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. … [Read more...]
How to Create an Attractive USDA Loan Application
USDA loans offer attractive financing terms for low to moderate-income families. With no down payment, borrowers that don’t have adequate housing and are within the USDA’s income guidelines may qualify for this great financing option. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how to make your USDA loan application as attractive as possible. Meeting the Income Eligibility Guidelines Before you … [Read more...]
How Does the 3-Day Closing Disclosure Rule Work?
When you apply for a mortgage, you’ll receive a Loan Estimate. As the name suggests, it’s an estimate of how much the loan will cost you. Lenders must send you this document within three days after you apply for the loan. Looking for Current Mortgage Interest Rates? Click Here. Once you get through the underwriting process and are ready to close on your loan, lenders must then send you a Closing Disclosure. This document also has … [Read more...]
Factors That Impact 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...]
Buying a House With Zero Down Payment
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 Get a USDA Loan to Buy Land and Build a House?
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...]
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...]
The Difference Between the USDA Annual Fee and PMI
If you put less than 20% down on a conventional loan, you pay for Private Mortgage Insurance. The PMI protects the lender should you default on your loan. It makes sense that USDA loans would have mortgage insurance too, right? After all, you can borrow 100% of the home’s value. The USDA doesn’t charge Private Mortgage Insurance, though. Instead, they charge an annual fee. Get Matched with a Lender, Click Here. Keep reading to … [Read more...]
What’s the Difference Between the Assessed Value and Market Value?
Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [Read more...]
What is a Conditional Loan Approval?
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...]
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