You decided you prefer non-city life. You found a home situated amongst the trees and open fields that you love. Now you need financing. There are several loan programs you probably could use, depending on your credit, income, and debt ratio. They include conventional and FHA loans. However, there is a great program for government home loans for rural areas – the USDA loan. Qualifying for this loan is simple and it does not require any … [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. … [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 are Debt Consolidation and Debt Settlement Different?
If you are in debt, you may be looking for a quick fix to get you out of it. While that is understandable, you should know the parameters of what you are doing before you take action. Debt consolidation and debt settlement are both great ways to get yourself out of debt, but they both have different consequences. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the differences between the two to determine … [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...]
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 a USDA Refinance Help Homeowners Save Money?
Borrowers often refinance in order to save money. This was not always the case with the USDA loan, though. Because of the hefty fees to obtain a USDA loan, many borrowers could not refinance. This year things changed drastically for USDA loan holders. Not only did the fees decrease for USDA loans, but they opened up a pilot program, which made refinancing possible in many areas of the country. The USDA initially offered the pilot … [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 do USDA Loan Rates Compare to Other Loan Programs?
Borrowers in need of a no-down payment program are in luck with the USDA program. This is the only loan program available with no down payment requirements aside from the VA loan which requires military service. In addition, the USDA program has minimal credit guidelines, giving borrowers with lower credit scores a chance to become homeowners. Another great point about USDA loans is the USDA loan rates because they are very competitive … [Read more...]
How to Tell if a Home is USDA Eligible
USDA loans have flexible guidelines and don’t require a down payment, but not everyone qualifies. Sometimes it’s not you that doesn’t qualify, though, sometimes it’s your house that doesn’t qualify. Get Matched with a Lender, Click Here. The USDA has specific requirements for any home bought with a USDA loan. Keep reading to learn if your home qualifies. It Must be Rural First, the home must be located in a rural area. You … [Read more...]
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