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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S.O.S. SAVE OUR SALE
S.O.S. SAVE OUR SALE: WHAT TO DO WHEN YOUR LENDER STALLS WEEKS BEFORE CLOSING!
Did your mortgage lender suddenly go radio silent, request the same bank statement for the fourth time, or drop a last-minute loan denial right before your scheduled closing date?
Yesterday, a panicked real estate agent called my office from Portage. Their buyer had been under contract for three weeks on a home near Milwood. The closing date sat just nine days away.
Out of nowhere, the buyer’s out-of-state call-center lender issued a denial letter. The call-center underwriter miscalculated self-employment write-offs, panicked over an unpermitted porch repair on the appraisal, and threw the entire transaction into the trash can.