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...]
Are USDA Rural Home Loans Hard to Get?
A zero down payment loan seems too good to be true, doesn’t it? Luckily, it is true with the USDA Rural Home Loans. This program started by the USDA helps low-income families secure sanitary and safe housing. There are several restrictions include in this program, but families that meet the requirements do not have a hard time securing an approval. The Location of the Property The largest and possibly hardest requirement to meet is … [Read more...]
The Top Factors to Consider When Buying a Rural Property
If you prefer country roads to city roads and large lots versus small, you may be better suited to a rural property rather than a city home. While a home is a home, there are certain things you’ll need to consider when buying a rural property versus a city home. Compare Offers from Several Mortgage Lenders. The Water Chances are that you aren’t going to get city water when you buy a rural property. Instead, your water supply will … [Read more...]
Who Qualifies for the USDA Section 504 Home Repair Program?
The USDA offers a great program that provides assistance to very low-income families and elderly people to fix up their home. The financing program is available only to those who cannot qualify for decent financing anywhere else. There are two ways to use this program – loans and grants. The USDA provides the loans to pay for repairs and/or improvements. Grants are strictly used to remove any health or safety hazards and only pertain to … [Read more...]
The USDA Guidelines Regarding Student Loan Debt
USDA loans are a great solution for low to moderate-income families that live in a rural area. The USDA loan allows 100% financing, making it possible to purchase a home with no money down. The USDA has flexible guidelines, except when it comes to the debt ratio. The USDA wants to make sure that you are not a high risk of default. If you have student loan debt, this can complicate matters even further. Looking for Current Mortgage … [Read more...]
The Difference Between the USDA Annual Fee and PMI
If you put less than 20% down on a conventional loan, you pay for Private Mortgage Insurance. The PMI protects the lender should you default on your loan. It makes sense that USDA loans would have mortgage insurance too, right? After all, you can borrow 100% of the home’s value. The USDA doesn’t charge Private Mortgage Insurance, though. Instead, they charge an annual fee. Get Matched with a Lender, Click Here. Keep reading to … [Read more...]
How Often do USDA Loans Fall Through?
USDA loans help rural homebuyers purchase a home with no money down. They are a great way to help potential homebuyers purchase a home much faster than they could with any other loan program that requires a down payment. Looking for Current Mortgage Interest Rates? Click Here. There’s one major difference with USDA loans that other government-backed loan programs don’t have though. The USDA has the final say in whether the loan … [Read more...]
What’s the Difference Between the Assessed Value and Market Value?
Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [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...]
What You Need to Know About USDA Refinance Loans
If you currently have a USDA loan, you have several options available to you when you want to refinance. These refinance options include a pilot, streamline and non-streamlined refinance. The difference between the programs is how you verify your eligibility. The streamline program, as the name suggests, is much simpler, but has stricter guidelines. The non-streamlined refinance offers a little more flexibility for USDA borrowers and … [Read more...]
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