When you apply for a mortgage, you’ll receive a Loan Estimate. As the name suggests, it’s an estimate of how much the loan will cost you. Lenders must send you this document within three days after you apply for the loan. Looking for Current Mortgage Interest Rates? Click Here. Once you get through the underwriting process and are ready to close on your loan, lenders must then send you a Closing Disclosure. This document also has … [Read more...]
LTV Limits for USDA Streamline Refinance Loans
The LTV or Loan-to-Value Ratio can be a real hurdle when you try to get a mortgage. Oftentimes, the LTV is too high, forcing you to either put more money down on the home if you are purchasing or wait to refinance until the value is higher. The LTV is dependent on the value of the property, which comes from the appraisal. On the USDA Streamline Loan, however, there is no required appraisal, so the USDA Guarantee Fee does not play a role … [Read more...]
Can I Get Cash Out With a USDA Loan Refinance?
Paying your mortgage down means you may have equity in the home. Sometimes it even happens when your value increases. What do you do with that money? Do you let it sit? Do you take it out? If you have a USDA loan, you don’t have quite as many options as others. If you want to keep the USDA loan, you can only take cash out for limited reasons. We discuss them below. Fixing Up Your Home The only reason the USDA allows cash out with a … [Read more...]
Factors That Impact USDA Loan Eligibility
USDA loans are 100% loans with flexible guidelines. They allow you to buy a home in a rural area easily. The USDA began the program to build up small, rural areas. Today, those rural areas are much more common. You might be surprised to find the areas considered rural near you. While the program is flexible, there are ways you can ruin your USDA loan eligibility. Here we will show you which factors are the most important. High … [Read more...]
Buying a House With Zero Down Payment
Finding home loans with zero down was an easy task years ago. Today, though, it’s not as simple. Lenders tightened their restrictions and for good reason. The risk of default was too high. Luckily, things have changed. There are several loan types available for no money down. Here we discuss those loan types and how you can qualify. VA Loans The first loan type with no down payment requirements is the VA loan. This flexible loan … [Read more...]
Can Seller Pay Closing Costs on USDA loan?
Closing costs can be as much as 5-6% of a home’s purchase price. On a $150,000 loan, you’re looking at as much as $9,000. Even though you don’t need a down payment for the USDA loan, this is still a lot of money. What happens if you don’t have this much? Are you stuck renting for the rest of your life? Luckily, there are options. One way is letting the seller pay the closing costs. Here we will discuss how this may happen. What are … [Read more...]
Do USDA Loans Have PMI for Less Than 20% Down Payment?
A mortgage with no down payment must charge PMI, right? If you are talking about USDA loans, there isn’t Private Mortgage Insurance. However, you will pay other fees. Here we help you understand what you will pay and for how long. Then you can make an informed decision regarding USDA financing. What Does the USDA Charge? Just because the USDA doesn’t charge PMI, doesn’t mean they don’t charge other fees. Right now, you’ll pay an … [Read more...]
Can You Get a USDA Loan to Buy Land and Build a House?
USDA loans are for low income families that can’t secure financing with any other program. They offer the ability for these families to purchase a safe and sanitary home. Contrary to popular belief, though, it’s not only for existing homes. You can buy a lot and build a home with the USDA construction to permanent loan. Purchasing a Lot and Building a Home There are many restrictions you must follow with the USDA construction to … [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...]
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