Rural Development Guideline Changes
So maybe you heard rumblings of something happening at RD. Well there certainly are changes being made. Some positive some not so great. First off lets talk about timing. RD is not out of money, for the last week of November they are not accepting application, but that’s not so bad, they anticipate being caught up on all the files Dec. 1St when they start accepting applications again. If we can go from 3+ week turn times to a couple days, well that’s fantastic! For UP TO DATE Turn Times follow this link.
Here is an outline of what affects real estate agents in regards to the guideline changes:
- Barn are O.K.
- Site value requirement removed (should have any land split issues)
- Pools are O.K.
- No more Realtor admin fees. . . . I know that one hurts. – Follow this link for an update on this
It should be noted that we are still waiting to see how all this unfolds but come Dec. St these changes will go into effect.
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The Family Opportunity Mortgage
Unlocking Homeownership: Supporting Loved Ones with the Family Opportunity Mortgage Program
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This unique program was created to address a common challenge: families who want to assist elderly parents, adult children with disabilities, or other qualifying relatives in buying a home, but where the assisting family member might not be able to occupy the home themselves, or where the assisted family member faces challenges meeting traditional mortgage qualifications alone. It essentially allows family members to secure financing for a loved one’s primary residence, often with more favorable terms than a standard investment property loan.