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...]
Are there Government Home Loans for Rural Areas?
You decided you prefer non-city life. You found a home situated amongst the trees and open fields that you love. Now you need financing. There are several loan programs you probably could use, depending on your credit, income, and debt ratio. They include conventional and FHA loans. However, there is a great program for government home loans for rural areas – the USDA loan. Qualifying for this loan is simple and it does not require any … [Read more...]
Are USDA Rural Home Loans Hard to Get?
A zero down payment loan seems too good to be true, doesn’t it? Luckily, it is true with the USDA Rural Home Loans. This program started by the USDA helps low-income families secure sanitary and safe housing. There are several restrictions include in this program, but families that meet the requirements do not have a hard time securing an approval. The Location of the Property The largest and possibly hardest requirement to meet is … [Read more...]
How to Determine Your USDA Mortgage Eligibility
Living in a non-metropolitan area could provide you with more benefits than more available land. The U.S. Department of Agriculture provides a great mortgage program making it possible for families to own a home. This mortgage program is one of the most overlooked yet beneficial programs for homebuyers. In short, eligible borrowers do not have to put money down on a home and they can secure low interest rates. In addition, the … [Read more...]
How Long Does USDA Direct Loan Underwriting Take?
The USDA Direct Loan helps very low-income families secure housing. An eligible borrower can purchase a home in a rural area with this program. The program assists these low-income families by providing payment assistance. Typically, this means lower payments for a specific period to help borrowers afford the new mortgage payment. Every family receives a different amount of assistance with this program. Because of its unique properties, … [Read more...]
What is the USDA Section 184 Loan Program?
The USDA Section 184 Loan Program began as a way to help Natives living on the Reservation. Because homes located on the Reservation are located on Trust Land, it makes them ineligible for most financing programs. HUD began the Section 184 program in 1992 in order to fix this problem. Today, it is possible for Natives of specific tribes to secure financing on land within the Reservation without issue. Qualifying for the Program The … [Read more...]
Can you Secure USDA Pre-Approval Before Finding a Home?
Every time you wish to purchase a home, experts always recommend that you secure a pre-approval. It helps the sellers know you are serious about purchasing a home as well as that you qualify. Without a pre-approval, many realtors and sellers will not show a home. They assume it is a waste of time or puts the sellers at risk if you could not come up with financing. The same standards apply to every loan program, including the USDA … [Read more...]
What are the USDA Foreclosure Guidelines?
Contrary to what it may feel like, lenders don’t like to force foreclosure on a borrower. They would rather work the situation out so that you can afford the loan and the bank gets their money back. When a bank must foreclose on a home, it costs them money and hurts their profits. This is why they will do what they can to prevent foreclosure from occurring. However, there are some situations where it is inevitable. The USDA is no … [Read more...]
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