USDA Modifies Income Limits for Their USDA Guaranteed Rural Home Loan
I received an announcement today from the USDA indicating that the changes that we have been hearing about regarding the income qualification levels for the USDA Guaranteed Rural Home Loan are in deed fact. As of 4/20/2009, the USDA will change the income tiers. This will open up an already great program to even more Oregon and Washington borrowers, as well as the rest of the nation.
As an example, currently a single person would qualify based on significantly less income than a family of 4. Now, the two borrowers would qualify at the same income tier.
Here's the bulk of the email update:
Income Limit Modification
As a result of a direct final rule published in the Federal Register, income limits will change effective April 20, 2009. The existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income structuring consisting of a 1 - 4 member household and a 5 - 8 member household will replace the 1 - 8 person structure. The present add on limits for larger households will remain the same.
Look for the new limits to be posted to our eligibility website April 20, 2009 at http://eligibility.sc.egov.usda.gov/eligibility/.
The USDA Guaranteed Rural Home Loan is only available for purchases of homes in Rural areas, and many small towns located near larger cities.
As an example, in Oregon, Sherwood, Newberg, and Canby qualify, but Grants Pass, Medford and McMinnville do not.
Call or email me if you have questions regarding this great program, or just visit my website to learn more about this home or to view a few USDA qualified homes.
Larry Morris
www.PDX-Mortgage.com
In a study by Nalgene, Portland OR is rated as America's 3rd least wasteful city. In a study of America's 25 largest cities, we did pretty well. We finished below San Francisco and New York, and one above Seattle. Last on the list is Atlanta.
This isn't much of a surprise to us as we are generally ahead of the curb in many ways. What is surprising is that New York beats us and that we don't use more rain barrels. Might be we wouldn't know what to do with THAT much water...
Way to go Portland!!!
|
Portland's high rankings:
Low rankings:
Overall
To learn more about Portland's environmental and sustainability programs, visit http://www.portlandonline.com/index.cfm?c=43046 |
Please click the following link to signup for our monthly e-newsletter. We value your privacy and will not sell your information, nor abuse your trust by spamming you.
|
If you are responsible for the care of an aging parent, you are aware of the challenge that can be. A Professional Care Manager could be the missing link to your plan, and help provide a level of care and assistance that you cannot do on your own. The National Care Planning Council has provided the following information as a service to their members for dissemination to the public.
A Reverse Mortgage could be used to help pay for the costs associated with this care, and allow your parents to stay in their home longer. Click here for more information.
Long Distance Care Givers Receive Help
Living in a different city or state -- miles from aging parents -- can be very difficult. Keeping in touch by telephone and making long trips to help parents or aging relatives with their needs can be time consuming and not nearly as effective as being available full time in person.
Mark Sessions spent two years juggling his restaurant business with multiple daily phone calls to his elderly parents, checking on their needs and answering their questions. Family vacations were spent traveling the 500 miles to his parent's home to personally take care of home maintenance and provide health care visits to their doctor. During his last visit, Mark noticed his father had difficulty walking and his mother was confused as to which medications she was to take and at what time. This alarming change in his parent's condition concerned Mark that his parents' care needs required more than frequent phone calls and vacation visits. Running his business and handling his parent's long distance care was now becoming very challenging.
According to a report by the Alzheimer's Association of Los Angeles & Riverside, California, there are approximately 3.3 million long distance caregivers in this country with an average distance of 480 miles from the people they care for. The report also states that 15 million days are missed from work each year because of long distance care giving. Seven million Americans provide 80% of the care to ailing family members and the number of long distance caregivers will DOUBLE over the next 15 years.
Long Distance Caregiver Project - Alzheimer's Association LA & Riverside, Los Angeles, CA (May 15, 2002, National Web Seminar by Judith Delaney, MFT, Clinical Coordinator)
The long distance caregiver is a new role that is thrust upon children and younger family members. Families used to live closer together, with children residing and working near their parents. But nowadays family members are more distant from each other. Society, today, is recognizing this. Some caregiver services have tweaked their programs to work as liaisons between long distance caregivers, senior loved ones and local medical professionals.
Professional care managers -- also known as Geriatric Care Managers, Elder Care Managers or Aging Care Managers -- represent a growing trend to help full time, employed family caregivers provide care for loved ones. Care managers are expert in assisting caregivers, friends or family members find government-paid and private resources to help with long term care decisions.
They are professionals -- trained to evaluate and recommend care for the aged. A care manager might be a nurse, social worker, psychologist, or gerontologist who specializes in assessing the abilities and needs of the elderly. Care manger professionals are also becoming extremely popular as the caretaker liaison between long distant family members and their aging elder loved ones.
Jacqueline Marcell -- author of "Elder Rage, or Take My Father...Please! How to Survive Caring for Aging Parents" (Impressive, 2000) -- says,
"The most important thing to do is to find a geriatric care manager in the area where your loved one lives. She will have knowledge of all the services in the area and can be your eyes."
Below is a partial list of what a care manager or Professional Geriatric Care Manager might do:
Services offered will depend on the educational and professional background of the care manager, but most are qualified to cover items in the list above or can recommend a professional who can. Fees may vary. There is often an initial consultation fee that is followed by hourly fees for services. Health insurance does not generally cover these fees but long-term care insurance might.
In 2002, the AARP published a survey from geriatric care mangers about their fees:
"Respondents were asked how much they charged for their services, which might include: an initial consultation; fees on an hourly or per visit basis; fees for development of a care plan; and fees on a fixed-price contract basis. Hourly fees averaged $74 an hour. GCMs charged an average $168 to develop a care plan. Initial consultations averaged $175. Seven of ten current GCMs responded in the affirmative when asked if they had a statement that listed their fees. " Written by Robyn Stone, DrPH, Principal Investigator; Susan Reinhard, RN, PhD, Co-Principal Investigator; Jean Machemer, MSG, Research Associate; and Danylle Rudin, MSW, Research Associate of The Institute for the Future of Aging Services, Washington, D.C.Barbara Coleman, Project Manager, AARP Public Policy Institute November 2002
When you take into account the time absent from work and time to find the right care resources for your loved ones, along with the cost of travel expenses to monitor their care, you will probably concur that using a caregiver is money well spent. Add on to this the stress of handling your own life circumstances combined with being a caregiver and you will probably wonder how you could have ever done without the care manager.
A professional or geriatric care manager can be an important asset to all families in elder care situations. Here is an example of how a care manager can help.
Mary is taking care of her aging husband at home. He has diabetes and is overweight. Because of the diabetes, her husband has severe neuropathy in his legs and feet and it is difficult for him to walk. He also has diabetic retinopathy and, therefore, cannot see very well. She has to be careful that he does not injure his feet, since the last time that happened he was in the hospital for four weeks with a severe infection. She is having difficulty helping him out of bed and with dressing and using the bathroom. She relies heavily on her son, who lives nearby, to help her manage her husband's care.
On the advice of a friend, Mary is told about a professional care manager, Sharon Brown. The cost of an initial assessment and care plan from the care manager is $175.00. Mary thinks she has the situation under control and $175.00 for someone from the outside to come in and tell her how to deal with her situation seems ridiculous.
One day Mary is trying to lift her husband and injures her back severely. She is bedridden and cannot care for her husband. Her son, who works fulltime, now has two parents to care for. On the advice of the same friend, he decides to bring in Sharon Brown and pay her fee himself.
Sharon does a thorough assessment of the family's needs. She arranges for Mary's doctor to order Medicare home care during Mary's recovery. Therapists come in and help Mary with exercises and advice on lifting. Sharon advertises for and finds a private individual who is willing to live in the home for a period of time to help Mary with her recovery and watch over her husband. Sharon makes sure the new caregiver is reliable and honest and that taxes are paid for the employment. Sharon enlists the support of the local area agency on aging and makes sure all services available are provided for the family.
Sharon also calls a meeting with Mary's family and explains to them the care needs and how they need to commit to help with those needs. Sharon makes arrangements to rent or purchase medical equipment for lifting, moving and easier use of the bathroom facilities. Medicare will pay much of this cost. Sharon also works closely with an elder law attorney and a financial planner who specializes in the elderly. The attorney prepares documents for the family including powers of attorney, a living will and advice on preserving Mary's remaining assets. The financial planner recommends a reverse mortgage specialist to help Mary and her husband tap unused assets in their home's equity. Some reverse mortgage proceeds are used to pay off debt. The remaining proceeds are converted into income with a single premium immediate income annuity in order to provide Mary adequate income when her husband is gone and she looses one of the Social Security payments.
With the help of the care manager, Mary's life and future have been significantly improved. Her husband as well, if he adheres to the care plan, may end up having a better quality of life for his remaining years.
"The 4 Steps of Long Term Care Planning," National Care Planning Council
The National Care Planning Council promotes and supports professional and geriatric care managers on its website www.longtermcarelink.net .
Reverse mortgages have traditionally been used by seniors to tap equity in their homes. Seniors, age 62 or older, may want to consider a Reverse Mortgage if they want:
1. To preserve their cash
2. No monthly payment
3. To qualify for a loan without any income verification
4. To get a loan despite bad credit
To preserve cash, a senior may want to secure a reverse mortgage instead of paying off their new home with the cash proceeds from the sale of their previous home. The amount seniors can borrow depends on their age(s) and the appraised value of the home being purchased.
Reverse mortgages have no monthly payments-ever. In fact, the homeowner may receive a monthly payment from the home’s equity. The net equity in the home is pledged to repay the HECM when the home is sold after the owner passes away. However, an extended absence for medical treatments or assisted living stay could trigger a forced sale of the home (12 months or longer).
Since the home’s equity will be used to repay the loan, there is no requirement the borrower provide proof of income. In the event the senior is receiving monthly payments from their homes equity, the size of the payments is determined by the projected life span of the borrower(s) and equity available as security. Bad credit is not an obstacle either because the eventual sale of the property, not the senior’s creditworthiness, is how the lender expects to recover their loan disbursements.
The senior can also receive a lump sum of cash to help pay for the home purchase and not receive any monthly payments. Again, the loans are set up so the senior can reside in the home for the remainder of their life. These loans are insured by FHA. Prospective borrowers will be thoroughly counseled on the ins and outs of this unusual loan.
Here’s a few other details:
• Property must be owner occupied primary residence of borrower
• Mortgage insurance premium (MIP) required
• No seller concessions or credits
• Buyer must pay normal closing costs and seller must pay for all repairs
• No gift funds allowed to borrower
• Loan limit is $625,000 through 2009
Most importantly, use a local lender. Contact me at if you have any questions at www.pdx-mortgage.com.
 |
|
|
My mission is to give you a mortgage experience where you are at ease, can trust that your best interests are being looked out for and feel comfortable referring friends, family and clients to me.
The loan process can be intimidating. For most of us it's the largest financial transaction that we will face. While rates and fees are important, knowing that you can trust your loan officer is invaluable.
For all of your Oregon Mortgage needs, whether for an Oregon home purchase, refiance, home rennovation or Reverse Mortgage, call me, your Oregon Loan Officer.
My goal is to take the fear out of the transaction. I do this with open communication, a fair rate/fee structure and the committment to you to look out for your best interests. I don't like surprises and you shouldn't have to put up with them.
When integrity matters most, call me.
While I utilize the internet and am able to lend in many states, my focus is on the Oregon Real Estate market. My specialties are Senior Financing, USDA, FHA and Rural properties. I am also a real person with an open door that you can walk through any time. I live and play in Sherwood, Oregon and my office is located in Newberg, Oregon. Most of my Oregon home loan business comes from the greater Portland, Oregon area, but I have helped clients like you from all over Oregon including Sherwood, Newberg, McMinnville, Albany, Beaverton, Corvallis, Tigard, Happy Valley, West Linn, Lake Oswego, Tualatin, Bend, Salem, Eugene, Prineville, the Dalles and Southern Oregon. Many of my home loan and refinance clients have been "rescued" from other lenders that you see online, on tv, or hear on the radio. What makes me different is that I am local, and I truly care about you and your goals. Most of my business comes from referrals from past clients or from business partners who know that I will look out for their clients best interest. I make the same commitment to you, my future client, to treat you with honesty, integrity and complete professionalism. After all , my next Oregon home loan or refinance referral could come from you. Please take an opportunity to browse our site American Nationwide Mortgage. If you are a senior, you can start at American Nationwide Reverse Mortgage. I guarantee that you will find lots of helpful home loan and mortgage related information. An educated home buyer will make a wise decision, and that isn't always based on the cheapest rate. The rate is only one part of your decision; the other aspects of your home loan decision often will save you much more money in the long run. If you have any questions, or are ready to move forward with your Oregon home loan, let me know. I look forward to helping you make your home purchase or refinance loan an excellent experience! Larry Morris CMPS Your friend in the mortgage business.
Copyright © American Nationwide Mortgage Company, INC. Equal Housing Lender. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.
Oregon License # ML-3259 | WA License # 510-LO-51175
Sarah and Tom McNicholas "Larry, ...We want you to know how much we appreciate all you did to help with the purchase. Thanks for helping everything go smoothly. We'll definately pass on a good recommendation to anyone we know who is house hunting...."
Kameron Manyrath
"As someone who looks to purchase a home, I have the fortune to come across Larry Morris, a Senior Mortgage Consultant, at Integrity Lending during the time when I was sending out requests for Good Faith Estimates from the various loan brokers.
...I was very happy because not only did Larry deliver what he promised, but he also helped me lock in a 45-day 5.625 rate at little or no cost. ...he was the only broker proactive enough to e-mail me and suggest that we lock the rate before it climbs up any more. ...I would highly recommend Larry to those who consider purchasing or refinancing a home. I have the utmost confidence that he will do his best to deliver a rate and to ensure a smooth transaction as he did with my first home purchase."
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
