If you are thinking of buying a home, you probably need a mortgage. In order to get a mortgage, you’ll need to have the proper qualifications. It’s important to understand that once you qualify for a mortgage, it’s not ‘in the bag.’ You still have to tread carefully until you actually sign on the dotted line and take possession of the home. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the most common … [Read more...]
Important Documents for USDA Home Loan programs
USDA loans offer 100% financing to low to moderate-income families that live in rural areas. This can be a great way for you to get a loan, but there’s a catch. The USDA has the final say in whether you get the loan approval. This means your paperwork must be in order and current in order for the USDA to process your loan. Looking for Current Mortgage Interest Rates? Click Here. Just what paperwork do you need for the USDA loan? Keep … [Read more...]
Home Loans for People with Bad Credit
If you have less than perfect credit, you may wonder if you have a chance to secure a mortgage. Don’t you need perfect credit for lenders to approve your loan request? Looking for Current Mortgage Interest Rates? Click Here. Luckily, you don’t need perfect credit to secure a mortgage. The government-backed loan programs make it easy to secure the approval you need, even with bad credit scores. Just what credit scores do you need … [Read more...]
Closing on USDA Loans – How Long Does it Take?
USDA loans have the reputation of taking ‘forever’ to close. That’s not the case, though. They don’t take nearly as long as many people think. Yes, the USDA does have a say in whether or not your loan gets approved, but as long as you choose the right lender that’s experienced in USDA loans, it shouldn’t take long. Get Matched with a Lender, Click Here. The First Step We recommend that you get pre-qualified for a USDA … [Read more...]
USDA Mortgage Limits: How Much Can You Borrow?
USDA loans provide 100% financing for low to moderate income families. It’s a program that is meant to be a ‘last resort.’ In other words, if you qualify for any other program, you cannot use USDA financing. If you do qualify, though, you probably want to know if there is a maximum loan amount. Looking for Current Mortgage Interest Rates? Click Here. Technically, the USDA does not maximize how much you can borrow. However, they do … [Read more...]
Tips for a Smooth USDA Loan Approval
Loan applications get turned down every day, but USDA loans have a unique aspect about them. If you think you may be eligible for this program, keep reading to learn the most common reasons USDA lenders turn loan applications down. What is the USDA Loan? First, let’s look at how the USDA loan works, as it’s a unique program compared to any others available today. Looking for Current Mortgage Interest Rates? Click Here. USDA … [Read more...]
The USDA Mortgage Underwriting Approval Process
If there’s one question most new homebuyers have, it’s ‘how long does it take to close the loan?’ Now if you are looking at a USDA loan, you’ve probably heard the myth that these loans take ‘forever’ to close. The good news is that they are wrong. It doesn’t take much longer than any other loan. Looking for Current Mortgage Interest Rates? Click Here. The one difference between the USDA loan and any other loan is that the USDA … [Read more...]
Minimum Qualifications for USDA Loans
There are many myths that surround the USDA Guaranteed Loan, one of which is that you must be a low-income borrower. In reality, you can make as much as 115% of the average income for your area and still qualify. In many areas, this means $78,200. However, it can mean as much as $202,250 in some areas. Looking for Current Mortgage Interest Rates? Click Here. The USDA breaks income categories down into three categories: Very … [Read more...]
How Much Equity Can You Borrow with a Cash-Out Refinance?
If you have equity in your home, you might want to tap into it in order to have cash in hand. Some people just don’t like having their investment tied up in their home. Others need the cash for things like home renovations, college tuition, or debt consolidation. Just how much of your equity are you allowed to take out? It depends on the loan program, as each program has different requirements. Conventional Cash-Out Loan If you are … [Read more...]
What is Loan Principal?
When you take out a mortgage, your payment may be comprised of several parts including the principal, interest, and mortgage insurance. It’s important to understand each part of the payment so that you can choose the loan that is right for you. There’s no doubt that you will pay some type of fees, such as interest, as every lender charges interest as a fee to borrow the money. Understanding the Principal The principal balance of … [Read more...]
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