USDA loans are a great solution for low to moderate-income families that live in a rural area. The USDA loan allows 100% financing, making it possible to purchase a home with no money down. The USDA has flexible guidelines, except when it comes to the debt ratio. The USDA wants to make sure that you are not a high risk of default. If you have student loan debt, this can complicate matters even further. Looking for Current Mortgage … [Read more...]
How Often do USDA Loans Fall Through?
USDA loans help rural homebuyers purchase a home with no money down. They are a great way to help potential homebuyers purchase a home much faster than they could with any other loan program that requires a down payment. Looking for Current Mortgage Interest Rates? Click Here. There’s one major difference with USDA loans that other government-backed loan programs don’t have though. The USDA has the final say in whether the loan gets … [Read more...]
The Most Common Mortgage Missteps to Avoid
If you are thinking of buying a home, you probably need a mortgage. In order to get a mortgage, you’ll need to have the proper qualifications. It’s important to understand that once you qualify for a mortgage, it’s not ‘in the bag.’ You still have to tread carefully until you actually sign on the dotted line and take possession of the home. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the most common … [Read more...]
How to Streamline the USDA Paperwork
USDA loans offer 100% financing to low to moderate-income families that live in rural areas. This can be a great way for you to get a loan, but there’s a catch. The USDA has the final say in whether you get the loan approval. This means your paperwork must be in order and current in order for the USDA to process your loan. Looking for Current Mortgage Interest Rates? Click Here. Just what paperwork do you need for the USDA loan? Keep … [Read more...]
How are Debt Consolidation and Debt Settlement Different?
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...]
