The U.S. Department of Agriculture has made refinancing USDA mortgages “faster and cheaper” for its homeowners through its new StreamlinedAssist Refinance Program. Tony Hernandez, the administrator of the USDA’s Rural Housing Service, announced recent changes that will help rural residents refinance to avail of low interest rates and lessen their monthly payments. These changes allow homeowners with current mortgages to not (i) … [Read more...]
What are the Hardest USDA Loan Restrictions to Meet?
USDA loans are not a widely known product, but they should be because they offer borrowers a multitude of benefits starting with a zero percent down payment! The problem is that there are specific restrictions you must meet in order to qualify. The no down payment and ability to finance the mortgage insurance right into the loan is a great way to afford a USDA loan, but getting into one could be a different story. The hardest … [Read more...]
What are the USDA Loan Guarantee Fees?
The USDA loan is a government sponsored loan program that helps low to moderate income families secure housing. This program began in order to help these families find housing that was safe and sanitary. The program has always offered a zero down payment program for these families. In order to keep the program running, there has always been the need to charge USDA loan guarantee fees. Over the years these fees have changed, but they … [Read more...]
What Borrower Paid Closing Costs are Allowed by USDA?
Closing costs are a part of taking out a mortgage – every lender charges them, but certain programs only allow particular closing costs. Before you take out a new loan with the USDA, you should learn what borrower paid closing costs are allowed so you know what you can and cannot be charged. Fees Tied into the Loan There are certain fees that are charged in order to get a loan. These fees have a direct impact on your ability to secure … [Read more...]
What are the USDA Seller Contribution Limitations?
Closing costs can often be the barrier that keeps you from taking out a mortgage, since they can get costly. There are many loan programs that offer the ability of the seller to contribute to the closing costs, though, making it more affordable for you. Among those programs are the USDA programs. Before you jump in headfirst into the program, though, you should know what the USDA seller contribution limitations are so you can plan … [Read more...]
What is a USDA Streamline Refinance?
Have you ever heard of a streamline refinance? They are among the quickest loans to close because they have very few qualifying requirements in order to refinance the loan. The good news is that the USDA is among the programs that offer this streamlined process. The USDA Streamline Refinance can usually be completed within 3 weeks from start to finish. The Qualifying Requirements So how do you qualify for a streamline program with the … [Read more...]
USDA Applicant Eligibility Requirements
If you prefer to live in a rural area, you might be lucky enough to qualify for USDA financing. The USDA applicant eligibility requirements are fairly relaxed and enable low to moderate income families to qualify for flexible financing that is affordable. Aside from the home needing to be located within the rural boundaries, there are certain requirements that every applicant must meet. Income Requirements The largest USDA applicant … [Read more...]
USDA Section 502 Direct Rural Housing Loan Program
The USDA Section 502 Direct Rural Housing Loan Program offers financing strictly to those borrowers that have low income. These borrowers must purchase a home located within a rural area, as determined by the USDA. The Direct Loan Program can be used to build a home or purchase an existing home as long as it is considered moderate housing. Qualifying for the USDA Section 502 Direct Program There are strict requirements to qualify for … [Read more...]
USDA Section 502 Guaranteed Rural Housing Loan Program
The USDA Section 502 Guaranteed Rural Housing Loan Program was created to serve residents of rural areas that have low to moderate income. The borrowers that qualify for this program must not be able to qualify for conforming financing and would ,therefore, be ineligible to have safe and sanitary housing options for themselves and their families. The Guaranteed program enables these borrowers to purchase a modestly priced home as a … [Read more...]
Determining USDA Income Eligibility for Rural Home Loans
USDA loans are known for their extreme flexibility in underwriting, but one area they do not offer flexibility is their income guidelines. USDA income eligibility is straightforward and unyielding, meaning that you have to fit within the guidelines in order to qualify, no questions asked. So how do you figure out if you are eligible? Here’s a quick rundown. USDA Income Eligibility Calculations The USDA provides an income chart for … [Read more...]
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