Streamline financing can be a great way to lower your interest rate while staying in the same mortgage program. Each of the government-backed programs offers a streamlined program, but the USDA’s program is the newest. The USDA Streamline guidelines are fairly simple to follow and make it very easy to obtain a lower mortgage payment. USDA Streamline Guidelines about Housing History The most … [Read more...]
How is the USDA Monthly Guarantee Fee Calculated?
The USDA loan charges two fees: the upfront guarantee fee and the USDA monthly guarantee fee. Both fees help keep the USDA funded so they can continue to guarantee loans for low to moderate income buyers. The good news is that the monthly fee is being reduced from 0.5% to 0.35% as of October 1st of this year. Regardless of the amount of the fee, let’s look at how it is calculated. The USDA … [Read more...]
How to Purchase USDA Foreclosed Homes?
If you are in the market to purchase a rural home, you have two options: a home that is for sale by owner/realtor or a home that the government owns. USDA foreclosed homes are the homes that the government owns. They are the loans that previous homeowners defaulted on their USDA loans and the government took possession of them. They are also the homes that the government is trying to get rid of so … [Read more...]
What’s the Loan Process for USDA Loans?
The loan process for USDA loans is slightly different than any other loan type. The money you receive for the loan comes from the lender you choose, but the USDA does have quite a say in whether or not your loan gets approved; in fact, they have final approval. This is because this loan product works a little differently – the loan is meant for people that are in lower than average income … [Read more...]
USDA Rural Home Loan Lending Requirements
USDA loans offer the simplest qualification requirements, yet the most specific property guidelines over any other loan type. If you are a first-time home buyer or a subsequent homeowner, this program is a suitable method of financing a home if you fall within the low to medium income bracket for your area. There are many USDA Rural Home Loan Lending Requirements you must follow in order to … [Read more...]
USDA Home Loan: Your Spouse’s Credit
Non-Purchasing Spouse/ Disclaiming Spouse in Community Property States: All of the debt, except for debt obligations that are excluded by state law, the debt obligations of a Non-Purchasing Spouse also known (according to USDA) as a "Disclaiming Spouse" (Spouse's that is not applying for the loan) must be included in the primary borrower's qualifying ratios when the home buyer resides … [Read more...]
USDA Loans: Still Looking For 100% Financing?
USDA Rural Housing Loans Are Still Available With the changes in the mortgage industry over the last several years, basically all but one 100% financing loan program have been eliminated. The current rate on the USDA loan is around 5.25% with NO monthly mortgage insurance. This gives a lower payment than the FHA loan with 3.5% down at the same loan amount and interest rate. Listed below … [Read more...]
100% Financing USDA Home Loans
The USDA home loan is definitely an underutilized loan in Arizona. We have many areas around Phoenix that are an easy commute to Phoenix. The biggest areas for USDA are Buckeye, Gilbert, Queen Creek and North Phoenix (including Anthem). Many people think you have to live in the sticks in order to get a USDA loan, but this is not true. Did you know that even Seville Golf and Country Club … [Read more...]
102% Financing at 4% Available Now. No Tricks. Here Is How.
I know, I know - everyone already knows that you can get 102% financing at 4%. Wait. You can? Yes. You can. Right now. No catch. And I am going to look super smart for telling you this next part about how you actually get this deal... You buy a house that is designated rural according to the USDA rural database (hint: you might be surprised at how rural it doesn't have to be) … [Read more...]