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What kind of loan are you interested in?

 

direct button guaranteed button not sure, what is the difference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Family Housing Programs provide homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. USDA Rural Development offers two home loan programs in Nevada; the Guaranteed Home Loan and the Direct Home Loan.

 

Here is a table to clearly define the differences between the two programs:

 

    Guaranteed   Direct
Term   30 year   33 / 38 year
USDA Fee   Yes –2%   No
Payment Subsidy   No   Yes if eligible
Subject to Subsidy Recapture   No   Yes

Example Max Income- Clark County 4 Household Members

  $75,900   $52,800
Example Max Loan Limit-Clark County   No   $179,400

 

Still not sure or looking for more information?  Visit the USDA Rural Development National site!

 

 

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Prepare yourself for the next step with a free on-line homebuyers education course. 

WWW.MGICHOME.COM

 

 

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Refinancing Information

Much interest has been generated in the recent refinance programs that have been announced and the recent settlement that states have made with the five major banks.  We recommend you check with your lender first to identify whether your loan was guaranteed by USDA Rural Development, and what your refinancing options may be.   If you have a USDA loan, you may be interested in the recently announced Rural Refinance Pilot.

 

The Rural Refinance Pilot is available to eligible borrowers who qualify to refinance their current USDA mortgage loans. Under the Rural Refinance Pilot program, a lender does not need to submit a new credit report, new appraisal, any HUD Handbook minimum property determinations, or any additional property inspections.  This means that refinancing at today’s low interest rates may be available to you, even if you are “underwater” on your loan.

 

In order to qualify for the streamlined Rural Refinance Pilot, current Section 502 Direct or Guaranteed Loan borrowers must:

  1. Meet current income eligibility requirements;
  2. Reside in an eligible rural area or an area that was eligible at the time of the original loan closing; and
  3. Have made timely mortgage payments for the 12-month period prior to the refinance.

The websites below offer general information about President Obama’s Housing Refinance Program, and list information from other sites that may be of use to you, even if you are not a USDA borrower.

Other websites for you to visit.....

Link to RD AN 4707 Single Family Housing Guaranteed Loan Program Rural Refinance Pilot  http://www.rurdev.usda.gov/SupportDocuments/an4707.pdf

President Obama’s Plan to Help Responsible Homeowners and Heal the Housing Market
http://www.whitehouse.gov/the-press-office/2012/02/01/fact-sheet-president-obama-s-plan-help-responsible-homeowners-and-heal-h

For information about all Government-sponsored mortgage tools and programs:
http://www.makinghomeaffordable.gov/Pages/default.aspx

State of Nevada Foreclosure Mediation Program
http://foreclosure.nevadajudiciary.us/

Nevada Foreclosure Help!
http://www.foreclosurehelp.org/Nevada
775-824-3700 (Northern Nevada)          702-366-2100 (Southern Nevada)

U.S. Department of Housing and Urban Development
http://portal.hud.gov/hudportal/HUD

Nevada’s Hardest Hit Funds
http://www.nahac.org/
(855) 428-HELP     (855) 428-4357

Fannie Mae Refinance Options
http://www.knowyouroptions.com/options-to-stay-in-your-home/refinance-option

Freddie Mac Refinance Options
http://www.freddiemac.com/sell/factsheets/relief_refi.html

For concerns about Mortgage Fraud
http://fightfraud.nv.gov/

Home Again - Nevada Homeowner Relief Program
(Office of the Nevada Attorney General)
http://www.homeagainnevada.gov

 

For Information About the Bank Foreclosure Fraud Settlement

Wells Fargo
https://www.wellsfargo.com/homeassist/

Bank of America
http://homeloans.bankofamerica.com/en/service-and-support.html

JP Morgan Chase Co.
https://www.chase.com/online/Home-Refinance/mortgage-refi-guide.htm

Ally Financial / GMAC Mortgage
https://www.gmacmortgage.com/finform/hhstart.htm
-OR-
https://ocwen.mortgagebanksite.com

 

Citigroup
https://www.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=overview

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Last Modified:07/24/2014 
 
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