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USDA Home Loans Blog

Congress voted to extend the $8000 tax credit for first time home buyers and add

November 5th, 2009 4:13 PM

Congress voted to extend the $8000 tax credit and added a $6500 tax credit for current home owners.

The tax credit was extended till April 30th 2010. With this extension as long as you signed a contract to purchase by this date you have till July 1st 2010 to close.

The senate approved it yesterday and president Obama is expected to sign off by the end of the week.

To qualify for the $8000 tax credit you must be a first time home buyer which is anybody that has not owned a home in the last three years.

To qualify for the $6500 you must be a current homeowner that has lived in thier home for five of the last eight years.

Income limits apply to both options.

Posted by Steve Jeppesen on November 5th, 2009 4:13 PMPost a Comment (0)

Is USDA Rural Development out of money?

November 4th, 2009 9:17 AM

The answer is yes and no. Congress has not appropriated funds for their current fiscal year which started Oct. 1, 2009 but, we still have lenders closing and funding USDA Home loans knowing they will eventually appropriate the funds. There are alot of banks large and small that have stopped funding USDA Rural Development loans. They may not tell you upfront, hoping that the funds will be appropriated. If you want to make sure your mortgage gets funded on time call Steve Jeppesen@ 352-817-3080 or click the Apply now button above.

Posted by Steve Jeppesen on November 4th, 2009 9:17 AMPost a Comment (0)

USDA Home loans and swimming pools

November 2nd, 2009 1:54 PM

USDA rural development does not allow swimming pools. The only way to purchase a home with a pool using a USDA Home loan is if the home appraises for the puchase price without using the value of the pool. Please call Steve Jeppesen @ 352-817-3080 if you have any questions.

Posted by Steve Jeppesen on November 2nd, 2009 1:54 PMPost a Comment (0)