USDA Loan

USDA Mortgage Limits: How Much Can You Borrow?

By

USDA loans provide 100% financing for low to moderate income families. It’s a program that is meant to be a ‘last resort.’ In other words, if you qualify for any other program, you cannot use USDA financing. If you do qualify, though, you probably want to know if there is a maximum loan amount. Looking for Current Mortgage Interest Rates? Click Here. Technically, the USDA does not maximize how much you can borrow. However, they do … [Read more...]

Tips for a Smooth USDA Loan Approval

By

Loan applications get turned down every day, but USDA loans have a unique aspect about them. If you think you may be eligible for this program, keep reading to learn the most common reasons USDA lenders turn loan applications down. What is the USDA Loan? First, let’s look at how the USDA loan works, as it’s a unique program compared to any others available today. Looking for Current Mortgage Interest Rates? Click Here. USDA … [Read more...]

The USDA Mortgage Underwriting Approval Process

By

If there’s one question most new homebuyers have, it’s ‘how long does it take to close the loan?’ Now if you are looking at a USDA loan, you’ve probably heard the myth that these loans take ‘forever’ to close. The good news is that they are wrong. It doesn’t take much longer than any other loan. Looking for Current Mortgage Interest Rates? Click Here. The one difference between the USDA loan and any other loan is that the USDA … [Read more...]

Minimum Qualifications for USDA Loans

By

There are many myths that surround the USDA Guaranteed Loan, one of which is that you must be a low-income borrower. In reality, you can make as much as 115% of the average income for your area and still qualify. In many areas, this means $78,200. However, it can mean as much as $202,250 in some areas. Looking for Current Mortgage Interest Rates? Click Here. The USDA breaks income categories down into three categories: Very … [Read more...]

How Much Equity Can You Borrow with a Cash-Out Refinance?

By

If you have equity in your home, you might want to tap into it in order to have cash in hand. Some people just don’t like having their investment tied up in their home. Others need the cash for things like home renovations, college tuition, or debt consolidation. Just how much of your equity are you allowed to take out? It depends on the loan program, as each program has different requirements. Conventional Cash-Out Loan If you are … [Read more...]

What is Loan Principal?

By

When you take out a mortgage, your payment may be comprised of several parts including the principal, interest, and mortgage insurance. It’s important to understand each part of the payment so that you can choose the loan that is right for you. There’s no doubt that you will pay some type of fees, such as interest, as every lender charges interest as a fee to borrow the money. Understanding the Principal The principal balance of … [Read more...]

What is an Easement Appurtenant?

By

All properties have easements. They usually get put in place when the subdivision is created. The easements are often for a variety of reasons including power lines, phone lines, or gas lines as a few examples. Looking for Current Mortgage Interest Rates? Click Here. There are three types of easements – easement in gross, easement appurtenant, and prescriptive easement. In this article, we’ll discuss easement appurtenant in … [Read more...]

What’s Wet Funding Versus Dry Funding?

By

When you close on a loan, there has to be funding. That’s how the money exchanges hands. There are two types of funding that you may experience – wet funding or dry funding. Looking for Current Mortgage Interest Rates? Click Here. It’s important to understand the difference as it pertains to how and when the seller (or you in a refinance) receive the funds. What is a Wet Funding? At a wet funding, the loan funds immediately at … [Read more...]

USDA Loan Refinance Options

By

Low to medium-income borrowers often benefit from the USDA loan program. With no down payment requirement and flexible guidelines, you can get the USDA loan with little money out of your own pocket. But what happens when you need/want to refinance? What options do you have? Looking for Current Mortgage Interest Rates? Click Here. The USDA Streamline Assist Refinance The USDA started a streamline refinance program, much like the FHA … [Read more...]

Debt Consolidation and Debt Settlement – What’s the Difference?

By

You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan. Get Matched with a Lender, Click Here. The Type of Loan First, you … [Read more...]

Latest News