Market Updates Mortgage Process

FNMA Enables Norcom Mortgage To Close More Conventional Loans

Changes in FNMA Guidelines Enables Norcom Mortgage to Close More Conventional Loans 

News Flash
Here’s What’s New …

1.   Unreimbursed Business Expenses. Buyers earning <25% of their income from commission, bonus or overtime no longer have to account for a reduction in income due to unreimbursed employee expenses. That means tradesmen in particular may use their total gross income to qualify for a mortgage and not be penalized for taking advantage of legitimate business deductions.

2.   Move Up Buyers. Buyers moving up to a bigger home and converting their current residence to investment property no longer need a minimum 30% equity position in the vacated property in order to use the rental income from the vacated property for debt service on the new home. All rental income from the former residence can now be used immediately.

3.   Cash Reserves.   Buyers using stocks, bonds, mutual funds and retirement accounts now can use 100% of their vested balances toward the asset reserve requirement. If those balances are >20% of the funds needed for the down payment and closing costs, buyers no longer need to show proof of liquidation for those funds. Less paperwork means faster closings.

Contact Me Today to Learn More! At Norcom, We Make Homes Happen!

Select Properties

Middlebury CT Homes for Sale – Eligible for 100% USDA Financing

Middlebury CT Homes for Sale – Eligible for 100% USDA Financing

These selected Middlebury CT Homes for Sale are Eligible for 100% USDA Financing with a USDA Guaranteed Rural Housing Development Loan.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified buyers:
•   Up to 100% Financing of the home’s Appraised Value – No Down Payment required
•   Ability to Finance Closing Costs when the Appraised Value is higher than the sales price
•   One 30 year fixed rate mortgage at low-interest rates
•   Low Monthly Mortgage Insurance increases buying power.    
     ◊   Beats FHA, CHFA and Conventional MI any day

First Home Buyers, Move-Up Buyers and Down-Sizers … You just might be Eligible for 100% USDA Financing with a USDA Guaranteed Rural Housing Development Loan and be able to own one of these Homes for Sale in Middlebury CT  with a minimal down payment and low to no closing costs at today’s low interest rates.

300 Lake Shore Drive           $179,000300 Lake Shore Dr
Unbelievable price for WATERFRONT in Middlebury! 3BR, 2BA Cape on .73 acre with lovely rear deck to enjoy views of Long Meadow Pond.

Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage Pre-Approval service.

P.S. Most single-family Middlebury CT Homes for Sale are Eligible for 100% USDA Financing with a USDA Guaranteed Rural Housing Development Loan. Condo too, as long as the HOA meets FNMA and FHA guidelines. The program has liberal income limits and DTI ratios that might enable buyers of other high-end homes to qualify for this program. Call me for details.