Monday, April 8, 2013

Why USDA may be Right for You

OK, so the first thing you are probably asking is:
"What the heck is USDA, and how is it going to help me?" Well the USDA is the United States Department of Agriculture and they have loan programs in place to help lower income families afford housing in rural areas. So by now you are saying....Low Income Families....Rural Areas....Well that's definitely not Cape May.

Actually based on the government's maps, most of Cape May County is considered rural and you would be surprised to know that the income guidelines to be considered a moderate income household is from $91,550 for a single person to $120,850 for a household of 4 or more. With incomes at these levels you would still receive a guaranteed USDA Loan from a private mortgage company. Combine that with the maximum loan limit of $233,100 and there are plenty of properties in Cape May County, and even a couple in Cape May itself that you would be able to get this government subsidized program for, . Even if you are not looking to purchase in the Cape May Area, this program is Countrywide, so you might qualify in your own home town.
So why would I want to use this program? Well, because the program has several very attractive benefits:
  • 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
  • Guarantee Fee applies: may be rolled into the loan amount.
  • Flexible credit guidelines. Non-traditional credit histories may be accepted.
  • Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
  • No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
  • Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
  • Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
  • Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
  • Eligible repairs and improvements may be included in the loan.
  • Applicants apply with an approved lender of their choice.
  • Not limited to first time home buyers.

So now that you are interested in learning more and how this program may help you, contact your trusted mortgage lender to see what else is needed and if you qualify. If you don't have a mortgage professional to talk to about this program, don't worry I have several that can help.

Chris Bezaire
609-972-6927 (c)

Sunday, March 10, 2013

Time To Spring Forward To Cape May

Well it's that time of year again, when we enjoy getting the extra daylight by moving our clocks ahead one hour, but don't we all dread losing that hour of sleep??? Well the way I look at it is that not only did we move our clocks ahead one hour, but we are now one hour closer to summer!

Yes I said the "s" word, summer. I know it's only March, but with Easter coming early this year and the weather warming up it is never too early to start thinking about summer. If you have already booked your Cape May summer rental, then you are ahead of the game....If you haven't booked your Cape May rental, then you might want to hurry and get it done, because this year the inventory is disappearing quickly. While there are still options left, you might be surprised to find out that what is usually still available this time of year, just might not be... So if you haven't booked your Cape May rental yet, here are some helpful tips to help you find one....

Cape May Lifeguard Stand
Book Your Cape May Rental
1) Be flexible with your week. While I do need a specific week in order to do a search, having 2 or 3 options will increase the likelihood of me finding something for you.

2) Avoid the weeks of 7/27 and 8/3 if you can. These are the 2 most popular weeks every summer and most of the inventory for those weeks is already booked.

3) If you find a property that works for you...BOOK IT NOW!!! I can't tell you how many times already this year I have had a client who wants to think about it for a day or two only to call back and find that the property has now been rented.

4) Be flexible on your amenities. While you want to be as comfortable as possible during your vacation, remember it's only 1 week, not a lifetime....Will not having wifi for a week kill you??? And besides, there are plenty of free connections around town (Like my office) and if you are lucky enough you will be on the beach all week.

Hopefully these tips help you find your perfect summer rental....So now spring ahead and start thinking about summer!

Chris Bezaire
609-972-6927 (c)
609-884-8428 (o)