If you are in debt, you may be looking for a quick fix to get you out of it. While that is understandable, you should know the parameters of what you are doing before you take action. Debt consolidation and debt settlement are both great ways to get yourself out of debt, but they both have different consequences. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the differences between the two to determine … [Read more...]
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
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...]
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...]
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...]
USDA Makes Loan Refinancing Faster & Cheaper
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?
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?
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?
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?
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...]
