The USDA loan is a government sponsored loan program that helps low to moderate income families secure housing. This program began in order to help these families find housing that was safe and sanitary. The program has always offered a zero down payment program for these families. In order to keep the program running, there has always been the need to charge USDA loan guarantee fees. Over the years these fees have changed, but they … [Read more...]
USDA Underwriting Process
After you have taken all the steps needed to apply for a USDA home loan program, and even after you have received your pre-approval there are still more steps ahead of you within the loan process. Your lender isn’t the only one looking over all your loan paperwork, you will at some point throughout your loan process have to have your loan processed with an underwriter. If you application isn’t fully complete and if you forgot to cross a … [Read more...]
No Down Payment Required for a USDA Loan
Are you thinking of buying a new home? Are you worried about coming up with enough money for a down payment? Well, with a USDA home loan you don’t need to worry and you can be on your way to a new home with no down payment. The USDA home loan program was designed to help people who have a low income, low or bad credit and no money to put down get into a home, the best part is, you don’t have to be a farmer to be qualified for a USDA … [Read more...]
Three Ways USDA Loans Can Benefit You
Many people assume that USDA loans are for farmers, however, that’s not entirely true. USDA loans are for individuals that live in rural areas and many people who live in suburban neighborhoods think they don’t qualify for this type of loan. What people don’t realize is that many people are eligible for this loan, and they just don’t know it yet. A very large portion of the United States fall into these “rural” guidelines that are … [Read more...]
Finding USDA Homes for Sale
If you are in the market for a home and are interested in securing USDA financing, you likely wonder how you will find USDA homes for sale. Is there a list that you must follow or a website that will show you all of the homes for sale in your area that qualify for this financing? Unfortunately, the answer is no. There are no magic lists that will point you to the homes – what you will find, however, is a list of areas that fall under … [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 Advantages
The USDA loan is quickly becoming a favorite because of the true no money down options, but did you know that there are really about 6 true "advantages" to the USDA loan over other loan options. 6 USDA Loan Advantages The USDA loan is a true no-money-down loan The USDA loan doesn't have monthly mortgage insurance which saves you money each month on your mortgage payment The USDA loan doesn't have a maximum loan limit like … [Read more...]
Income Rules to Live By When Using A USDA Loan To Buy A House
Many mortgage programs, or financial programs in general, seem to have some type of guideline that centers around income limitations that must be met in order to qualify. For example, if you are in the market to buy a home in a rural area you may qualify for a USDA loan provided your income does not exceed the income limits for the program given the area where you are looking to buy. Similarly, there are income limits for Roth IRAs … [Read more...]
USDA Loans: Can You Do Escrow Holdbacks With USDA Loans?
One of the more common questions we get for homes that need a few repairs and are being financed by the USDA loan program is: Do you allow escrow holdbacks for repairs with the USDA loan program? Escrow holdbacks are common with other types of loans and many people are curious if the USDA loan program allows escrow holdbacks. And the answer is... When proposed exterior repairs cannot be completed because of weather and the … [Read more...]
USDA Loans Are Back!
The USDA loan program is back! The USDA Guaranteed loan program is back and people can now get USDA loans subject to "“the availability of funds and statutory authority to obligate such funds to support the proposed guarantee, the statutory authority to charge a sufficient guarantee fee (if any is needed, to support the proposed guarantee with available funding), and should the lender pass on to the borrower a loan origination fee that … [Read more...]
