Borrowers in need of a no-down payment program are in luck with the USDA program. This is the only loan program available with no down payment requirements aside from the VA loan which requires military service. In addition, the USDA program has minimal credit guidelines, giving borrowers with lower credit scores a chance to become homeowners. Another great point about USDA loans is the USDA loan rates because they are very competitive … [Read more...]
Finding Approved Lenders for USDA Loans
If your search for a home lands you in the market for a government-backed loan, you have to look for a specific lender. You cannot just walk into any bank and assume they can give you a USDA, FHA, or VA loan. Instead, you need a lender that has already received the approval to provide each specific loan type. USDA loans are less common than other government-backed loans, so finding approved lenders for this loan type may take a little … [Read more...]
What is the USDA Section 184 Loan Program?
The USDA Section 184 Loan Program began as a way to help Natives living on the Reservation. Because homes located on the Reservation are located on Trust Land, it makes them ineligible for most financing programs. HUD began the Section 184 program in 1992 in order to fix this problem. Today, it is possible for Natives of specific tribes to secure financing on land within the Reservation without issue. Qualifying for the Program The … [Read more...]
USDA Loan Refinancing
When interest rates are as low as they’ve been, refinancing a USDA loan is quite popular. It’s possible for you to refinance a USDA loan if you already have one, but in order to do so, there are some criteria you must meet. Steps towards Refinancing a USDA Loan The first step in qualifying for a USDA loan refinance is simply, you have to have an existing USDA loan. You can’t refinance an FHA loan or Conventional loan into a USDA loan, … [Read more...]