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...]
Learn About the USDA Loan Restrictions
The USDA offers low and very low-income families a chance to become homeowners. Just like any other program, though, there are USDA loan restrictions you must know. They are nothing crazy and they do not prevent most people from securing a home loan. However, understanding the restrictions can help you make the most of your time searching for a loan. Citizenship is Important First and foremost, you must be a citizen of the United … [Read more...]
Are USDA Rural Home Loans Hard to Get?
A zero down payment loan seems too good to be true, doesn’t it? Luckily, it is true with the USDA Rural Home Loans. This program started by the USDA helps low-income families secure sanitary and safe housing. There are several restrictions include in this program, but families that meet the requirements do not have a hard time securing an approval. The Location of the Property The largest and possibly hardest requirement to meet is … [Read more...]
How to Determine Your USDA Mortgage Eligibility
Living in a non-metropolitan area could provide you with more benefits than more available land. The U.S. Department of Agriculture provides a great mortgage program making it possible for families to own a home. This mortgage program is one of the most overlooked yet beneficial programs for homebuyers. In short, eligible borrowers do not have to put money down on a home and they can secure low interest rates. In addition, the … [Read more...]
How You Can Use USDA Home Loan Eligibility Twice
The USDA guidelines would have you believe that you can only use your USDA home loan eligibility one time. Technically, this is true, but there is a loophole. Looking at it in the literal sense, yes, you can only use the USDA loan once at a time. However, everyone is eligible to sell their current home with USDA financing, pay off the loan and secure another USDA loan for their next home. This is just like any other loan program. There … [Read more...]
How to Get Around the USDA Household Income Limits
The USDA loan offers you the opportunity to purchase a home with no down payment. It is a great program with many flexible options. However, there is a catch. You cannot make more than the amount set by the USDA for your area. You can find the limits for your area here. The good news is there are ways to get around the USDA household income limits. Qualifying for a USDA Loan Qualifying for a USDA loan works a little differently than … [Read more...]
Can You Roll Closing Costs into a USDA Mortgage?
One downside to any mortgage program is the closing costs. They can add a significant expense to an already expensive process. Even though the USDA mortgage does not require you to make a down payment, you still have to consider the costs of moving and turning on your utilities. In order to keep the USDA program affordable, the program does allow you to roll the costs pertaining to closing into your loan as long as you meet certain … [Read more...]
USDA Underwriting Process
After you have taken all the steps needed to apply for a USDA home loan program, and even after you have received your pre-approval there are still more steps ahead of you within the loan process. Your lender isn’t the only one looking over all your loan paperwork, you will at some point throughout your loan process have to have your loan processed with an underwriter. If you application isn’t fully complete and if you forgot to cross a … [Read more...]
Preparing Yourself for a USDA Home Loan
USDA loans are from U.S. Department of Agriculture for rural housing development. This 100% financing loan is for below-average home buyers. The interest rate and mortgage insurance premium are less compared to the current market. People from rural and suburban areas are eligible for the loan. One of the main advantages of this loan is there is no down money. Though it is for the rural and suburban people but geographically 97% of … [Read more...]
Overview of the USDA Site & Building Requirements
An important factor for any loan, including the USDA loan is whether or not you can pay the loan back on time. This is a crucial factor, but something just as important is the site and building requirements – making sure that they meet the minimum requirements that the USDA set up. There are specific quality and value thresholds a property must meet and the borrower must be able to prove in order for USDA financing to go … [Read more...]
