News regarding USDA Guaranteed Rural Housing Program

I just received this update from Tom Thuss at Bank of Granite in Lenoir, NC about the current state of the USDA Guaranteed Rural Housing Program:

As many of you are aware, the USDA Guaranteed Rural Housing Program had been operating under a Congressional Continuing Funding Resolution that was approved in 10/08 and was supposed to provide sufficient funds for this program through the end of March. Due to unprecedented demand for USDA financing, the funding for this program was used up by early January. We have been forced to suspend the closing of any USDA loans until Congress gets additional funding approved. I am very confident that USDA will be funded soon but I do not know when that will occur. In the mean time, we are still able to handle your conventional, FHA and VA financing needs as usual. If one of your clients already has an application in process with me, their loans should close as expected.

If you have a client who wants to proceed with a USDA application, we can process and approve it so that it can close immediately after funding is approved. Obviously, this is going to require flexibility from your sellers.

Joseph Griffin

What is a FICO score or a Beacon score?

 

Let’s first begin by saying that a FICO score and a Beacon score is the same thing.  It is a score which is calculated based upon a number of factor related to an individuals credit worthiness which gives a numeric indication of one’s credit reliability.  The typical range is understood to be between 300 and 850, but this is debated.  For an interesting take on the mathematics of the beacon score check here. The basic idea that you want to have associated with the FICO or Beacon score is that it attempts to quantify the likelihood that you will make your payment on time or as agreed.  The higher your score the better you are rated. 

 

There are three different major credit agencies that report credit scores: Equifax, Experian, & Transunion.  Although they market their scores under different names, it is basically the same.  There may be a slight variation based upon the information that may be present in the credit file of one company while it may not be in the credit file of another company. 

 

Below is a chart from BankRate.com that shows the breakdown of the US population’s credit scores.  For instance, 12 percent of the population has a score between 600-649. 

 

Credit score	Percentage
499 and below	2 percent
500-549	5 percent
550-599	8 percent
600-649	12 percent
650-699	15 percent
700-749	18 percent
750-799	27 percent
800 and above	13 percent

 

It is important that you know your score if you are seeking a loan for a home because it let’s you know how the bank will view you.  The higher your score, the more desirable you will be as a client.  You can get a free credit report at a number of places online.  I personally use Experian to monitor my credit report and rate, but it is a fee service.  You can also estimate your score at BankRate.com by clicking here.  I did it myself and it came in a little lower than my actual score, but it seems rather accurate for those who are just curious. 

 

Joseph Griffin

Mortgage Rate Update–Rates are falling

Bank of Granite / Granite Mortgage, Inc.
Tom Thuss – Mortgage Loan Originator
Current Mortgage Loan Rates – Effective September 11, 2008
Subject to change without notice.

Conforming 30 year Fixed Rate Mortgage (30 Day Lock) 5.875
Conforming 30 year Fixed Rate Mortgage (60 Day Lock) 6.000
Conforming 15 year Fixed Rate Mortgage (30) 5.500
Conforming 15 year Fixed Rate Mortgage (60) 5.625

North Carolina Closing Costs Lowest in Nation

Bankrate.com recently release a study showing that North Carolina has the lowest average closing costs in the nation, at an average of $2,650 according to the study. New York enjoys the prominent position of being the most expensive place to get a mortgage with the average being $4,016. The national average is $3,118, according to the survey. You can see the full report here.

Mortgage Rate Update

Below is the mortgage rate update from my friend Tom Thuss at Bank of Granite as of today.

Bank of Granite / Granite Mortgage, Inc.
Tom Thuss – Mortgage Loan Originator

Current Mortgage Loan Rates – Effective August 29, 2008
Subject to change without notice.

Conforming 30 year Fixed Rate Mortgage (30 Day Lock) 6.375
Conforming 30 year Fixed Rate Mortgage (60 Day Lock) 6.500

Mortgage Rate Update

Below is a mortgage rate update from my friend Tom Thuss with Bank of Granite / Granite Mortgage.  Please let me know if I may help you with any of your Real Estate needs in the Catawba Valley.
Joseph

Bank of Granite / Granite Mortgage, Inc.

Tom Thuss – Mortgage Loan Originator

Current Mortgage Loan Rates – Effective August 11, 2008 Subject to change without notice.

Conforming 30 year Fixed Rate Mortgage (30 Day Lock)…….6.750
Conforming 30 year Fixed Rate Mortgage (60 Day Lock)…….6.875
Conforming 15 year Fixed Rate Mortgage (30)…………………..6.375
Conforming 15 year Fixed Rate Mortgage (60)…………………..6.500

Lenoir & Hickory, NC Local Mortgage Rates

I received an update from my friend Tom Thuss over at Granite Mortgage with the Bank of Granite about the lastest mortgage rates, so I wanted to pass those on to you. I don’t get any kickbacks from Tom, nor does he even know that I am posting these rates; I’m just doing it for everyone’s benefit to make sure that you are getting a competitive rate. I’ve done a lot of business with Tom over the past few years and have found him to be an excellent banker who can really help people get the financing they need. If you know of where I can find more competitive rates to post here for people, please let me know, and I will put a link to those as well. If I can help you in any way, please let me know. Joseph

Bank of Granite / Granite Mortgage, Inc.
Tom Thuss – Mortgage Loan Originator

Current Mortgage Loan Rates – Effective August 5, 2008
Subject to change without notice.

Conforming 30 year Fixed Rate Mortgage (30 Day Lock) 6.625
Conforming 30 year Fixed Rate Mortgage (60 Day Lock) 6.750
Conforming 15 year Fixed Rate Mortgage (30) 6.250
Conforming 15 year Fixed Rate Mortgage (60) 6.375