You need credit to get a mortgage, that’s common knowledge. But what if you don’t have a credit score? Will the USDA still consider you for a mortgage? Compare Offers from Several Mortgage Lenders. While it seems odd, you may still be able to get a USDA loan even if you don’t have a credit score. While the USDA and USDA lenders would prefer it if you had a credit score and long credit history, they do offer alternative methods to … [Read more...]
Understanding the Conditional Approval Letter
If you started searching for a home before getting your conditional approval letter, you may have done things backward. While it seems right to find a home and then look for financing, this can complicate matters. How do you know how much loan you can afford? How do you know what lenders will give you? Without these answers, you really don’t know how much you can spend on a home. Looking for Current Mortgage Interest Rates? Click … [Read more...]
How Many USDA Loans Can One Person Have?
The USDA offers a 0% down payment program that makes it easier for borrowers to become homeowners despite not having money to put down on the home. The USDA has some strict guidelines that you must follow in order to get it though. This includes the number of USDA loans you can have at any given time. Looking for Current Mortgage Interest Rates? Click Here. The short answer to the question is that you can only have one USDA loan. Does … [Read more...]
Appraisal to Closing: USDA Loan Timeline
You signed a contract and now you are anxious to close on your loan. If you have USDA financing, you may have heard that it takes a while to get to the closing. While this isn’t exactly the case, it does take slightly longer for USDA loans for one reason – the USDA has the final say on your approval. Looking for Current Mortgage Interest Rates? Click Here. Typically, one of the final steps you take in a home purchase is the appraisal. … [Read more...]
How the USDA Annual Fee Differs from PMI
Most government loans have some type of annual fee that helps them fund their reserves. This money is what makes programs like the USDA, FHA, and VA program able to run. The departments use these funds to pay banks that have defaulted loans. The USDA Refinance is no exception to this rule – this program requires a 0.5% USDA annual fee. Click to See the Latest Mortgage Rates» USDA Mortgage Annual Fee The USDA annual fee is a fee … [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...]
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...]
What is Included in RESPA and TILA Mortgage Disclosures?
RESPA and TILA mortgage disclosures are a part of every mortgage process. They show you the important information regarding your mortgage. You can expect to see information regarding the interest rate and the closing fees as well as the terms of the mortgage. The disclosures are meant to provide you with a true understanding of the loan you are about to take. The disclosures are meant to help you not only understand the loan, but also … [Read more...]
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