Sue's Blog

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Mortgage and Lending - Waterstone Mortgage Corporation
RECENT BLOG POSTS
It is amazing to me to see how many phone calls we are getting from around the country asking how we can still do USDA Rural Housing loans since they are "out of money"!  It is a misconception that the USDA lends money - they don't!  Their role in the USDA Rural Housing Loan is to guarantee (insu...
01/25/2009
Even though we had it on good authority (we even had it in writing that unless someone complained it would take place January 20), USDA has postponed the 2-tiered income system, which will allow more buyers to qualify for this program, until March 20.  I have heard that the reason for this postpo...
01/13/2009
We have now had our first full week of a new year and I wanted to tell you "Happy New Year" and I hope that 2009 will be awesome for you. As you are aware, there were many changes implemented in 2008 and at the beginning of 2009, and will be more forthcoming.  I wanted to give you a run down on t...
01/11/2009
Imagine this: You, as a Realtor have a house listed for sale and a motivated seller.  This seller is willing to pay up to 4% to 6% or higher towards the buyers' closing costs and prepaids.  You have a prospective buyer that qualifies for a USDA Rural Housing Loan (the income limits starting Janua...
12/26/2008
Currently, the investor we use for our USDA Rural Housing loans offers two rate lock extensions up to 60 days each, so that you can actually get 120 days extension.  They do charge for this and we have been told that, effective today, December 18, 2008, the price (charge) to extend is going up.  ...
12/18/2008
I was interviewed Thursday for a show that is supposed to air on Monday, December 15 on Good Morning, America.  It's about the housing market and how to help people who are behind, as well as what steps could be taken to improve the housing market.  I made the following points, but they may edit ...
12/13/2008
Based on today's rates, a buyer can get a 30 year fixed rate mortgage on a 2/1 buydown (rate is bought down 2% the first year and 1% the second year) with a rate of 3.75% the first year, 4.75% the second year, and 5.75% years 3 through 30!  This gives you a better payment and cash out of pocket a...
12/09/2008
As long as nobody complains, the proposed income limits will go into effect on January, 20 for the USDA Rural Housing mortgage program.  The tables below are for FLORIDA only; other states will have the increases, as well, but the amounts will vary.  This is for 100% financing that also allows a ...
12/04/2008
Recently, I traveled on Northwest Airlines to Washington, DC for a 30th high school reunion.  The night before I traveled, I called about getting exit row seats as I am tall (5'9") and my back has problems occasionally that are aggravated by the cramped seats in the other rows.  The gentleman I s...
12/02/2008
YES! With a 2/1 buy down program under the USDA Rural Housing Loan program, you can get a rate of 3.75% for the first year, 4.75% for the second year, and 5.75% for years 3 through 30!! The buyer can't pay the fees to get these rates as it has to come from another party, ie: the seller or the Rea...
12/01/2008
Rainer
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Sue Botelho

USDA Rural Housing Mortgage Pro
local_phone8(503) 626-9012
smartphone(850) 797-7946
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