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...]
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...]
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...]
USDA Home Repair Loans and Grants
The USDA Home Repair Loans and Grants, or Section 504 Home Repair Program, helps low-income families repair or even improve their home. You can use the funds to make the home safer, more sanitary, or to remove a hazard. Borrowers over the age of 62 that cannot repay the loan may receive grant funds rather than a loan on this program. Compare Offers from Several Mortgage Lenders. Keep reading to learn how the program works and how … [Read more...]
The USDA Mortgage Underwriting Approval Process
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...]
What is an Easement Appurtenant?
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?
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...]
Are Home Appraisals Public Record?
You pay for an appraisal on a home when you buy a home or refinance your current mortgage. Contrary to popular belief, though, the home appraisal isn’t public record. The only people that know the value of the home are you, the lender, and the appraiser. Looking for Current Mortgage Interest Rates? Click Here. Home Appraisals Don’t Get Recorded Unlike your mortgage or deed, home appraisals don’t get recorded by the county. Now, … [Read more...]
Can you Qualify for a USDA Mortgage with H-1B Visa?
The USDA loan provides 100% funding for the purchase of a rural home. It’s a great program for those that don’t need to live in the city limits. The USDA is rather lenient with its guidelines. But, there is one they don’t waiver on – residency. The USDA loan is only available to those who are US citizens or permanent residents. Those with an H-1B Visa or any other type of work visa do not qualify for USDA funding. But, there is good … [Read more...]
Buying a Manufactured Home with USDA Financing
Buying a manufactured home with bank funding is not the easiest task. Banks look at manufactured housing as high risk mainly because you usually don’t finance the land too. When you purchase a home built on site, you finance the home and the land. Manufactured houses are more like personal property than a real estate investment. Because of this, you may not have an easy time finding traditional financing. However, the USDA offers the … [Read more...]