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...]
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...]
Closing on USDA Loans – How Long Does it Take?
USDA loans have the reputation of taking ‘forever’ to close. That’s not the case, though. They don’t take nearly as long as many people think. Yes, the USDA does have a say in whether or not your loan gets approved, but as long as you choose the right lender that’s experienced in USDA loans, it shouldn’t take long. Get Matched with a Lender, Click Here. The First Step We recommend that you get pre-qualified for a USDA … [Read more...]
USDA Mortgage Limits: How Much Can You Borrow?
USDA loans provide 100% financing for low to moderate income families. It’s a program that is meant to be a ‘last resort.’ In other words, if you qualify for any other program, you cannot use USDA financing. If you do qualify, though, you probably want to know if there is a maximum loan amount. Looking for Current Mortgage Interest Rates? Click Here. Technically, the USDA does not maximize how much you can borrow. However, they do … [Read more...]
Tips for a Smooth USDA Loan Approval
Loan applications get turned down every day, but USDA loans have a unique aspect about them. If you think you may be eligible for this program, keep reading to learn the most common reasons USDA lenders turn loan applications down. What is the USDA Loan? First, let’s look at how the USDA loan works, as it’s a unique program compared to any others available today. Looking for Current Mortgage Interest Rates? Click Here. USDA … [Read more...]
Mortgage Prequalification: Do They Damage your Credit?
Getting prequalified before shopping for a home is smart. It’s the first step in getting a loan approval. There’s a big difference between prequalification and preapproval, but everyone has to start somewhere. Get Matched with a Lender, Click Here. It all sounds like it could damage your credit, though. After all, lenders mark your credit report with an inquiry every time you apply for new credit, right? The prequalification works … [Read more...]
USDA First Time Homebuyer Education: Things You Need to Know
USDA financing provides first-time homebuyers with a great way to buy a home with little money out of their pocket upfront. While the USDA does offer flexible underwriting guidelines for households that meet the income restrictions, they have a hard and fast rule that all first-time homebuyers must complete homebuyer education. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how this process … [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 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...]
Does Getting a New Job Affect Mortgage?
Knowing how long you need a job to get a mortgage is important. Many people think that you need a job for two years before a lender will talk to you. While it is desired that you have a job for at least two years, it’s not always required. Looking for Current Mortgage Interest Rates? Click Here. What lenders want to see is that you have dependable and reliable income. They want to know that your income will continue for the foreseeable … [Read more...]
