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 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...]
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 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...]
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...]
How Does the 3-Day Closing Disclosure Rule Work?
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...]
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...]
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