Every loan has fees, but some have more than others. In general, the loans that offer a guarantee in the event that you default on the loan cost the most in the long run. The same is even true for conventional loans; if you put down less than 20 percent of the purchase price, you will need to pay a mortgage insurance premium, which guarantees the loan if you default, making lenders more willing to lend to you. Basically … [Read more...]
USDA Loan Basics
The USDA loan program has become popular as other mortgage loan programs have been harder and harder to qualify for - and not just because the USDA loan program is a no-down-payment loan program. There are other USDA loan advantages (such as no mortgage insurance) that have made this a popular choice for many homeowners who are looking to buy a home. As with any loan program, there are some basic things about the USDA loan program … [Read more...]
USDA Loan Refinancing
Can you refinance a USDA loan? Yes. But in order to qualify for a USDA loan refinance, you must meet certain criteria. The first qualification in order to refinance into the USDA loan program is that you must currently have a USDA loan. If you don't have a USDA loan currently, then you cannot refinance into a USDA loan. When refinancing from a USDA loan into another USDA loan, it can be quick and easy as there is no property … [Read more...]
USDA Loan Guidelines: Common Questions
When it comes to USDA loans, many times people have questions on underwriting guidelines. Here are few of the more common questions and answers when it comes to USDA loan guidelines: Question: How long after a bankruptcy can someone qualify for a USDA loan? Answer: Bankruptcies are not allowed in the last 36 months. Question: Can you get "cash back" at closing with a USDA loan? Answer: The borrowers may not receive any … [Read more...]
