If you currently have a USDA loan, you have several options available to you when you want to refinance. These refinance options include a pilot, streamline and non-streamlined refinance. The difference between the programs is how you verify your eligibility. The streamline program, as the name suggests, is much simpler, but has stricter guidelines. The non-streamlined refinance offers a little more flexibility for USDA borrowers and … [Read more...]
Find Out if Your Home is in a USDA Eligible Rural Area
USDA loans are often thought of as farmers’ loans. People consider them only when they think about purchasing a farm or an area with a lot of land. This, however, is not what the loan is for – it is for homes that are located within a rural area. Understanding not only where rural areas lie, but what areas are considered a USDA eligible rural area can help you determine if you could apply for a USDA loan. Finding a USDA Eligible Rural … [Read more...]
Here’s is How You Can Find USDA Homes for Sale
Popularity for the USDA mortgage program is on the rise. This lucrative financing program used to be a little known program which got looked over by potential candidates. It was a shame, too, because the program allows for no down payment and flexible guidelines. Many borrowers assumed they had to live in a remote area with nothing around them since the program is for rural areas. Little did people know, the areas the USDA called rural … [Read more...]
USDA RD Home Loan Programs
The RD Home Loan or the USDA Rural Development Loan offers a loan program for borrowers with low income and little to no money to put down on a home. The USDA loan provides borrowers with up to 100% financing, low costs, and payments low-income families can afford. Looking for Current Mortgage Interest Rates? Click Here. The USDA sets the guidelines for the RD home loan, but individual lenders write the loans. You’ll go through a … [Read more...]
Most Common Mortgage Mistakes Made By USDA Borrowers
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...]
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...]
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...]
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...]
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