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St Tammany Parish, USDA Rural Development Loan, Property Eligibility Map

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Check and see if the area in which you are looking to purchase a home in, qualifies for a USDA Rural Development Loan

First click the link below.

Second click the single family housing link on the left side column near the top.

Three accept the user license and then you are good to go to search the entire United States. Now of course I provide this link with the intention of servicing the fine citizens of St Tammany Parish… :-/|

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Now for the shameless plug… If anyone is looking for a home, in the St Tammany / Northshore region? I can help you find that home! Please don't hesitate, call 985-515-5825, or email marc@mmsre.com and we will work with diligently to complete your home purchase professionally. And just maybe if you, and the property, qualify, maybe you can purchase with an RD loan. Sweet!

Thank You

Marc Pellettiere

Changes to FHA Loan Limits for Single Family Housing; October 1st, 2011

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Download Potential US HUD Loan Limits; Current Oct_1_2011

This very informative document covers the entire United States, however for our slice in St Tammany, what this basically means is FHA Loan Limits, for us locally, are falling to $271,050.00 as of October 1st, 2011.

This information was graciously provided by;

Guy V. Jones

Integra Lending Group

Managing Owner

Direct:  985-206-0004

Cell:  985-789-4389, Fax:  866-541-5143

Thank You

HUD Good Neighbor Next Door Program; 50% Off HUD Homes For Police, Firefighters, EMTs, and Teachers!!!

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Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

 

Download HUD Good Neighbor Program

More Information on the HUD Good Neighbor Next Door Program.

Also we wanted to provide the HUD Link for Louisiana! 

This information was graciously provided by:

Scott Finklea

Vice President

Integra Lending Group

Ph: 985-206-0011

Fax: 866-541-5143

Cell: 504-400-9177

Buy A Multi Family Property in St Tammany Parish With As Little As 3.5% Down.

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There are specific requirements which both you, as the Purchaser, and also the subject property must meet. (for one; the property has to be in a livable condition.) However, if you are a first time home buyer, or someone looking to downsize, or start fresh, maybe after a divorce…? You are able to purchase a duplex, a tri-plex or a quad-plex, with FHA backed financing with a 3.5% down payment. Not to mention… As long as the subject property is your primary residence then the lender is able to count your new anticipated rents as income.

For St Tammany Parish, the current FHA purchase price limits are as follows:

  1. Single family residence - $287,500
  2. Double or Duplex – $368,050
  3. Tri-Plex – $444,900
  4. 4-Plex or Quad – $552,900

For Tangipahoa Parish, the current FHA purchase price limits are:

  1. Single family residence – $271,050
  2. Double or duplex – $347,000
  3. 3-plex or tri-plex – $419,425
  4. 4-plex or quad plex -$521,250

For Washington Parish, the current FHA purchase price limits are:

  1. Single family residence – $271,050
  2. Double or duplex – $347,000
  3. 3-plex or Tri-plex – $419,425
  4. 4-plex or Quad-plex – $521,250

Buying a duplex and living in one half while renting the other out is a great way to live with a low note, as well build equity with an income generating property. Why not do the same with a 3 or 4 plex? Get yourself on the path of financial freedom!

If you would like for us to place you in touch with an FHA certified lender, so you may pre-qualify yourself for a purchase; please contact us at 985-867-8670 or at marc@mmsre.com.

Thank You

Marc

Stephanie Machado, Senior Loan Officer, NOLA Lending Group, Mandeville, LA

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Stephanie is the best lender I know, and she is the most preferred lender I work with. I have closed many transactions with Stephanie over our 3+ year relationship. She is a diligent mortgage broker whom gets the job done. Stephanie is ahead of the transaction, knocking out the essentials needed to get a loan to closing, and does not get flustered if a bump in the road does appear. Stephanie returns all my phone calls and all my emails and simply does not drop the ball. This is the reason I have worked with her for the past 3 years and will continue to work with her. I absolutely recommend her if you are interested in purchasing a home and are in need of financing. We have closed investment loans requiring 20% down, FHA, VA and Rural Development, RD, loans. She is an excellent mortgage loan officer.

Stephanie Machado, NOLA Lending Group

1180 W. Causeway Approach

Mandeville, LA 70471

985-951-8479 Office

sm@nolalending.com

Thank You

Marc

Louisiana Residential Property, Hurricane, Loss Mitigation, Insurance Incentives

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Receive Insurance Premium Discounts when you build or retrofit a residential home to meet the Louisiana State Uniform Construction Code requirements. Or… you install "damage mitigation improvements" which reduce the amount of loss in a hurricane.

What they are talking about are; storm windows, hurricane clips, ties and braces and assorted other nifty construction techniques which make your home more of a solid structure when the winds begin to pick up each year down here in Southern Louisiana.

Download Residential_Property_Storm_Mitigation

Take a look at the form which is linked above. It is a small 2 page informational pamphlet provided by the Louisiana Department of Insurance. It includes beau coup information about the incentives, and links to more information, including the LSU Ag Center's LaHouse, which, by itself, is a massive collection of free resources for Louisiana Home Owners.

You must use a building code enforcement officer, a licensed architect, engineer or third party provider to inspect the property to make sure you receive the insurance benefits. A list of approved persons may be found at the LSUCCC.

I hope this gets some good exposure, and people can save a few dollars off their insurance.

Thank You

Marc

Fannie Mae and New Eligibility Rules for Short Sales

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Great News for Buyers with a Short Sale!
New Eligibility Rules Announced From Fannie Mae!

There's great news from Fannie Mae for home buyers who have experienced a short sale or deed in lieu of foreclosure. To help the housing market's continued stability, Fannie Mae is changing the "waiting period" (i.e. the amount of time that must elapse after the preforeclosure or short sale event) before home buyers can qualify for a loan.

Several factors will impact these changes, including the required down payment or loan to value (LTV) for the transaction and whether extenuating circumstances contributed to the individual's financial hardship (e.g. a job loss). The following chart highlights the new rules:

Preforeclosure Event
Current Waiting Period Requirements
New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure

4 years
Additional requirements apply after 4 years up to 7 years

2 years – 80% maximum LTV ratios

 
Preforeclosure Sale
2 years
4 years – 90% maximum LTV ratios
Short Sale
No policy currently exists specific to short sales
 7 years – LTV ratios per the Eligibility Matrix
Exceptions to Waiting Period for Extenuating Circumstances
Preforeclosure Event
Current Waiting Period Requirements
New Waiting Period Requirements (1)
Deed-in-Lieu of Foreclosure

2 years
Additional requirements apply after 2 years up to 7 years

2 years – 90% maximum LTV ratios
Preforeclosure Sale
No exceptions are permitted to the 2-year waiting period
Short Sale
No policy currently exists specific to short sales

(1)The maximum LTV ratios permitted are the lesser of the LTV ratios in this table or the maximum LTV ratios for the transaction per the Eligibility Matrix.

Note that the terms 'short sale' and "preforeclosure sale' are both referenced in Fannie Mae’s announcement and have the same meaning – the sale of a property in lieu of a foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

The bottom line:  Buyers who have experienced a short sale or deed in lieu of foreclosure may be eligible for financing sooner than previously expected…especially if they have 20% to put down.  If you have any buyer prospects who may benefit from this change, I’d be happy to help you put them in a home.

Read the full announcement from Fannie Mae.

Sincerely,

Guy V Jones & Lance Scott
Integra Lending Group, LLC
985-206-0960
ls@integralg.com

Integra Lending Group, Madisonville, LA – “How Purchase Loans are Made.”

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How Purchase Loans Are Made
A Step-By-Step Walkthrough


1.
 Loan Search – Buyers should seek the advice of an experienced mortgage professional, someone who will help determine which financing options best suit their needs today and in the future.
2.
 Loan Application – It's crucial that consumers supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.
3.
 Documentation – Buyers must submit paperwork supporting the application as well. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source of the down payment, funds to close and reserves.
4.
 Pre-approval – Getting pre-approved for a mortgage allows borrowers to know exactly how much house they can afford. Viewed as "cash buyers", pre-approved borrowers have greater negotiating power as well.
5.
 The Hunt – The buyer begins shopping for a house. When the right one is found, the terms of the sale will be negotiated, including the price and potential terms of the loan being sought.
6.
 Appraisal – Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.
7.
 Title Search – This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.
8.
 Termite Inspection – While most purchase loans do not require a formal inspection for termite and water damage, some loans (especially government loans) allow for the possibility. If problems are found, repairs may be necessary.
9.
 Processor's Review – The mortgage professional packages all pertinent information and sends it to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.
10.
 Underwriter's Review – Based on the information put together by both the loan executive and the processor, the underwriter makes the final decision regarding whether or not a loan is approved.
11.
 Mortgage Insurance – Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan.
12.
 Approval, denial or counter offer – In order to approve a loan, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. The borrower may also need a bigger down payment if the property appraises for less than the purchase price.
13.
 Insurance – Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone. In California, some lenders require earthquake insurance on condominiums.
14.
 Signing – During this step, final loan and closing documents are signed.
15.
 Funding – At this point, the lender sends a wire or check for the amount of the loan to the closing company.
16.
 Close of Transaction – Documents transferring title will now be recorded with the County Recorder.
17.
 Buyer Begins Making Mortgage Payments

Thank You

Guy V Jones & Lance Scott
Managing Owners
Integra Lending Group, LLC
Phone: 985-206-0960
Fax: 985-206-0965
ls@integralg.com
www.IntegraLendingGroup.com

Integra Lending Group, Madisonville, LA Mortgage Rate Update, 3/30/2010

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4.875%. Todays interest rates are very low. If you can afford to buy, Now is the time! Home values are low, interest rates are low. The stars are aligned for buyers right now. Take advantage while the getting is still good. Contact us for the first step in purchasing a home. Pre-Qualification. Any offer on a home will only carry weight if a Pre-Qualification Letter is attached. To be frank, there is no point in even looking at homes until this is done. If you do not know what you qualify for, please contact us for a FREE Confidential Pre-Qualification, or EMAIL Us Here and someone will contact you back ASAP. Then it is just a matter of finding you the home of your dreams. 🙂

Thank You

Marc