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USDA Loan’s Employment History Requirements

April 8, 2019 By JMcHood

USDA Loan’s Employment History Requirements

Your ability to score a mortgage, even a USDA mortgage, depends on many factors including your credit and debt ratio. But beyond those numbers, lenders often have to look at things like your job history too. What they want to see is that you are a stable and reliable employee. They don’t want to give a loan to someone that changes jobs frequently or worse yet, has gaps in their employment often. Looking for Current Mortgage Interest … [Read more...]

How USDA Lenders View Your Credit Score and Credit History for Approval

April 1, 2019 By JMcHood

How USDA Lenders View Your Credit Score and Credit History for Approval

If you have a bad credit history, but have since improved things for yourself, you may wonder if your bad credit history will still affect your chances to get a mortgage. Unfortunately, the ‘bad stuff’ never goes away. It will always be a part of your history for potential lenders to see should they decide to look. How long will that bad history affect your chances of getting a loan? Looking for Current Mortgage Interest Rates? Click … [Read more...]

Follow these Tips to Make Your Rural Home Purchase Offer More Attractive

March 25, 2019 By JMcHood

Follow these Tips to Make Your Rural Home Purchase Offer More Attractive

If country living is your thing, you may want to find a way to make sure you win the bid on your dream home. While the competition may not be as steep out in rural areas, you still have to ‘woo’ the seller into accepting your bid. Looking for Current Mortgage Interest Rates? Click Here. Keep reading for simple tips on how to make your bid as attractive as possible. Know the Seller and What They Need Buying a home means that you are … [Read more...]

Does Getting a New Job Affect Mortgage?

March 18, 2019 By JMcHood

Does Getting a New Job Affect Mortgage?

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

March 11, 2019 By JMcHood

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

March 4, 2019 By JMcHood

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

August 11, 2017 By JMcHood

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

August 4, 2017 By JMcHood

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?

July 28, 2017 By JMcHood

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

July 21, 2017 By JMcHood

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...]

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