Call or email us now to schedule an appointment to view the newest KB Homes development in Clermont, Florida. Located off Highway 50 near John Hancock Road, this community qualifies for USDA financing (100% down). Purchaser must meet USDA qualification guidelines. Choose from 10 different floorplans ranging in price from the $140,000′s to $190,000′s. 3 to 6 bedroom homes are available between 1400 and 3100 square feet.
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New Construction: KB Homes in Clermont Florida
Monday, February 28th, 2011New Construction: KB Homes in Davenport, Florida
Friday, February 25th, 2011Call or email us now to schedule an appointment to view the newest KB Homes development in Davenport, Florida. Located within minutes to Interstate 4 and Champions Gate, this community qualifies for USDA financing (100% down). Purchaser must meet USDA qualification guidelines. Choose from 10 different floorplans ranging in price from the $140,000′s to $190,000′s. 3 to 5 bedroom homes are available between 1200 and 3000 square feet.
Mortgage Interest Rates as of February 11, 2011
Friday, February 11th, 2011The average rate on the 30-year mortgage topped 5 percent this week for the first time since April. Freddie Mac said Thursday that the average rate rose to 5.05 percent from 4.81 percent last week. It hit a 40-year low of 4.17 percent in November. The average rate on the 15-year home loan, a popular refinance option, increased to 4.29 percent from 4.08 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.
It is still a GREAT time to buy with interest rates at record lows and prices still very affordable.
If you would like a FREE consultation, please contact us. We would be honored to assist you in purchasing a home.
USDA mortgage program runs out of money
Thursday, April 1st, 2010WASHINGTON – March 31, 2010 – A no-down/low downpayment program for rural areas is running out of operational money, jeopardizing sales in some Fla. areas.
Last week, the United States Department of Agriculture (USDA) announced that funding authority for its popular Rural Housing 502 Single-Family Loan Guarantee program would, according to its notice, “likely be exhausted by the end of April 2010.” Once the funding runs out, the USDA will not issue its conditional commitments to homebuyers “subject to receipt of appropriated funds.”
Officially, new appropriated funds don’t become available until October 2010, but the National Association of Realtors® sent letters to Congressional appropriators urging immediate extension of commitment authority for the program. Other real estate interests, such as the National Association of Builders, have also stepped up pressure on Congress.
In a letter sent to every Florida Congressional lawmaker, Florida Realtors® President Wendell Davis told Senators and Representatives that “worthy homebuyers will be left without access to mortgages” from federal inaction. In the letter, Davis protested the lack of funding for Section 502 rural housing and Congress’ failure to extend the National Flood Insurance Program.
“Homeowners and homebuyers in our state/region are already feeling the impact,” Davis said in his letter. “Given the many challenges financial and real estate markets are facing, now is not the time to create another obstacle to real estate transactions.”
However, Congress is now in recess and does not return until April 12, so additional funding cannot appear until at least then. In addition, an increase in funding is not assured for the rural housing program, and homebuyers counting on the loan could be out of luck – especially those homebuyers hoping to use a USDA loan in time to qualify by the April 30 deadline for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for move-up buyers.
Loans are first-come, first-served. With 1,900 lenders offering the loans, time is of the essence for homebuyers who plan to use the funding. When the money runs out, the program stops operations.
Questions should be directed to USDA’s Single Family Housing Guaranteed Loan Division at (202) 720-1452.
