USDA loans have flexible guidelines and don’t require a down payment, but not everyone qualifies. Sometimes it’s not you that doesn’t qualify, though, sometimes it’s your house that doesn’t qualify. Get Matched with a Lender, Click Here. The USDA has specific requirements for any home bought with a USDA loan. Keep reading to learn if your home qualifies. It Must be Rural First, the home must be located in a rural area. You … [Read more...]
USDA First Time Homebuyer Education: Things You Need to Know
USDA financing provides first-time homebuyers with a great way to buy a home with little money out of their pocket upfront. While the USDA does offer flexible underwriting guidelines for households that meet the income restrictions, they have a hard and fast rule that all first-time homebuyers must complete homebuyer education. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how this process … [Read more...]
How to Create an Attractive USDA Loan Application
USDA loans offer attractive financing terms for low to moderate-income families. With no down payment, borrowers that don’t have adequate housing and are within the USDA’s income guidelines may qualify for this great financing option. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how to make your USDA loan application as attractive as possible. Meeting the Income Eligibility Guidelines Before you … [Read more...]
What USDA Home Repair Loans and Grants are Available?
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...]
The Top Factors to Consider When Buying a Rural Property
If you prefer country roads to city roads and large lots versus small, you may be better suited to a rural property rather than a city home. While a home is a home, there are certain things you’ll need to consider when buying a rural property versus a city home. Compare Offers from Several Mortgage Lenders. The Water Chances are that you aren’t going to get city water when you buy a rural property. Instead, your water supply will … [Read more...]
Do You Need Credit to Get a USDA Loan?
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...]
Which Government Loans are Good for Poor 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...]
Understanding the Conditional Approval Letter
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...]
The USDA Guidelines Regarding Student Loan Debt
USDA loans are a great solution for low to moderate-income families that live in a rural area. The USDA loan allows 100% financing, making it possible to purchase a home with no money down. The USDA has flexible guidelines, except when it comes to the debt ratio. The USDA wants to make sure that you are not a high risk of default. If you have student loan debt, this can complicate matters even further. Looking for Current Mortgage … [Read more...]
How Often do USDA Loans Fall Through?
USDA loans help rural homebuyers purchase a home with no money down. They are a great way to help potential homebuyers purchase a home much faster than they could with any other loan program that requires a down payment. Looking for Current Mortgage Interest Rates? Click Here. There’s one major difference with USDA loans that other government-backed loan programs don’t have though. The USDA has the final say in whether the loan gets … [Read more...]
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