The USDA loan provides 100% funding for the purchase of a rural home. It’s a great program for those that don’t need to live in the city limits. The USDA is rather lenient with its guidelines. But, there is one they don’t waiver on – residency. The USDA loan is only available to those who are US citizens or permanent residents. Those with an H-1B Visa or any other type of work visa do not qualify for USDA funding. But, there is good … [Read more...]
Your Refinance Options for a USDA Loan
You have a USDA loan but want to refinance. Maybe you want a lower rate or you need cash out of your equity. The good news is the USDA has several refinance options for you. What you need and how much you want to verify determines which program is right for you. No matter which program you choose, the USDA program offers simple and effective ways to refinance your USDA loan. The Newest USDA Refinance The USDA rolled out a Streamline … [Read more...]
How is Pre-Qualified and Pre-Approved Different?
There are so many definitions floating around the mortgage industry. As a new homebuyer, they can be rather intimidating. Pre-qualified and pre-approved both sound pretty official. But, one of these terms means much more than the other. Can you guess which one? What’s the Difference? There is a big difference between being pre-qualified and pre-approved. Pre-qualified means your qualifying factors were looked over quickly. You told … [Read more...]
What are the Advantages of Buying a Rural Home?
If being able to see inside your neighbor’s window doesn’t entice you, rural living might be a good choice. A rural home often provides many benefits you will not get in a suburban home. Of course, you must be comfortable living without neighbors and dealing with well water. For some people, though, the benefits of rural living far outweigh the unique aspects of it. Land, Land and More Land Perhaps the largest benefit of a rural home … [Read more...]
Buying a Manufactured Home with USDA Financing
Buying a manufactured home with bank funding is not the easiest task. Banks look at manufactured housing as high risk mainly because you usually don’t finance the land too. When you purchase a home built on site, you finance the home and the land. Manufactured houses are more like personal property than a real estate investment. Because of this, you may not have an easy time finding traditional financing. However, the USDA offers the … [Read more...]
Different Types of USDA Mortgage Loan Options
If you have the desire to live in a rural area, you may have the good fortune of being eligible for USDA financing. Before you head out and apply with a USDA lender, though, you should know the USDA loan options. They have three mortgage types they offer borrowers. Each program is for a specific type of borrower, though. You will not qualify for all three programs. We break down the programs and how they work below. The USDA … [Read more...]
What is Included in RESPA and TILA Mortgage Disclosures?
RESPA and TILA mortgage disclosures are a part of every mortgage process. They show you the important information regarding your mortgage. You can expect to see information regarding the interest rate and the closing fees as well as the terms of the mortgage. The disclosures are meant to provide you with a true understanding of the loan you are about to take. The disclosures are meant to help you not only understand the loan, but also … [Read more...]
Finding Approved Lenders for USDA Loans
If your search for a home lands you in the market for a government-backed loan, you have to look for a specific lender. You cannot just walk into any bank and assume they can give you a USDA, FHA, or VA loan. Instead, you need a lender that has already received the approval to provide each specific loan type. USDA loans are less common than other government-backed loans, so finding approved lenders for this loan type may take a little … [Read more...]
When Should you Apply for a USDA Loan?
The USDA loan provides many benefits to borrowers with low to moderate income. If you qualify for this loan program, you do not need a down payment and your closing fees are often lower than any other program. Knowing if and when you should apply for a USDA loan can help you make the right choice. The Home’s Location First, you must purchase or refinance a home located in a rural area. If the home is not within the USDA boundaries, … [Read more...]
Learn About the USDA Loan Restrictions
The USDA offers low and very low-income families a chance to become homeowners. Just like any other program, though, there are USDA loan restrictions you must know. They are nothing crazy and they do not prevent most people from securing a home loan. However, understanding the restrictions can help you make the most of your time searching for a loan. Citizenship is Important First and foremost, you must be a citizen of the United … [Read more...]
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