Question on a USDA-RH Home Loan.......

mrcj001 · Joined: 16 Jan 2008 Posts: 9 6.87 Dollars($)

The princable balance on my USDA-RH loan is nearly payed off. ($1850.00) I still owe Approx. $45,000 on the intrest credit recapture. they told me once my princable balance is payed off,my house payments stop and they only recapture the intrest credit only if the house is sold or refinanced.

The question is: Is a HELOC considered a refinace?? We want to invest some of the equty back in the home for some repairs and up grades. We want to stay in the home..........

helping_user · Posted: Sun Jun 08, 2008 10:40 pm Post subject:

HELOC is not considered as refinance.

In HELOC you can fulfill your financial needs by using your home equity as a security for the loan. Whereas, In Refinance, you can replace your current mortgage with a new loan having more favorable loan terms.

You can gather more information on this from the articles: Is Mortgage Refinance a wise financial move? and Tapping your equity with a Home Equity Line of Credit.

Guest

who would i contact with questions on my loan if i'm thinking of selling my house

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi patricia.

Welcome to the forum.

I think you should contact with your lender and take his confirmation before selling the home. At least you need to inform him before selling the home as you get the loan against the property. BTW you can take help from a broker regarding your questions on your loan. You can even ask your questions here. There are so many professionals in this community to help you out.

So feel free to ask if you have any questions Smile

Best of luck,
Larry

brian1 · Posted: Fri Jun 20, 2008 7:26 pm Post subject:

You need to communicate with the lender ASAP. This will not just go away.
Good Luck
Brian

Guest

Is they a website you go go to to make your payments online?

sara · Posted: Thu Aug 28, 2008 5:53 am Post subject:

Hi Judylee Whaley,

Welcome to the forums.

I guess you're talking about an online payment for any USDA-RH loan. You can look into their website or contact them at "http://www.usda.gov/wps/portal/!ut/p/_s.7_0_A/7_0_1OB?navtype=MA&navi d=CONTACT_US"

Guest

Usda home loan subsidy is based on income of borrower....but what is the full rate they use to come up with the difference in payment amounts?(which would be the subsidy).

Guest

You can contact your USDA lender and he would let you know about the full rate they use to come up with the difference in payment.

Guest

exactly what is intrest recapture .why are you not paying that thruout the years youre paying mortage

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