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...]
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...]
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...]
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 Many Days Does it Take to Close a USDA Loan?
If there’s one thing all borrowers want to know, it’s how many days to close. The USDA loan has the unfortunate reputation of being slow to get to the closing. Luckily, it’s not the case. Yes, there is a longer period because of the USDA’s involvement in the loan. It doesn’t take months like many people assume, though. Here we look at how long the USDA process takes. Loan Origination No matter what loan program you choose, you start … [Read more...]
How is Pre-Qualified and Pre-Approved Different?
There are so many definitions floating around the mortgage industry. As a new homebuyer, they can be rather intimidating. Pre-qualified and pre-approved both sound pretty official. But, one of these terms means much more than the other. Can you guess which one? What’s the Difference? There is a big difference between being pre-qualified and pre-approved. Pre-qualified means your qualifying factors were looked over quickly. You told … [Read more...]
When Should you Apply for a USDA Loan?
The USDA loan provides many benefits to borrowers with low to moderate income. If you qualify for this loan program, you do not need a down payment and your closing fees are often lower than any other program. Knowing if and when you should apply for a USDA loan can help you make the right choice. The Home’s Location First, you must purchase or refinance a home located in a rural area. If the home is not within the USDA boundaries, … [Read more...]
