If you click (or cut and paste) the link below and type in the address of the property you are looking up, it will tell you if that property is eligible for the USDA Rural Housing Program. Rumor has it that they (Rural Housing) are currently out of money, but will be funded for 2010 shortly. Perhaps only weeks.
http://eligibility.sc.egov.usda.gov/el,igibility/welcomeAction.do
Here is the link that will allow you to put an address in to see if the property is eligible for Rural Housing Financing...it is a great marketing tool!!
This site is used to determine eligibility for certain USDA home loan programs. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.
(For those unfamiliar with this program, it has the capability to give down-payment grants to buyers.)
Appraisals have been the bane of my existance recently.
Since as of October 1st (in Ohio at least) appraisors have been required to be certified to perform their duties for FHA transactions, the ones who have remained standing are over-worked to the nth degree. Mistakes are being made that hurt home sellers - and home buyers.
This certification, according to a local Toledo OH appraisor, has eliminated appraisors who have been in business for 10, 15, even 25 years, if they do not possess a two year degree and do not pass a new Appraisal Certification test. Tests are fine and dandy to keep out the riff raff, but when they are designed to have only a 30% passing rate, according to my source, this also eliminates seasoned veterans who simply aren't good at "tests" after all these years.
Considering that FHA guidelines are less stringent than they were years ago, I see no reason to weed out so many in such a short period of time. The appraisors who REALLY need to be gone are the unethical ones who falsify reports - and there is no "test" to check for that (fraud), except periodic spot checks.
Check out the article below ...
According to my Ohio Association of Realtors newsletter:
... the House Committee weighs scrapping HVCC
The appraisal system imposed by Fannie Mae and Freddie Mac last May is under attack by the House Financial Services Committee and could be on its way out.
The "Home Valuation Code of Conduct" could be terminated by the proposed Consumer Financial Protection Agency under a bipartisan amendment approved by the House committee.
The amendment would require the new agency's director to replace the code with a set of rules developed through regular administrative procedures and public comment periods used by all federal agencies. The valuation code was the product of a settlement among New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac and the Federal Housing Finance Agency.
Critics say the code created more problems than it solved and has encouraged lenders to use inexperienced appraisers who don't know the areas where they are doing the work, which is resulting in lowball valuations as well as higher fees.
The legislation under which this code would be scrapped is likely to pass the full House, but may have a tough road in the Senate.
Source: The Washington Post Writers Group
Ask Dede about Toledo Ohio real estate and the Homes for Heroes rebates for NW Ohio Homebuyers and Home Sellers. Go to www.homesforheroes.com to sign up or call 419-260-1435 for more information. Very few strings attached!
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Charity Auction & Wine Tasting Event
Enjoy a fun-filled evening that includes a live auction, a silent auction with nearly 200 items to bid on, a wine tasting event and music. All proceeds benefit the Toledo Children's Hospital Foundation's Danberry Treasure Chest Fund. This event takes place October 15th.
Last year the Danberry Compsny's charity fundraiser to assistt local families of children with a seriously illness had its most successful year ever, raising over $44,000.
Danberry's event funds the "Danberry Treasure Chest," a special emergency assistance fund adminisyered by Caring Friends of Toledo Children's Hospital. When all other resources have been exhausted, social worker's at the hospital can turn to the Danberry Treasure Chest to help chronically ill children and their families through emergency financial situations.
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REALTOR, 1 of only 5 Master Sales Professionals in Toledo, OH;First Time Home Buyer Consultant, Foreclosure Info, Toledo Area Home Marketing Expert, Internet Savvy. I'll get your home SOLD! Email Me!
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