Most government loans have some type of annual fee that helps them fund their reserves. This money is what makes programs like the USDA, FHA, and VA program able to run. The departments use these funds to pay banks that have defaulted loans. The USDA Refinance is no exception to this rule – this program requires a 0.5% USDA annual fee. Click to See the Latest Mortgage Rates» USDA Mortgage Annual Fee The USDA annual fee is a fee … [Read more...]
What is Included in the LTV for USDA Streamline Refinance
The LTV or Loan-to-Value Ratio can be a real hurdle when you try to get a mortgage. Oftentimes, the LTV is too high, forcing you to either put more money down on the home if you are purchasing or wait to refinance until the value is higher. The LTV is dependent on the value of the property, which comes from the appraisal. On the USDA Streamline Loan, however, there is no required appraisal, so the USDA Guarantee Fee does not play a role … [Read more...]
How Does the Farm Service Agency’s Down Payment Loan Program Work?
New farmers don’t have the luxury of having accessible farmland. They need capital, namely money. Of course, this is not easy, leaving many new farmers without land. There is financing available from the USDA in the form of Direct or Guaranteed loans, but you still need a down payment. Take a look at the Farm Service Agent’s Down Payment Loan Program to see if it is an option for you. What is the FSA Down Payment Loan … [Read more...]
USDA Guaranteed Farm Loans
USDA farm loans help farmers start their farming business. The guaranteed loan works much the same way as a residential USDA guaranteed loan. The applicant applies for a loan with a bank. The bank then works with the USDA to confirm eligibility. If the USDA confirms the loan is eligible for a guarantee, the lender funds it. The USDA then provides the lender with a guarantee if you were to default on the loan. The USDA and FSA guarantee … [Read more...]
Consolidating Debt With a Cash-Out Refinance
Being in serious debt is scary. When you can’t make ends meet, you wonder what will happen. Before you let collection calls and judgments take over your life, consider debt consolidation. If your debts are too high for a balance transfer credit card or personal loan, you have other options. One way is with a cash-out refinance. You can use the equity in your home to pay off your debts. We’ll discuss how this works and the … [Read more...]
Can You Take Cash Out With a USDA Refinance?
Paying your mortgage down means you may have equity in the home. Sometimes it even happens when your value increases. What do you do with that money? Do you let it sit? Do you take it out? If you have a USDA loan, you don’t have quite as many options as others. If you want to keep the USDA loan, you can only take cash out for limited reasons. We discuss them below. Fixing Up Your Home The only reason the USDA allows cash out with a … [Read more...]
Can a Seller Pay Your Closing Costs Under USDA Guidelines?
Closing costs can be as much as 5-6% of a home’s purchase price. On a $150,000 loan, you’re looking at as much as $9,000. Even though you don’t need a down payment for the USDA loan, this is still a lot of money. What happens if you don’t have this much? Are you stuck renting for the rest of your life? Luckily, there are options. One way is letting the seller pay the closing costs. Here we will discuss how this may happen. What are … [Read more...]
Is Anyone But First-Time Buyers Eligible for a USDA Loan?
The USDA loan offers a zero down payment loan program. It’s a great program for first-time buyers. But, it’s not restricted to those who never owned a home before. The USDA allows eligible borrowers to take advantage of the program. The caveat is you can’t currently own a home. If you do, you must have ample proof regarding why you can’t use your current home. A few good examples include being relocated for work or it no longer suits … [Read more...]
What Can Affect USDA Loan Eligibility?
USDA loans are 100% loans with flexible guidelines. They allow you to buy a home in a rural area easily. The USDA began the program to build up small, rural areas. Today, those rural areas are much more common. You might be surprised to find the areas considered rural near you. While the program is flexible, there are ways you can ruin your USDA loan eligibility. Here we will show you which factors are the most important. High … [Read more...]
Do USDA Loans Charge PMI for the Lower Down Payment?
A mortgage with no down payment must charge PMI, right? If you are talking about USDA loans, there isn’t Private Mortgage Insurance. However, you will pay other fees. Here we help you understand what you will pay and for how long. Then you can make an informed decision regarding USDA financing. What Does the USDA Charge? Just because the USDA doesn’t charge PMI, doesn’t mean they don’t charge other fees. Right now, you’ll pay an … [Read more...]
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