find a constantly updated list of USDA qualifying areas.  Once there you will see specific areas that you can quickly look at and see the eligible areas.

I hope you found this Arizona Home Loan tip useful and would love to hear your comments.

To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab above and ask a question if you like.  If you want to go ahead and get your application in, you can fill out my Arizona Home Loan Application Online here.
Similar Posts:Queen Creek Arizona USDA Rural Development Map now availableUSDA Rural Development Bank Owned Homes For SaleThe 2nd Factor the Lender Looks For When You Apply For A USDA Rural Development LoanHow To Find Out If Your Income Qualifies Under The USDA Loan Income LimitsThe USDA Loan – The Hot Shot 0% Down Loan You Really Want To Know About

Tags: Arizona Mortgage, usda loan, USDA Property, USDA Qualifying

This entry was postedon February 3, 2011 at 1:01 pm. You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.

Posted in USDA Qualifying Property by pauldunn No Comments Yet

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Fannie Mae Just Helped Make The USDA Loan Program Cheaper And Easier

I’ve been helping people for years to get the cheapest, easiest loan possible to buy a home in Arizona with the USDA Loan Program.  Now, in a recent article in USA Today it is reported that Fannie Mae and Freddie Mac are raising their loan costs to home buyers.  This will make the USDA Loan Program even cheaper than it is now.  Fannie and Freddie fund home loans that are known as Conventional loans and have been the largest supply of home loans forever.

While the USDA Loan Program has limits on the fees that can be charged, Fannie and Freddie are introducing new fees to be charged to consumers based on your credit score and how much you are putting down.

If you plan to put more than 25% down and have a credit score higher than 720, you won’t notice a difference in the new Fannie and Freddie price hikes.  Everyone else will see a substantial price increase, only if you apply for conventional financing.

The Fannie Mae & Freddie Mac price increases go into effect on April 1, 2011.

Just to give you an idea, for someone buying a $150,000 home with 5% down and a 620 middle credit score, Fannie Mae will charge that borrower an extra $4,631 at closing once April 1st hits.

With the USDA Loan Program, not only do you keep that 5% down payment in your bank account but you get to keep the extra fee the Fannie Mae would charge you.

Proof once again that the USDA Loan Program is the cheapest loan available to buy a home in Arizona.

We are seeing the use of the USDA Loan Program increase in popularity all over Arizona, especially in Sahuarita, Anthem, Buckeye, Maricopa and Queen Creek.

I hope you found this Arizona Home Loan tip useful and please, leave a comment below.

To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab above and ask a question if you like.  If you are ready to go ahead and get your application in, you can print out my Arizona USDA Loan Application here.
Similar Posts:USDA Loan Guidelines – Charges and fees by LenderHow Much Can I Borrow WIth A USDA Rural Home Loan?Simple Tips To Optimize Your Credit Score For The USDA LoanWhat Credit Score Does The USDA Loan Require?USDA Rural Home Loans – Credit Score Requirements

Tags: Fannie Mae, Freddie Mac, Loan Costs, USDA Loan Program

This entry was postedon February 8, 2011 at 2:06 pm. You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.

Posted in USDA Advantages by pauldunn No Comments Yet

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