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...]
Is Anyone But First-Time Buyers Eligible for a USDA Loan?
The USDA loan offers a zero down payment loan program. It’s a great program for first-time buyers. But, it’s not restricted to those who never owned a home before. The USDA allows eligible borrowers to take advantage of the program. The caveat is you can’t currently own a home. If you do, you must have ample proof regarding why you can’t use your current home. A few good examples include being relocated for work or it no longer suits … [Read more...]
What Can Affect USDA Loan Eligibility?
USDA loans are 100% loans with flexible guidelines. They allow you to buy a home in a rural area easily. The USDA began the program to build up small, rural areas. Today, those rural areas are much more common. You might be surprised to find the areas considered rural near you. While the program is flexible, there are ways you can ruin your USDA loan eligibility. Here we will show you which factors are the most important. High … [Read more...]
Do USDA Loans Charge PMI for the Lower Down Payment?
A mortgage with no down payment must charge PMI, right? If you are talking about USDA loans, there isn’t Private Mortgage Insurance. However, you will pay other fees. Here we help you understand what you will pay and for how long. Then you can make an informed decision regarding USDA financing. What Does the USDA Charge? Just because the USDA doesn’t charge PMI, doesn’t mean they don’t charge other fees. Right now, you’ll pay an … [Read more...]
How Many Days Does it Take to Close a USDA Loan?
If there’s one thing all borrowers want to know, it’s how many days to close. The USDA loan has the unfortunate reputation of being slow to get to the closing. Luckily, it’s not the case. Yes, there is a longer period because of the USDA’s involvement in the loan. It doesn’t take months like many people assume, though. Here we look at how long the USDA process takes. Loan Origination No matter what loan program you choose, you start … [Read more...]
Can You Get a Mortgage With Zero Down?
Finding home loans with zero down was an easy task years ago. Today, though, it’s not as simple. Lenders tightened their restrictions and for good reason. The risk of default was too high. Luckily, things have changed. There are several loan types available for no money down. Here we discuss those loan types and how you can qualify. VA Loans The first loan type with no down payment requirements is the VA loan. This flexible loan … [Read more...]
Can you use a USDA Loan to Buy a Lot and Build a Home?
USDA loans are for low income families that can’t secure financing with any other program. They offer the ability for these families to purchase a safe and sanitary home. Contrary to popular belief, though, it’s not only for existing homes. You can buy a lot and build a home with the USDA construction to permanent loan. Purchasing a Lot and Building a Home There are many restrictions you must follow with the USDA construction to … [Read more...]
Can you Qualify for a USDA Mortgage with H-1B Visa?
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...]
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