News concerning USDA is fast circulating however this year’s exhaustion of mortgage funds may in fact be quite a bit different than the past. USDA mortgages allow qualifed home buyers to purchase homes with zero money down in certain parts of the county. USDA and VA are the only 100% financing programs still available for home purchases. USDA is important to the Raleigh Real Estate Market and if they run out of money in April as expected it will push many home buyers out of the market and may leave sellers in a contract that is delayed for months or may never close!
First Let Me Explain The TWO Types Of USDA Approvals:
Approval with “GUARANTEE OF FUNDS”
- This approval type states that funds are available and have been guaranteed for a specific loan.
- The loan can close.
Approval With “CONDITIONAL COMMITMENT – SUBJECT TO RECIEPT OF APPROPRIATED FUNDS”
- This OCCURS WHEN USDA RUNS OUT OF FUNDS
- It is an approved loan.
- It states that “WHEN FUNDS ARE AVAILABLE (appropriated from Congress) IT WILL AUTOMATICALLY RECEIVE A GUARANTEEE”
- The loan can close however it is up to the lender.
- Funds are NOT available to be guaranteed – Increased risk to the lender.
With regard to Approval #2 above: Some lenders WILL go ahead and close the loan with a conditional commitment from USDA while others choose NOT to. It is typical that USDA runs out of funds in September/October time frame as October is their fiscal year end. We have all experienced in the past!
Congratulations, Raleigh! You have beat Atlanta, Chicago, New York City, Washington and many other cities in the Most Wired Cities list published by Forbes’ Magazine. Moving to the number 1 position was quite a jump from last year’s 15th spot. Special thanks to our city planners, private business owners and developers who have installed wireless connections in downtown Raleigh and the Greater Raleigh Area.
Raleigh Rankings Include:
Raleigh Housing Ranks First
Raleigh Ranks in Best Colleges List
Raleigh’s Charter Schools
Raleigh Ranks Tops Jobs Growth
If you are interested in hearing more about relocating to the Greater Raleigh Area, including Cary, Apex, Holly Springs, Wake Forest, Garner and Clayton, please feel free to call me at (919) 235.007. My Raleigh Real Estate Team is here to help you.
Every week my team provides a weekly report to all of our current sellers. The report covers where we market their home, how many showings they have received, what the feedback is from their real estate home showings, etc. We also include a report on what their local competition is from a buyer’s perspective here in the Greater Raleigh Area Real Estate Market. I thought you might have a question on this too so I thought I would share.
The location of the houses you sent and used in my weekly home competition report concerns me. I am actually familiar with this subdivision off of Rock Quarry Road. Yes, the houses are similar, but the area is not.
I understand your analysis of different locations as well as your concern. However, please note that my search comes direct from MLS and it pulls only your MLS area which is about a 5 mile radius. It also pulls your price bracket. The way this search was created for you is Continue reading “Linda, Why Did You Send Me This Report About Other Real Estate Homes In Raleigh?”
Looking for a golf course community in the Greater Raleigh Area without a high price tag? Be sure to check out Hedingham Golf and Athletic Club in Raleigh, North Carolina. Our Raleigh Real Estate Team has sold over 200 homes in this golf community and it is one you will want to be sure to check out!
Hedingham Raleigh NC Subdivision Video
Learn More about Hedingham Subdivision
Visit the Hedingham neighborhood profile page to learn more about Hedingham Subdivision.
Homes for Sale in Hedingham Subdivision Raleigh NC
Below are a few of the most recent homes for sale in Hedingham. Visit the Hedingham Home Search Page to view all homes and townhomes for sale.
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