Did you know that with a USDA loan you can buy a house without a down payment? Many are not aware of this mortgage product because it is not widely used. These loans are made through the U.S. Department of Agriculture's Office of Rural Development and are to be used to buy a home in what is considered a "rural" area.  However, according to the terms of a USDA loan what is considered as "rural" can include many communities that could be considered suburban areas. 

Did you know that your credit card balances could be affecting your credit score even if you make you payments on time? Credit cards and any type of revolving credit can affect your score by having a high amount of money owed. It's best to remember to stay anywhere from 30% to 50% below your credit limit. So, even if you are making on time payments, if your card is maxed out this can have a negative impact on your credit. One way of knowing how best to manage your credit is to make a list of all accounts, what is owed and make a plan to pay off those with balances.

Did you know that in June, some FHA loans will require mortgage insurance for the life of the loan? Recently, it was announced that FHA will increase its annual mortgage insurance premium for most new mortgages by 10 basis points, or 0.10%.  There are other increases as well including premiums on jumbo mortgages ($625,000 or larger). In addition, FHA will also require most borrowers to continue paying annual premiums for the life of their mortgage loan.  In summary, the biggest change to understand is that FHA will collect premiums based upon the unpaid principal balance of a mortgage for the entire period permitting the retention of significant revenue that is currently being forfeited prematurely. 

Did you know that a "seller assist" can help you limit the money you will need to close on a home? This is a feature of many home loan programs that can be used to help a buyer pay for a portion of the closing costs by a contribution from the seller. Each lender and program has specific guidelines on what percentage the seller can contribute.  This must be written into the contract before closing and it is important to let your agent know at the beginning that this will be part of the transaction. This can provide a great initiative for a seller who is having difficulty selling their home. As a buyer, never hesitate in trying to negotiate a lower selling price and by using seller assist, the overall amount incurred in closing costs can be lowered, making for a better deal.