Good morning! This is Tom Heath with the Heath Team at Nova Home Loans. Today is January 25th and this is our weekly installment of Mortgage and Real Estate Matters.
This week, we’re going to talk about changes to to loan programs USDA and FHA. Now if you’re not familiar with either of those programs, you can head over to our website TheHeathTeam.com for more information about the details of how each one of these works. But for the purposes of today’s call, just want to give you a couple of updates that may impact you and/or your clients.
The first is with the USDA. This is a structural change, their changing the platform on which they operate and the challenge with this is that the old platform doesn’t speak to the new platform. So there’s a period coming up in February where the old platform will be shut off and the new platform will start. So timing up the loans to get through the USDA system so that they can be approved by USDA, so your lender can get out documents, it’s going to be a little dicey in there.
So be in constant contact with your loan officer because if you start in the platform and you don’t get it done, then we have to start over the new platform and we can’t start the new platform until March 1st. So again, there are some challenges with closing on time for USDA loans coming up in February and early March, so be in contact with your loan officer.
Also check with your loan officer about the DACA program, the deferred action for childhood arrivals. The new Administration came in and FHA announced that they will expand their loan programs to people with the DACA designation. So that is something we haven’t had in the past which might mean an opportunity for you and your clients to purchase a home that they couldn’t have done in recent years.
If there are any questions, you can always email me. You can reach out to us through TheHeathTeam.com. And if there is ever a topic you would like us to cover, let us know and we’d be glad to add it to our weekly update. Have a fantastic week and we’ll talk to you next Monday!