Many mortgage programs, or financial programs in general, seem to have some type of guideline that centers around income limitations that must be met in order to qualify. For example, if you are in the market to buy a home in a rural area you may qualify for a USDA loan provided your income does not exceed the income limits for the program given the area where you are looking to buy. Similarly, there are income limits for Roth IRAs … [Read more...]
USDA Loans: Can You Do Escrow Holdbacks With USDA Loans?
One of the more common questions we get for homes that need a few repairs and are being financed by the USDA loan program is: Do you allow escrow holdbacks for repairs with the USDA loan program? Escrow holdbacks are common with other types of loans and many people are curious if the USDA loan program allows escrow holdbacks. And the answer is... When proposed exterior repairs cannot be completed because of weather and the … [Read more...]
USDA Loan Income Verification Requirements
One of the more popular questions we get when people apply for a USDA loan is: What kinds of income verification requirements are required for the USDA loan program? And many people tell us that they seem reasonable. Remember - the goal of the USDA loan program is to put eligible borrowers into a great loan program. When getting a USDA loan, the following income documentation requirements apply: A signed & dated IRS … [Read more...]
USDA Loans: Wells and Septic Systems
If you are thinking about getting a USDA loan, make sure that the well or septic system meets USDA loan guidelines. The distance between the well and the septic system and the home must be verified, if applicable. An FHA Roster appraiser, a government health authority, licensed septic system professional, or a qualified home inspector may perform the septic system valuation. »Get Matched with a Lender, Click Here» The … [Read more...]
USDA Loan Refinancing
Can you refinance a USDA loan? Yes. But in order to qualify for a USDA loan refinance, you must meet certain criteria. The first qualification in order to refinance into the USDA loan program is that you must currently have a USDA loan. If you don't have a USDA loan currently, then you cannot refinance into a USDA loan. When refinancing from a USDA loan into another USDA loan, it can be quick and easy as there is no property … [Read more...]
USDA Loans: Calculating Your Income
When applying for a USDA loan, it is important that you calculate your income correctly. USDA loans have a maximum amount of income that is allowed in order to be eligible for the program and sometimes it can be confusing to figure out what counts and what doesn't. USDA Loan Income Calculation Guidelines The borrowers adjusted income may not exceed 115% of the U.S. median income. If Bond financing is involved, the borrowers income … [Read more...]
USDA Loan Guidelines: Common Questions
When it comes to USDA loans, many times people have questions on underwriting guidelines. Here are few of the more common questions and answers when it comes to USDA loan guidelines: Question: How long after a bankruptcy can someone qualify for a USDA loan? Answer: Bankruptcies are not allowed in the last 36 months. Question: Can you get "cash back" at closing with a USDA loan? Answer: The borrowers may not receive any … [Read more...]
USDA Loans Are Back!
The USDA loan program is back! The USDA Guaranteed loan program is back and people can now get USDA loans subject to "“the availability of funds and statutory authority to obligate such funds to support the proposed guarantee, the statutory authority to charge a sufficient guarantee fee (if any is needed, to support the proposed guarantee with available funding), and should the lender pass on to the borrower a loan origination fee that … [Read more...]
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