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

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Icon Mini Profile mrcj001




Joined: 16 Jan 2008

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PostPosted: Sun Jun 08, 2008 9:09 pm    Post subject: Question on a USDA-RH Home Loan.......

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..........
Icon Mini Profile helping_user
helping_user



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PostPosted: 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.
patricia peterson

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PostPosted: Thu Jun 19, 2008 1:18 pm    Post subject: selling mya house

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




Joined: 27 Jun 2007

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PostPosted: Fri Jun 20, 2008 2:37 am    Post subject:

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
Icon Mini Profile brian1
brian1
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PostPosted: 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

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Judylee Whaley

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PostPosted: Wed Aug 27, 2008 7:00 am    Post subject: online payments

Is they a website you go go to to make your payments online?
Icon Mini Profile sara
sara
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PostPosted: 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"
Dustin H

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PostPosted: Thu Mar 12, 2009 1:57 pm    Post subject: subsidy

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).
Ana

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PostPosted: Fri Mar 13, 2009 2:14 am    Post subject:

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.
br gail

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PostPosted: Sat Jul 25, 2009 11:37 am    Post subject: intrest recapture

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