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...]
Allowed Seller Paid Closing Costs on a USDA Loan
Closing costs can add up quickly. Before you know it, you owe more than $5,000 just to close on your loan. For some people, this is not possible. One possibility for help with paying the costs is to get the seller’s help. Oftentimes sellers are willing to help in order to get the approval. If it means they can sell their home, they may be willing to provide financial assistance. This, of course, is as long as they still make a profit on … [Read more...]
How the USDA Annual Fee Differs from PMI
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...]
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