Knowing how long you need a job to get a mortgage is important. Many people think that you need a job for two years before a lender will talk to you. While it is desired that you have a job for at least two years, it’s not always required. Looking for Current Mortgage Interest Rates? Click Here. What lenders want to see is that you have dependable and reliable income. They want to know that your income will continue for the foreseeable … [Read more...]
Appraisal to Closing: USDA Loan Timeline
You signed a contract and now you are anxious to close on your loan. If you have USDA financing, you may have heard that it takes a while to get to the closing. While this isn’t exactly the case, it does take slightly longer for USDA loans for one reason – the USDA has the final say on your approval. Looking for Current Mortgage Interest Rates? Click Here. Typically, one of the final steps you take in a home purchase is the appraisal. … [Read more...]
Credit Guidelines for USDA Rural Home Loans
You need credit to get a mortgage, that’s common knowledge. But what if you don’t have a credit score? Will the USDA still consider you for a mortgage? Compare Offers from Several Mortgage Lenders. While it seems odd, you may still be able to get a USDA loan even if you don’t have a credit score. While the USDA and USDA lenders would prefer it if you had a credit score and long credit history, they do offer alternative methods to … [Read more...]
USDA Home Repair Loans and Grants
The USDA Home Repair Loans and Grants, or Section 504 Home Repair Program, helps low-income families repair or even improve their home. You can use the funds to make the home safer, more sanitary, or to remove a hazard. Borrowers over the age of 62 that cannot repay the loan may receive grant funds rather than a loan on this program. Compare Offers from Several Mortgage Lenders. Keep reading to learn how the program works and how … [Read more...]
How Fast Can You Increase Your Credit Score?
Lenders use your credit score to determine your eligibility for a loan. If you have a ‘bad’ credit score, you may not qualify. Fortunately, credit scores aren’t stagnant. They change many times throughout the month. Get Matched with a Lender, Click Here. Because they aren’t stagnant, there are ways you can increase your score. Just how fast can you make it happen? Keep reading to find out. It Takes Time to Increase Your Credit … [Read more...]
What USDA Closing Costs Can Sellers Pay?
USDA loans are a great loan for rural homebuyers. Don’t let the term ‘rural’ fool you, though. A large majority of the United States properties are eligible for USDA loans. With no down payment required and flexible guidelines, it’s a great loan for those that don’t qualify for any other type of financing. Get Matched with a Lender, Click Here. Despite the no down payment requirement, USDA loans still have closing costs. All loans … [Read more...]
The Difference Between the USDA Annual Fee and PMI
If you put less than 20% down on a conventional loan, you pay for Private Mortgage Insurance. The PMI protects the lender should you default on your loan. It makes sense that USDA loans would have mortgage insurance too, right? After all, you can borrow 100% of the home’s value. The USDA doesn’t charge Private Mortgage Insurance, though. Instead, they charge an annual fee. Get Matched with a Lender, Click Here. Keep reading to … [Read more...]
How Does the 3-Day Closing Disclosure Rule Work?
When you apply for a mortgage, you’ll receive a Loan Estimate. As the name suggests, it’s an estimate of how much the loan will cost you. Lenders must send you this document within three days after you apply for the loan. Looking for Current Mortgage Interest Rates? Click Here. Once you get through the underwriting process and are ready to close on your loan, lenders must then send you a Closing Disclosure. This document also has … [Read more...]
What’s the Difference Between the Assessed Value and Market Value?
Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [Read more...]
What is a Conditional Loan Approval?
If you started searching for a home before getting your conditional approval letter, you may have done things backward. While it seems right to find a home and then look for financing, this can complicate matters. How do you know how much loan you can afford? How do you know what lenders will give you? Without these answers, you really don’t know how much you can spend on a home. Looking for Current Mortgage Interest Rates? Click … [Read more...]
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