For MISSISSIPPI - Fairway Mortgage Ranked #6 in Mississippi for USDA GRH Loans
Updated Oct. 24, 2014
Fairway Mortgage in Hernando was recently notified by the State Director of USDA Rural Development, Mississippi State Office that our branch was currently ranked #6 in the State of Mississippi as a TOP TEN LENDER for originating and closing USDA Guaranteed Rural Housing Loans for the 2010 Fiscal Year!!!....

CFPB - Consumer Financial Protection Bureau
Updated Oct. 9, 2013
As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (otherwise known as the Dodd-Frank Act), the Consumer Financial Protection Bureau (CFPB) was established.. The central mission of the CFPB is to make markets for consumer financial products and services for Americans - whether...

13 Things You Should Know About the USDA Rural Development Loan
Updated Oct. 24, 2014
13 Things You Should Know About the USDA Rural Development Loan. USDA Rural Development has TWO different loans - Rural Development loans are broken down into two different loan types: USDA Guaranteed Rural Housing (GRH) Loans and USDA Direct Loans. USDA Guaranteed loans are originated through local Lenders,...

STOPFRAUD.GOV - Protect Yourself From Financial Fraud
Updated Oct. 9, 2013
Learn how to protect yourself or your clients from financial fraud!. Check out the Financial Fraud Task Force STOPFRAUD.GOV website!. With more than 20 federal agencies, 94 US Attorney's Offices and state and local partners, the Financial Fraud Task Force is the broadest coalition of law enforcement,...

*** Chnages to the USDA Rural Housing Loan
Updated Oct. 9, 2013
If you didn't know by now, there are some changes on the horizon regarding the USDA Guaranteed Rural Housing (GRH) loan.. Effective October 1, 2011, there will be two significant changes:. Decreased guarantee fee from 3.5% to 2.00% (which can still be financed into the loan - 102%)Implementation of a .30%...

***For MISSISSIPPI - HERNANDO Ranked In TOP 100 "Best Places To Live"
Updated Oct. 9, 2013
It's official!. Hernando, Mississippi ranked 79th in the CNN Money Top 100 "Best Places To Live." Money's list of America's best small towns.. Congratulations to Hernando - a great place to live and work!. For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100...

USDA Funding - Possible Delays after 10-1-2011
Updated Oct. 24, 2014
USDA UPDATES. USDA has advise in an unofficial memo, that effective 10/1/2011, USDA will not issue "subject to conditional commitments" as they normally do every year. They have funds that will last through the end of the month, so all loans with conditional commitments by 9/30/2011 will be ok, and can fund AFTER...

***USDA - 11 Things You Should Know
Updated Oct. 24, 2014
The USDA Guaranteed Rural Housing (GRH) loan program has seen some recent changes which became effective 10/1/2011 - decreasing the Funding Fee back to 2.00% and the implementation of a new Annual Fee (much like monthly mortgage insurance). Even with these changes, the USDA GRH loan is one of the best mortgage...

Change to VA Funding Fees
Updated Oct. 9, 2013
On November 21, 2011, the President signed HR 674 which reduces the Funding Fees associated with VA Home Loans. This new fee structure will be in effect for loans closing after 11/22/2011 until 09/30/2016.. This will help reduce costs for Veterans purchasing a home. Some good news!. Keep in mind that the VA Funding...

For MISSISSIPPI - MS Home Saver Program
Updated Oct. 24, 2014
The MS Home Corp Home Saver program assists homeowners by making mortgage payments who have lost their job or experienced a reduction in income through no fault of their own due to the economy and are at risk of default or losing their home to foreclosure. Restrictions apply.. Click the following link for more...

***For MISSISSIPPI - Home Loan Plus Grant for $14,999.00
Updated Oct. 24, 2014
If you are interested in purchasing a new home, then don't forget about the Home Loan Plus Grant! The MS Home Corp Home Loan Plus provides grants up to $14,999.00 to qualified low income individuals to purchase homes.. Currently, there is over $3.4million available for grants. Restrictions and household...

For MISSISSIPPI - New USDA GRH Income Limits
Updated Oct. 9, 2013
Effective today, the NEW household income limits for the USDA Guaranteed Rural Housing loan (100% loan) are as follows:. 1-4 person household: $74,750.00 (increased from $74,050.00). 5-8 person household: $98,760.00 (increased from $97,750.00). This applies to ALL Mississippi Counties.. For more information...

***FHA Fee Increases
Updated Oct. 9, 2013
Mortgages backed by the Federal Housing Administration are about to get a bit more expensive.. In its announcement, the FHA said it would increase its annual mortgage insurance premium by 0.10 of a percentage point for loans under $625,500, which would now cost 1.25 percent of the loan amount, up from 1.15 percent....

More Changes to FHA Effective 04/01/2012
Updated Oct. 9, 2013
Per FHA Mortgagee Letter 2012-3, FHA will be adopting a few more changes effective 04/01/2012. One of the changes is regarding collection accounts. This could impact many borrower's ability to qualify or possibly delay a borrower in qualifying for the FHA loan.. OLD Guidance . HUD 4155.1 4.C.2.e FHA does not...

Search for Licensed Loan Officers
Updated Oct. 9, 2013
Did you ever wonder if a loan officer is actually licensed or not?. The NMLS or "Nationwide Mortgage Licensing System & Registry" offers a free service for consumers to confirm that the mortgage company or mortgage professional they are working with is "authorized" to conduct mortgage business in their...

NEW FHA Refinance Program
Updated Oct. 9, 2013
Have an existing FHA mortgage?. With the LOW interest rates that we are seeing today, many homeowners who used FHA financing to purchase their home are having difficulties refinancing because of the increase in the FHA Monthly MIP (Mortgage Insurance Premium). In many cases, even with lower rates, the monthly...

New USDA Refinance Pilot Program
Updated Oct. 9, 2013
New and Improved USDA Refinance Pilot Program is available for the following States: AL, AZ, CA, FL, GA, IL, IN, KY, MI, MS, NV, NJ, NM, NC, OH, OR, RI, SC and TN.. A few days ago interest rates hit the lowest level in recorded history - and because of this, many homeowners may be able to reduce their interest rate by 1% or...

***USDA Eligibility Map Changes Effective 10-01-2012
Updated Oct. 9, 2013
With the 100% USDA rural housing loans, there will be an adjustment to the USDA eligibility maps effective 10/01/2012 nationwide.. The effective date will be based upon fully executed sales contracts (signed by both buyer and seller) dated no later than 09/30/2012. Contracts written on 10/01/2012 or later,...

USDA Rural Housing - New Things You Should Know
Updated Oct. 24, 2014
On October 18, 2012, USDA announced some new guideline changes regarding "Outbuildings and Property Eligibility" that you should be aware of."New Things You Should Know About USDA". (1) Site and Building Requirements -. a. Farm related property cannot be acquired under this program. Vacant land or properties...

***USDA Eligibility Map Changes Suspended
Updated Oct. 24, 2014
Great News! . The Continuing Resolution was passed, so the USDA eligibility maps will remain unchanged until September 30, 2013. This is great news for individuals wanting to purchase a home using the USDA loan.. To find about more about the USDA eligibility areas, click HERE.. Fairway Independent Mortgage...