USDA Loan

The Best Way to Find USDA Homes for Sale

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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...]

How Do You Find a USDA Eligible Rural Area?

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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...]

Can You Roll Closing Costs into a USDA Mortgage?

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One downside to any mortgage program is the closing costs. They can add a significant expense to an already expensive process. Even though the USDA mortgage does not require you to make a down payment, you still have to consider the costs of moving and turning on your utilities. In order to keep the USDA program affordable, the program does allow you to roll the costs pertaining to closing into your loan as long as you meet certain … [Read more...]

USDA Lowers the Cost to Refinance Rural Housing Loans

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Today, the housing industry is still trying to recover from the housing crisis. Not every area has seen full recovery and growth as of yet. In an effort to continue the growth and recovery, many agencies stepped in to make refinancing easier and more affordable. Among those agencies is the USDA who lowered the cost to refinance rural housing loans as of June 2016. USDA Rural Housing Service Administrator, Tony Hernandez stated: “The … [Read more...]

5 Things to Consider When Buying Rural Residential Property

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  Buying rural residential property can be a dream come true for many families. The beautiful land, peace and quiet, and lack of traffic can be just a few of the reasons you want to move into a rural area. Before you make the jump, though, you should know what you need to watch for in order to make your move a profitable one. Understand the Utilities When you purchase a home in a suburban area, you have access to electricity … [Read more...]

USDA Makes Loan Refinancing Faster & Cheaper

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The U.S. Department of Agriculture has made refinancing USDA mortgages “faster and cheaper” for its homeowners through its new Streamlined­Assist Refinance Program. Tony Hernandez, the administrator of the USDA’s Rural Housing Service, announced recent changes that will help rural residents refinance to avail of low ­interest rates and lessen their monthly payments. These changes allow homeowners with current mortgages to not (i) … [Read more...]

What are the Hardest USDA Loan Restrictions to Meet?

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USDA loans are not a widely known product, but they should be because they offer borrowers a multitude of benefits starting with a zero percent down payment! The problem is that there are specific restrictions you must meet in order to qualify. The no down payment and ability to finance the mortgage insurance right into the loan is a great way to afford a USDA loan, but getting into one could be a different story. The hardest … [Read more...]

What are the USDA Loan Guarantee Fees?

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The USDA loan is a government sponsored loan program that helps low to moderate income families secure housing. This program began in order to help these families find housing that was safe and sanitary. The program has always offered a zero down payment program for these families. In order to keep the program running, there has always been the need to charge USDA loan guarantee fees. Over the years these fees have changed, but they … [Read more...]

What Borrower Paid Closing Costs are Allowed by USDA?

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Closing costs are a part of taking out a mortgage – every lender charges them, but certain programs only allow particular closing costs. Before you take out a new loan with the USDA, you should learn what borrower paid closing costs are allowed so you know what you can and cannot be charged. Fees Tied into the Loan There are certain fees that are charged in order to get a loan. These fees have a direct impact on your ability to secure … [Read more...]

What are the USDA Seller Contribution Limitations?

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Closing costs can often be the barrier that keeps you from taking out a mortgage, since they can get costly. There are many loan programs that offer the ability of the seller to contribute to the closing costs, though, making it more affordable for you. Among those programs are the USDA programs. Before you jump in headfirst into the program, though, you should know what the USDA seller contribution limitations are so you can plan … [Read more...]

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