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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HOW TO PROTECT YOUR MORTGAGE RATE WHEN CLOSING GETS DELAYED
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Are you under contract on a home with an expiring rate lock? Need a rate lock extension?
Yesterday, a buyer called me in a total panic. They locked in their mortgage interest rate 30 days ago while shopping for a home near the Westwood neighborhood. Everything moved along fine until the seller asked to push closing back by ten days to finish clearing out their garage.
The buyer asked me, “Jeremy, if our rate lock expires before we close, will our interest rate jump up? Will our monthly payment go through the roof?”
I told them straight up: “Take a deep breath! An expiring rate lock will not ruin your deal, and you will not lose your low rate!”