USDA Galveston TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Galveston? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Galveston.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

interest only mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Galveston is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

usda farm loans

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

capital mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

house mortgage rates

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Galveston.

It has to be a Single Family home in the Galveston area, without a barn structure on the property.

Then it also has some home price limitations.

refinance loan

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

mortgage company

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

equity loan

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Galveston – Do You Pre-Qualify?

interest only mortgage calculator

Hi this is Scott Hastings with Mortgages byScott, powered by On Q Financial.

You might wonder why I'm standing in the middleof a field and that's a good question.

The reason is I'm talking about USDA loanstoday.

Although this looks like a very rural areaI'm only really about a mile and a half from downtown Davidson.

A lot of people wouldn't think that Davidsonwould have any areas that are USDA eligible but there really are.

A lot of people give me a all looking fora loan where they don't have to put any money down and there's no mortgage insurance, andthat is a USDA loan.

USDA loans are great, the only thing is thatthey are not eligible for all borrowers because of income requirements or caps on householdincome, and they are not available on all properties.

The income requirement is going to be basedon the number of people that live in the house, not just the number of people on the loan.

Most loans are going to go by who is on theloan, so in this case if you have 3 people who live in the house, but only 1 person isgoing to be on the mortgage, the income is only going to be considered, as far as qualifyingfor the loan itself, by the person who's on the loan.

But USDA is going to count the number of peoplewho live in the household.

So if a husband and wife both work, but onlythe husband is on the loan, and if their income together is less than the maximum householdincome limit for that USDA area then they are good to go.

But if together their income exceeds the maximumincome limit for that area then unfortunately they wouldn't qualify.

Also not every home is going to be eligiblefor a USDA loan.

And there's not really a map where you canjust look at it and say "Oh that whole area is USDA eligible".

You have to go to the USDA website and youcan put in the address of the property and it will tell you whether it's a USDA eligibleproperty.

You can also go in there and type in the amountof monthly income the borrower has and see if that household income exceeds the maximumincome requirement.

There are some tips and tricks on gettingqualified for a USDA loan where you might not think that you would normally be eligible.

One is a mortgage credit certificate and certainthings like that so if you have any questions at all about a USDA loan please give me acall.

Working With the Right Lender | Total Mortgage Minute

applying for a mortgage

Hi, have you been thinking about getting a reverse mortgage? Well, I'm excited today to tell you about the new reverse mortgage Hi, my name is Richard Woodward I'm a licensed originator and certified reverse mortgage specialist and I can tell you that I am so excited about the new reverse mortgage programs that are on today And they're so much better than the what they used to be when they started out there were some scary things that were attached to them today in the new reverse mortgage you have added protections you In fact, you will never oh more than 95% of their home's value at the time the loans paid off There's some great new protections put into place with the new FHA government insured reverse mortgage.

I'd love to share those with you So I'm going to be doing a series of videos subscribe to my channel and you will learn more about them Let me tell you about one quick scenario Let's say that you're 62 years of age and you are going into retirement and you still have a mortgage on your house Would you like to stop making payments? Well with a new reverse mortgage you actually can you can take out a reverse mortgage pay off that existing mortgage and then use those funds in other ways a Very smart way to use that is to continue paying towards your reverse mortgage Your reverse mortgage will then automatically take those funds and put those in Portion of those funds into a line of credit for you that line of credit is guaranteed to grow at a specific rate Far superior to any savings or cv rates so that one 10 years down the road you'll have money set aside for Emergencies that you can tap into if you want you can use those funds to not take out taxable income from other Saving venues, so there's great opportunities with reverse mortgages and added protection so Again, subscribe to my channel.

Call me at (214) 945-1066 again, (214) 945-1066 and let's look at your scenario I'll do a free proposal for you.

Thanks so much, and I look forward to seeing you in our next video.

loan rates

USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

Mortgage Lender Agency DeSoto TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in DeSoto? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan DeSoto.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

interest only mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in DeSoto is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

mortgage closing costs

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

american mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

usda loan rates

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in DeSoto.

It has to be a Single Family home in the DeSoto area, without a barn structure on the property.

Then it also has some home price limitations.

equity line of credit

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

house loan

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

house loan

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan DeSoto – Do You Pre-Qualify?

conventional mortgage

- Hey guys, Austin Schneider here and today we're gonnatalk about USDA loans.

So USDA loans are a government program meant to promote homeownership in rural areas.

Typically the costs aresignificantly lower.

You get into home ownership with this.

Zero percent down, mortgage insurance is significantly less than your FHA loans andyour interest rates too are typically lower than yourtraditional mortgage rates.

They're available fromany mortgage lender.

So you don't have to gothrough a special entity or even the government to get approved.

There are income limitson this type of loan.

So you need to make sure you qualify because they are meantfor the medium earners.

And the loans are geographically based.

So the home that you're purchasing must be in an eligible area but most suburban areas are.

And if you're a home buyer, if you're thinking about buying a home I encourage you tocheck this one out first before you jump right into conventional because you may be surprised.

For more on this topic,for more about USDA loans click the link in the description.

Thanks so much for watching and we'll see you on the next video.

The Mortgage Loan That's Taking Over Refinances - Today's Mortgage & Real Estate News - Growella

usda guaranteed loan

The USDA Guaranteed Home Loan Program is backedby the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan.

Many people who take advantage of this programare able to get into their homes with little to no money out of their pocket.

BUT, there are several eligibility requirementsthat you need to meet in order to take advantage of this home loan program.

The first requirement is that you cannot bea current homeowner.

If you already own your home but are planningto sell it, then you are still eligible! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annualhousehold income cannot exceed the limits set by the USDA.

These income limits are based on market areaand family size.

Another requirement is that you cannot havedefaulted on a USDA loan in the past.

This means that if you’ve had a past USDAloan that has gone in to foreclosure, you unfortunately aren’t eligible.

To take adavantage of this program, the homehas to be located in an eligible rural area.

But guess what, rural does not necessarilyequal country! Homes do not have to be in a country setting.

In fact, there are many areas where entirecounties and cities qualify for this program.

The property has to meet minimum propertystandards.

The home must be in satisfactory condition,and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties withfarm acreage are not eligible.

Do you want to find out if you qualify? We make it EASY! Just give us a call at 937-548-8222 in Ohioor 765-273-4711 in Indiana, And make sure to ask to speak to a member of Your Expert Mortgage Team! Or text the word EASY to 48421 to apply today! We’re here to make your dreams of homeownershipcome true.

lowest mortgage interest rates

USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

USDA Loan Company Grapevine TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Grapevine? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Grapevine.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

paying off mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Grapevine is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

compare mortgage rates

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

capital mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

top mortgage lenders

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Grapevine.

It has to be a Single Family home in the Grapevine area, without a barn structure on the property.

Then it also has some home price limitations.

40 year mortgage

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

mortgage rates canada

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

applying for a mortgage

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Grapevine – Do You Pre-Qualify?

capital mortgage

- Hi my name is David Young and I'm the Directorof Business Development at RCN Capital.

I'm the person that runs ourCorrespondent Lending Program.

RCN's Correspondent LendingProgram is a robust platform designed to partner withother private lenders in the private lending industry to help them scale their business.

Really we've tried to focus on presenting a robust turnkey platform that helps people scale theirbusiness along four channels, capital, geography, human capital, and technology and infrastructure.

RCN Capital can help inall four of those areas.

RCN is very active in the hard money space with non-owner occupiedresidential real estate.

That includes one tofours and multi-families.

We have three product lines essentially based on term length.

There's a 12 month term product, there's a two plus one, twoyear with a one year option, and there's a 30-yearfixed rental program.

All of those are availableunder a white label umbrella through our correspondentlending platform.

Correspondent lending programis available nationwide.

Anyone can go to rcncapital.

Com.

Scroll down towards the bottom and you'll see a map of the United States showing that we're lendingin almost every state.

RCN seeks to partner witha variety of entities out there operating inthe private lending space.

Generally we connectwith other hard money, private money lenders thatare active in the same space and are looking to expandtheir business in scale, as I mentioned earlier, maybe a need to scalegeographically or with more capital or the other items thatI mentioned as well.

We also can partner undercertain circumstances with other lenders thatare actively lending and it may not be directlyin this exact space right now but would like to expand theirbusiness into a new vertical by getting into theprivate money lending space and non-owner occupiedresidential properties.

We can also consider opportunities that arise with thosetypes of organizations.

Local, Low Rate Lender - Intent Mortgage

mortgage terms

The human head weighs eight pounds.

I'm Dan on your inside team at Growella.

And, this is today's Mortgage Minute-and-a-Half.

You can't judge a book by its cover.

Well, sometimes you can.

But you definitely can't judge a real estatereport by its headline.

Especially in the case of this month's HousingStarts report from the U.

S.

Department of Housing and Urban Development.

The report measures the number of times builders"broke ground" on new properties over the past 30 days and the most recent Housing Startsreport shows a overall slowdown in the number of starts nationwide.

And, that's what the news is reporting.

"Housing Starts Fall More Than Expected","U.

S.

February Housing Starts Fall Seven Percent", "Housing Starts Tumble".

And if you only got your news from the headlines,I'd forgive you for thinking that housing was down.

But, it's not.

These headlines, they're misleading becausethey lumping a whole bunch of government data into a single, combined figure that's notmuch help to everyday home buyers like me and you.

The reason Housing Starts is down? Because of a drop-off in data linked to apartmentbuildings with five or more units.

And, that's not what people like us buy.

We buy single-family homes and condos andother detached properties and the data on homes like these is strong.

Like, the strongest in ten years strong, finallyapproaching pre-recession levels.

Although you wouldn't know it from the headlineswhich are out there throwing doom.

Which is one more reason to surround yourselfwith professionals.

A skilled REALTOR or loan officer can helpyou make sense the market, to make a better choice.

Why you mad? Fix ya face.

Because mortgage rates are dropping todayand that's good news if you went to contract on a house this past week.

Mortgage rates for conforming, FHA, jumbo,VA and USDA loans are down as compared to Friday, but the amount they've dropped willdepend on where you get your rate.

Mortgage lenders use different pricing modelswhich respond differently to changes in the mortgage-backed market, which means that thelender that was best priced before the weekend may not be the one that's best-priced afterit.

This is one of the reasons why it's smartto shop around when you're looking for a mortgage.

Get quotes from two or more lenders to makesure you're getting a great price.

Thanks for the memories, mortgage rates.

Even though they weren't so great.

Because mortgage rates today are rising andthat's bad news if you went to contract on a house this past week.

Mortgage rates for conforming, FHA, jumbo,VA and USDA loans are higher as compared to Friday, and up about a half-point since theNew Year.

But the specific rate you can get today willdepend on your choice in lenders.

Mortgage lenders use different pricing modelswhich respond differently to changes in the mortgage-backed market, which means that thelender that was best price before the weekend may not be the one that's best-priced afterit.

This is one of the reasons why it's smartto shop around when you're looking for a mortgage.

Get quotes from two or more lenders to makesure you're getting a good price.

U.

S.

homeowners are refinancing different,according to Freddie Mac's most recent Quarterly Refinance Report which shows that of all therefinancing households that started with a thirty-year fixed rate loan, twenty-nine percentof them abandoned their thirty year and switched into a fifteen.

It's the highest percentage of homeownersmoving from a thirty to a fifteen-year fixed in more than a decade.

So, why are homeowners switching into 15-yearloans? Among other reasons, fifteen-year mortgagespreserve wealth.

At today's rates, over the life of your loan,you're going to pay thirty-seven percent less interest to your lender with a fifteen ascompared to a thirty and, on a three-hundred thousand dollar loan, that keeps an extraone hundred forty seven thousand dollars in your pocket.

That's money not spent and it can be usedfor whatever you want -- to pay for college, to buy a second home for your retirement,to invest in whatever it is that interests you.

Use it for whatever you want.

It's a lot of money and it's the upside ofpaying off your loan fifteen years faster.

Talk to your mortgage lender about your fifteen-yearhome loan options and see if a shortened up loan term can be right for your long-termplans.

Growella does mortgage news three times weeklyand we go live each Thursday at Noon Eastern, 11 Central.

So, put a like on it, leave a comment, andremember that mountains aren't just mountains.

They're hill areas.

usda financing

USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

USDA Spring TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Spring? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Spring.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

paying off mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Spring is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

best bank for mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

capital mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

mortgage company

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Spring.

It has to be a Single Family home in the Spring area, without a barn structure on the property.

Then it also has some home price limitations.

mortgage payment

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

mortgage interest

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

usda guaranteed loan

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Spring – Do You Pre-Qualify?

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Jason what are the requirements forthe USDA program? so that's going to be looking at a 640 minimum credit score requirement.

there is a income requirement too.

So basically the incomerequirement is about 78,000 if you're in a family of 1 to 4 if you're in a family of 5+ that's gonna go up to about $103,000 on the income limit.

The big requirement for USDA is that it's property specific.

so it's got to be in a USDA Approved Zone Ok, and How much down payment doesthis program require? so it's actually 0% down payment which is Great! Ok Awesome, and how much does the average home buyer come in with out-of-pocket? So because your down payment is covered you're just gonna have to come in withagain your prepaid and closing cost So if it was a $300,000 purchase.

you'd be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA program Ideal for? So this is going to be ideal for the home buyer that's looking for a property in those specific areas.

Ideally it's properties that are going to be rural zones.

So not right in the middle of the city, but maybe if it's more on the outskirts, on a little bit ofland, lower tax rate areas that's probably going to be a property that's eligible and that would be ideal because that one would probably qualify OK, Fantastic.

Thank you Jason No Problem.

USDA opening Montana offices during shutdown to help with farm loans

va mortgage

- Hi my name is David Young and I'm the Directorof Business Development at RCN Capital.

I'm the person that runs ourCorrespondent Lending Program.

RCN's Correspondent LendingProgram is a robust platform designed to partner withother private lenders in the private lending industry to help them scale their business.

Really we've tried to focus on presenting a robust turnkey platform that helps people scale theirbusiness along four channels, capital, geography, human capital, and technology and infrastructure.

RCN Capital can help inall four of those areas.

RCN is very active in the hard money space with non-owner occupiedresidential real estate.

That includes one tofours and multi-families.

We have three product lines essentially based on term length.

There's a 12 month term product, there's a two plus one, twoyear with a one year option, and there's a 30-yearfixed rental program.

All of those are availableunder a white label umbrella through our correspondentlending platform.

Correspondent lending programis available nationwide.

Anyone can go to rcncapital.

Com.

Scroll down towards the bottom and you'll see a map of the United States showing that we're lendingin almost every state.

RCN seeks to partner witha variety of entities out there operating inthe private lending space.

Generally we connectwith other hard money, private money lenders thatare active in the same space and are looking to expandtheir business in scale, as I mentioned earlier, maybe a need to scalegeographically or with more capital or the other items thatI mentioned as well.

We also can partner undercertain circumstances with other lenders thatare actively lending and it may not be directlyin this exact space right now but would like to expand theirbusiness into a new vertical by getting into theprivate money lending space and non-owner occupiedresidential properties.

We can also consider opportunities that arise with thosetypes of organizations.

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

Mortgage Lender Agency Euless TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Euless? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Euless.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

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The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Euless is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

usda farm loans

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

daily mortgage rates
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

refi

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Euless.

It has to be a Single Family home in the Euless area, without a barn structure on the property.

Then it also has some home price limitations.

loan lenders

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

interest only mortgage

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

types of mortgage loans

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Euless – Do You Pre-Qualify?

home lenders

- [Interviewer] In money,hard money lending, there's almost no lender thatdoes a consumer-purpose loan, or will consider an owner-occupiedconsumer-purpose loan.

How's it possible forPacific Private Money to do these types of loans,where other people can't? - Well, it's funny becausewe hear all the time, oh it's illegal to do a private money loan or a hard money loan, on anowner-occupied residence, and that's simply not true.

The regulations allow it,it's just you have to follow very specific underwriting guidelines.

First of all, you haveto be licensed to do it.

And a lot of people in theprivate lending business, are not willing to go outand get the NMLS license.

They're not willing to becomea mortgage loan originator.

So the extra licensing, itcosts money and it takes time.

You also need to have theunderwriting guidelines, which we paid our law firm alot of money to help us create those underwriting guidelinesso we could be in compliance.

And, so, at the end of theday we need to make sure that they have the ability toafford those monthly payments.

There's also certain otherrules and regulations, for example.

Instead of a 10 day due date,it's a 15 day grace-period, late charges are less, you're not allowed tohave default interest.

So there's a number ofconsumer protections in there, but we really like the loan product, because there's a need for it, there's a demand for it, it helps people to purchasehomes when they couldn't otherwise or to borrow moneyto improve their home when they couldn't otherwise do that.

So it's not illegal, it'sjust you have to do it within the guidelines of the law.

- You have to know the law, yeah.

- [Interviewer] So it soundslike most private hard-money lenders just don't have theinterest or the infrastructure-- - Maybe the resources, - [Interviewer] Or theappetite for doing-- - Yeah, it's more expensive.

You have to scale up.

You have to hire peoplewho know how to underwrite, and produce theconsumer-driven disclosures, you have to have the software.

So between the licensing, the staffing, the paying for the education and the underwriting guidelines, and producing, and the time involved.

It's just, it's more overhead, of course, to do these things, but we just, we like the business model.

We think there's a strong need for it.

It's an underserved market, and we like underserved markets.

Local, Low Rate Lender - Intent Mortgage

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What's the process, when do you even start looking for a loan? Do you advise that people start before they even find a house or is this something where uh, once you kind of find the place you should go and get a long, kind of, pre-qualified? I always recommend that you start with the mortgage lender, before you start shopping and getting your heart set on something that may or may not be in your price range.

I always usually recommend, if possible, stay with a local lender.

That way there's no excuse of, "I didn't get the fax that you sent me.

" You can actually go into the office.

Just like Joel, he's right here in Greenwood.

Bring the stack of papers to him and say, "You scan it, and you send it off.

" But yeah, a mortgage lender is like the very first step.

You can contact a realtor, I love it when people contact me first because I have preferred people that I've had experience with, working with lenders.

Usually your realtor is going to have a list of lenders that they have worked transactions successfully with that they can provide you some guidance on.

Yeah, and just to reiterate on that a little bit, there's nothing wrong with going and seeing Melissa and letting her know what you're looking for, so she can start kind of taking a look at the market and seeing what's going on, but you really want to come talk to a lender first because let's say you go and you find this house and it's $250,000 or $200,000 or whatever it may be and you love this house and it's everything you've ever wanted and you put in an offer and then you go talk to your lender afterward, there may be something that came up on your credit you weren't or your income didn't quite qualify you for that much.

Then the next thing you know, all your hopes and dreams are gone, and you'll be upset.

So get with your lender to make sure you're prepared before you go out and start you know, looking at houses.

Well, even if you are going to be looking, maybe next year, or six months out, I would say go ahead and contact a lender because, like, Joel's great about looking at their credit and saying, "Hey, this is going to cause you some problems, these are some ways you can go ahead and, you know, step up that credit score by, you know, doing X, Y, and Z.

" So it's always to go ahead, as early as you can and start working with your lender to get yourself ready.

Yeah, it's never too to get in touch with me and let me know what you're looking for.

So immediately? Mmhmm.

Yep.

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

Mortgage Lender Agency Port Arthur TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Port Arthur? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Port Arthur.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

equity line of credit

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Port Arthur is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

mortgage qualification

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

interest only mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

equity line of credit

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Port Arthur.

It has to be a Single Family home in the Port Arthur area, without a barn structure on the property.

Then it also has some home price limitations.

mortgage interest

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

interest only mortgage calculator

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

mortgage payment

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Port Arthur – Do You Pre-Qualify?

housing loan

Hi this is Scott Hastings with Mortgages byScott, powered by On Q Financial.

You might wonder why I'm standing in the middleof a field and that's a good question.

The reason is I'm talking about USDA loanstoday.

Although this looks like a very rural areaI'm only really about a mile and a half from downtown Davidson.

A lot of people wouldn't think that Davidsonwould have any areas that are USDA eligible but there really are.

A lot of people give me a all looking fora loan where they don't have to put any money down and there's no mortgage insurance, andthat is a USDA loan.

USDA loans are great, the only thing is thatthey are not eligible for all borrowers because of income requirements or caps on householdincome, and they are not available on all properties.

The income requirement is going to be basedon the number of people that live in the house, not just the number of people on the loan.

Most loans are going to go by who is on theloan, so in this case if you have 3 people who live in the house, but only 1 person isgoing to be on the mortgage, the income is only going to be considered, as far as qualifyingfor the loan itself, by the person who's on the loan.

But USDA is going to count the number of peoplewho live in the household.

So if a husband and wife both work, but onlythe husband is on the loan, and if their income together is less than the maximum householdincome limit for that USDA area then they are good to go.

But if together their income exceeds the maximumincome limit for that area then unfortunately they wouldn't qualify.

Also not every home is going to be eligiblefor a USDA loan.

And there's not really a map where you canjust look at it and say "Oh that whole area is USDA eligible".

You have to go to the USDA website and youcan put in the address of the property and it will tell you whether it's a USDA eligibleproperty.

You can also go in there and type in the amountof monthly income the borrower has and see if that household income exceeds the maximumincome requirement.

There are some tips and tricks on gettingqualified for a USDA loan where you might not think that you would normally be eligible.

One is a mortgage credit certificate and certainthings like that so if you have any questions at all about a USDA loan please give me acall.

CalHFA's Lender Training: Conventional First Mortgage Products

capital mortgage

So Steve, What are the requirements for the USDA program? So USDA has a few interesting requirements First of all, you'll need to have at least a 580 credit score Some lenders require a 620 credit score Your household income has to be under the county maximum Like a lot of down payment assistance programs This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying What's unique about this one is the home has to be within a designated area.

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don't qualify But we only need to go 10 miles away to where there's an open area where there's Several homes that qualify.

USDA stands for United States Dept of Agriculture But it's NOT a farm loan.

Specifically, they don't finance this program for farms.

It has to be a Single Family home without a barn structure on the property.

and then it also has some home price limitations.

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs? So it's different because it's not really a down payment program but it allows financing up to a 100% of the purchase price And it's interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what's unique it's a 100% Financing So you don't need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower Than if you combine it with a down payment assistance programs And you don't have to repay any down payment assistance It has a monthly factor It's like mortgage insurance upfront It's financed at a monthly component Much less than FHA So if you can qualify for this program It's better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Great! And on average How much does the home buyer have to come in with out-of-pocket? So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price We can finance the closing costs Up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

on that type of loan What type of home buyer is this program ideal for? So certainly those that don't have access to money for a down payment Anyone that wants to live that doesn't have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area It's also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They'll do manufactured homes They'll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There's a couple little quirky things That you don't run into very often Like you can't actually have a barn on the property It definitely can't be for agricultural purposes It has to be for residential purposes Ok Great! Thanks Steve.

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

USDA Loan Agent Rowlett TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Rowlett? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Rowlett.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

conventional mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Rowlett is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

mortgage payment

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

best home loan rates
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

interest only mortgage calculator

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Rowlett.

It has to be a Single Family home in the Rowlett area, without a barn structure on the property.

Then it also has some home price limitations.

prequalify for mortgage

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

usda guaranteed loan

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

loan interest rates

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Rowlett – Do You Pre-Qualify?

home loan app

Jason what are the requirements forthe USDA program? so that's going to be looking at a 640 minimum credit score requirement.

there is a income requirement too.

So basically the incomerequirement is about 78,000 if you're in a family of 1 to 4 if you're in a family of 5+ that's gonna go up to about $103,000 on the income limit.

The big requirement for USDA is that it's property specific.

so it's got to be in a USDA Approved Zone Ok, and How much down payment doesthis program require? so it's actually 0% down payment which is Great! Ok Awesome, and how much does the average home buyer come in with out-of-pocket? So because your down payment is covered you're just gonna have to come in withagain your prepaid and closing cost So if it was a $300,000 purchase.

you'd be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA program Ideal for? So this is going to be ideal for the home buyer that's looking for a property in those specific areas.

Ideally it's properties that are going to be rural zones.

So not right in the middle of the city, but maybe if it's more on the outskirts, on a little bit ofland, lower tax rate areas that's probably going to be a property that's eligible and that would be ideal because that one would probably qualify OK, Fantastic.

Thank you Jason No Problem.

The 7 Low-Down Payment Loans For Home Buyers - Today's Mortgage and Real Estate News

interest only loan

When you're looking for a home,it's a major investment and financing is an important piece of it.

This is JJ Johannes with IAHomes and today we're going to talk to Dan Hillersmortgage professional at First Federal Credit Union.

Dan Hillers,First Federal Credit Union.

I'm a mortgage loan expert here.

I've been in the lending industry for 15 years.

Got into mortgage lending.

I was a personal banker and then had theopportunity come up to where I could do some mortgage lending and thought it wasreally interesting.

So got into helping people find their first home and, and loved doing it.

So just continued on from there.

You get to help people finance the probably biggest purchase of their life.

So you're in it from start to finish with them and you can really see the joy on their face when they get there,when they get their house and they really love,you know, closing,moving in and it is stressful, but you try to take the stress out of itfor them and, and make it an enjoyable experience.

I would say the two things people want to know,probably the most on the mortgage side of things are how much is it going to cost me, how much am going to have to bring in atclosing and what's my payment going to be,so those are the two biggest questions that I get on my side of things right from the get go on.

When someone's asking about getting qualified or getting prequalified.

We like to get on answering those questions right away for them and we can do a prequalification.

It doesn't take long at all.

We can jump on our computer,give them a prequalification within 20 minutes and tell them kind of what they're looking at bringing in and what their payment's going to be on the loan so that way we can get.

They get the information fast so that they can make a decision on whether they want to put a purchase or put an offer on the house or not.

A lot of people don't know that we are afull service mortgage company so we can.

We can do FHA,we can do VA, we can do USDA,we can do conventional, any type of loan on that side we can handle.

That's popular question as far as how much money people need when they go to buy a house.

It used to be,you had to have 20 percent down on it back in the day.

Now you can do it as little as or no percent or no money down on.

It just depends on kind of what your credit score is and what you're looking at doing big picture with the loan itself,but there are options where you can go a little bit lower on the down payment side of things.

On the location side,we have four locations.

We have one in Hiawatha on north center point road, one on first avenue here in Cedar Rapids425 First Ave and then our new one out here on Westdale Parkway and then we also have one in Spencer, Iowa up in the mall and Spencer.

The new feature that we have here at the Westdate location is our e-teller machine, so you can stop on in and you can walk up and don't have to wait in line.

If there is no one at the machine hit itand you can to a live person and do your transaction right through the machine.

That person may be here at Westdale.

They may be here,they may be at Hiawatha or Spencer, but you can have a conversation with them just like you would and do a transaction just like you would with a teller.

We give that personal touch to it to where you stop in.

We get to know you as a,as a member, not necessarily as a customer member number so we can really have that personal relationship with you.

If you need something, we're more than willing to help you out trying to get everything taken care of.

for you financially because it is your finances we're dealing with.

We're dealing with your money every day,so we need to make sure that we do it in a professional manner and still in a personal manner that we can converse with our members.

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

Mortgage Lender Agent San Marcos TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in San Marcos? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan San Marcos.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

american mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in San Marcos is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

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you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

usda farm loans
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

usda financing

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in San Marcos.

It has to be a Single Family home in the San Marcos area, without a barn structure on the property.

Then it also has some home price limitations.

usda rural housing

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

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Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

fixed rate mortgage

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan San Marcos – Do You Pre-Qualify?

refi

- [Interviewer] In money,hard money lending, there's almost no lender thatdoes a consumer-purpose loan, or will consider an owner-occupiedconsumer-purpose loan.

How's it possible forPacific Private Money to do these types of loans,where other people can't? - Well, it's funny becausewe hear all the time, oh it's illegal to do a private money loan or a hard money loan, on anowner-occupied residence, and that's simply not true.

The regulations allow it,it's just you have to follow very specific underwriting guidelines.

First of all, you haveto be licensed to do it.

And a lot of people in theprivate lending business, are not willing to go outand get the NMLS license.

They're not willing to becomea mortgage loan originator.

So the extra licensing, itcosts money and it takes time.

You also need to have theunderwriting guidelines, which we paid our law firm alot of money to help us create those underwriting guidelinesso we could be in compliance.

And, so, at the end of theday we need to make sure that they have the ability toafford those monthly payments.

There's also certain otherrules and regulations, for example.

Instead of a 10 day due date,it's a 15 day grace-period, late charges are less, you're not allowed tohave default interest.

So there's a number ofconsumer protections in there, but we really like the loan product, because there's a need for it, there's a demand for it, it helps people to purchasehomes when they couldn't otherwise or to borrow moneyto improve their home when they couldn't otherwise do that.

So it's not illegal, it'sjust you have to do it within the guidelines of the law.

- You have to know the law, yeah.

- [Interviewer] So it soundslike most private hard-money lenders just don't have theinterest or the infrastructure-- - Maybe the resources, - [Interviewer] Or theappetite for doing-- - Yeah, it's more expensive.

You have to scale up.

You have to hire peoplewho know how to underwrite, and produce theconsumer-driven disclosures, you have to have the software.

So between the licensing, the staffing, the paying for the education and the underwriting guidelines, and producing, and the time involved.

It's just, it's more overhead, of course, to do these things, but we just, we like the business model.

We think there's a strong need for it.

It's an underserved market, and we like underserved markets.

CalHFA's Lender Training: FHA First Mortgage Products

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- Hey guys, Austin Schneider here, and today we're gonna gothrough the pros and cons of a USDA loan.

(jazzy music) Pro number one is that there is an option for no down payments.

Con number one is that there's some geographical restrictions.

Because this program is meant to support purchasing a home in rural areas, there are geographical restrictions that could cause quite a long commute if you are working in the city.

Pro number two, there's someflexible credit guidelines.

There's the 640 minimum, andif you do have a few dings, you're probably gonna still be okay.

Con number two is thatthere's some income limits.

You do have to meet income limits that are based off of the median income in the area you're living in.

Pro number three isthat the interest rates are typically lower than yourstandard conventional loan.

Con number three is that you can't get out of the mortgage insurance.

While it is a little bitlower with the USDA loan, it's still gonna addto your overall costs.

Thanks so much for watching.

For more on USDA loans,for the pros and cons, check out our blog atTheMortgageReports.

Com.

Thanks so much for watching,we'll see you on the next one.

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

USDA Eligibility Map Pflugerville TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Pflugerville? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Pflugerville.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

second mortgage rates

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Pflugerville is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

40 year mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

bad credit mortgage lenders
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

applying for a mortgage

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Pflugerville.

It has to be a Single Family home in the Pflugerville area, without a barn structure on the property.

Then it also has some home price limitations.

adjustable rate mortgage

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

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Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

va mortgage

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Pflugerville – Do You Pre-Qualify?

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hey this is Chris the mortgage pro todayI'm gonna teach you how to qualify for a mortgage well there's a lot of thingsobviously that a lender has to look at so let's go through each and every oneof them the first one that stops everybody and they get all nervous iscredit now some people have outstanding credit and some people hey they havechallenges maybe they had late pays you know bad things happen to good peopleall the time and sometimes that's the reason for a low credit score sometimesit's you don't even have enough credit so let me give you a way to think abouthow the lender will look at your credit they say to themselves hey if this guycan't pay a $25 a month credit card are we gonna lend them three hundredthousand dollars it's a small way of thinking don't think fold up thinkbigger think I'm not gonna go out to dinner I'm gonna pay my bills first youpay your bills this is what my mama taught me first you pay your bills youpay the mortgage you pay all your other debts then you figure out a wheat andsteak over eaten beans it's just a way to think if you think like that in ashort period of time your credits gonna be good enough to fire your landlordokay next thing lender needs to know income well do you have job stabilityhow long you been on your job look you could get a job and get approved thenext day you really can but if you change jobs every three months well thatjob stability isn't there they want to see some kind of stability do they wantto see income of course how do they know that you can afford to make that paymentthey need to know that you have the income they expect it to continue forusually three years is what they're looking for obviously you can get fireyou can get laid off things could change but they have a reasonable expectationof three years going forward that the income will continue so they want to seethat they'd love to see a history the stronger the history the stronger thecase you could fire your landlord okay next thing they want to seedownpayment they call this skin in the game if you put up your own money thatyou worked hard for for a down payment they say hey they got some skin in thegame they're serious they're committed now if you put a zero down program andwe have these zero down programs they work great for some people but it makesa little bit tougher for the underwriter to say yeah they're worth taking a shoton so we want to see a down payment sometimes people put $200,000 on a downon a four hundred thousand dollar house do they have some skin in the gameit makes the underwriters decision way easier doesn't it and if a person can'tput a thousand or two thousand dollars down it makes the underwriter a littlenervous so take advantage of the programs save some money but be surethat you're ready to show you're committed to this transaction okaysomething else obviously the underwriter wants to seewe need an appraisal of the property we have to know the lender needs to knowthat if it's a four hundred thousand dollar loan that the house isn't worththree hundred and fifty thousand dollars so the collateral is the last piece ofthe puzzle that they have to make sure it's worth it but that also protects youas the borrower why because if you commit to buying a house for $400,000and it appraises at three hundred and eighty thousand is that something youreally want to do so this is designed to protect you and protect the lenderthat's a big deal okay not only do they want to see your credit but on thecredit report it's a list of debts what do you mean well you have your carpayment on there you have your credit cards you may have child support alimonywe have to look at all the debts if you make $5,000 a month but you have $2,000a month in debt doesn't leave a whole lot for a house payment so we have tolook at all the numbers versus your income so that's the last thing thatthey're gonna want to see how much is going out already because you're gonnaadd on this new house payment okay so those are the five things that alender needs to see they want to see your credit are youresponsible do you pay your bills on time or do you make excuses for notpaying them do you have crazy debt that's out of control that you can'thandle when you add on house payment do you have income and job stabilityhow's that going do you have five new jobs or one new jobit doesn't really matter if you have two or three jobs but if you change your jobon a regular basis not gonna work what else they want to see how much moneyyou've saved what's in your 401k what's in your IRA what is in your bank do yousave money do you have a financial responsibility that you are showing youare a responsible borrower those are the key things they want to see andobviously the appraisal they want to make sure the collateral is solid itprotects the lender and protects you so this is Chris Trapani call me I'll helpyou figure it out and together we're going to fire your landlord!.

USDA opening Montana offices during shutdown to help with farm loans

home lenders

What's the process, when do you even start looking for a loan? Do you advise that people start before they even find a house or is this something where uh, once you kind of find the place you should go and get a long, kind of, pre-qualified? I always recommend that you start with the mortgage lender, before you start shopping and getting your heart set on something that may or may not be in your price range.

I always usually recommend, if possible, stay with a local lender.

That way there's no excuse of, "I didn't get the fax that you sent me.

" You can actually go into the office.

Just like Joel, he's right here in Greenwood.

Bring the stack of papers to him and say, "You scan it, and you send it off.

" But yeah, a mortgage lender is like the very first step.

You can contact a realtor, I love it when people contact me first because I have preferred people that I've had experience with, working with lenders.

Usually your realtor is going to have a list of lenders that they have worked transactions successfully with that they can provide you some guidance on.

Yeah, and just to reiterate on that a little bit, there's nothing wrong with going and seeing Melissa and letting her know what you're looking for, so she can start kind of taking a look at the market and seeing what's going on, but you really want to come talk to a lender first because let's say you go and you find this house and it's $250,000 or $200,000 or whatever it may be and you love this house and it's everything you've ever wanted and you put in an offer and then you go talk to your lender afterward, there may be something that came up on your credit you weren't or your income didn't quite qualify you for that much.

Then the next thing you know, all your hopes and dreams are gone, and you'll be upset.

So get with your lender to make sure you're prepared before you go out and start you know, looking at houses.

Well, even if you are going to be looking, maybe next year, or six months out, I would say go ahead and contact a lender because, like, Joel's great about looking at their credit and saying, "Hey, this is going to cause you some problems, these are some ways you can go ahead and, you know, step up that credit score by, you know, doing X, Y, and Z.

" So it's always to go ahead, as early as you can and start working with your lender to get yourself ready.

Yeah, it's never too to get in touch with me and let me know what you're looking for.

So immediately? Mmhmm.

Yep.

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

USDA Loan Agency Harlingen TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Harlingen? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Harlingen.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

average mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Harlingen is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

interest only mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

usda financing
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

american mortgage

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Harlingen.

It has to be a Single Family home in the Harlingen area, without a barn structure on the property.

Then it also has some home price limitations.

house mortgage rates

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

equity loan rates

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

mortgage interest

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Harlingen – Do You Pre-Qualify?

average mortgage

Well hi there, I'm Michael Hausam of TheHausam Group at Vista Pacific Realty.

So the question I want to address today iswhether you as a homebuyer or a mortgage borrower should use a mortgage broker ora direct lender.

What's the best place to go to get a loan? Now as far asdefinitions go, a direct lender is somebody, an institution, that's lendingtheir own money; whether it's a bank like Bank of America or Wells Fargo or Chaseor a mortgage banker, like Quicken Loans or Loan Depot.

a mortgage broker is acompletely different animal ;that's a third party intermediary, who's basicallytaking your loan package and taking it to a direct lender.

So what's the bestone to use? Well in my background, as I've mentioned before, I started out in thereal estate business on the mortgage lending side.

I first worked for afinance company, that was a division of an automotive company that made mortgageloans; and then I went to work for a bank and then I work for two differentmortgage bankers, and now I can broker loans as a mortgage broker.

So the quickanswer is: the best place to get a mortgage loan is through a mortgagebroker.

'Cause that's what I do! But as self-interested as that answer is,it's also the right one, as far as I'm concerned, because I have my license witha mortgage broker because I want to be able to obtain the best possiblefinancing for my clients.

But there are reasons for that.

Consideration number1: your profile.

If you've got extremely good credit and your income and assetsare very simple, you can basically get a loan from anywhere.

But if yourcircumstance is more complicated, if your credit isn't great, if your tax returnsare complicated or your employment is complicated or your assets arecomplicated, then you might have a difficult time finding a direct lenderwho will make that kind of loan.

A mortgage broker willhave the experience and probably dozens of different avenues to take your loan.

So that's the first consideration.

Now the 2nd consideration is the type ofloan that you want.

If you want to borrow six hundred and seventy nine thousandsix hundred and fifty dollars or less and you want a standard thirty-yearfixed-rate loan, that's a Fannie Mae Freddie Mac agency loan, and everybodymakes those loans.

But if the loan you want or the loan you need or the loanthat you qualify for doesn't meet those requirements, it's a little morecomplicated.

If you've got credit or asset or income issues, you're probablynot going to be qualifying for a Fannie Mae or Freddie Mac loan.

Nn that case itmay be difficult to find out which bank will make the loan for you.

Also someborrowers have extremely unique profiles as far as high net worth individuals, andthey want to cross collateralize brokerage accounts, other properties,significant assets that they have and it takes a custom high-end private bankerto make those loans.

I also had a circumstance recently where a borrowertried to see if I could match a rate and quote given to them by their creditunion.

Well at that time their credit union was offering a special promotionfor people that were in the ministry - the wife worked for a church - and adifferent promotion for people in education and the husband was a teacher.

They also had a special credit with their credit union because of the timethat they'd been members of the credit union.

Well the circumstances in thatsituation were such that these borrowers got an amazing deal that wasn't readilyavailable in the marketplace.

Consideration number 4 is thetransaction itself.

Where is the loan going to be handled? Maybe you're notaware and haven't been paying attention to the mortgage business like I havelately, but Wells Fargo and Bank of America and Chase have all announced aton of layoffs; they're consolidating operations.

I just ran into this with a buddy of mine that had a really good relationship withthe lady at his local B of a branch.

Well he was talking to her about gettinga loan, but it turns out that other than just taking the loan application itself,a hundred percent of everything that was going to be done on his loan was handledout of state.

The people would've had no idea who he was and, more importantly, no ideaabout what was going on here in Orange County real estate.

The other issue thatcame up with that loan is that this particular banker didn't have any ideawhat a conditional loan approval was.

It's something that I use in my realestate business extensively and that's the type of loan that you get a borrowercompletely underwritten by a human underwriter; the loan is completelyapproved before finding a house.

Well, B of a won't do that type of loan.

Theywould give a pre-qualification letter but they wouldn't get anybody to signoff on the loan.

Well that has an impact on the transaction.

So we ended up notusing Bank of America because they couldn't help us the way that we neededto be helped.

Also another consideration is if you're using a local mortgage bankor local mortgage broker and the representative is right here in thecounty, there's some pressure that can be brought to that individual that wouldn'tnecessarily be the case if you just pick up the phone and talk to somebody wayoff in Michigan at Quicken.

Being a real estate agent (and I'm here at an openhouse right now) it's very common to have mortgage bankers and mortgage brokerscome in here to the open house to try to get business from me.

Well can youimagine if I'm in a transaction with one of those mortgage bankers or mortgagebrokers and something goes sideways, it's not just that one transaction thatthey're gonna be thinking about.

It's all the other transactions that they'rehoping that I'm going to send to them and you as a borrower can benefit fromthat situation.

Whereas if you're on the phone to some21 year old recent college graduate that's got a headset in the cubicleoutside of Detroit and you're one of seventy-five people and his pipeline,your tragic circumstance or urgency isn't gonna mean quite as much.

And thatcould impact you in your transaction Consideration number four is simplycosts.

And let's be honest ,when it comes down to it, the question that's alwaysasked is not, "How good is your service and where is your processing centerlocated?" It's, "What's your rate and fees?" So let me give you a little bit of atutorial on how it works for mortgage bankers.

Their loan officers are giventheir rate sheet, "This is today's rates and this is what you have to go out intothe marketplace with," and if you're dealing with one of those individuals,they have their rate for the day and you get that opportunity, whereas with themortgage broker I'll get 75 or 80 different lenders whoare all competing for my business.

So what happens is they because they don'tneed to pay a loan officer and have office space and all that for a retailbranch, they're delivering on a wholesale basis; so they deliver dramatically lowerrates to me as a mortgage broker and then I, seeing all of these differentlenders competing against one another, can figure out the loan for you and theprice for you, as these guys are all trying to fight it out.

You then benefit;so that's one huge advantage that a mortgage broker has, is that at the clickof a button, literally the click of a button, they can do far more shoppingeffectively then you can do picking up the phone calling all over town andcomparing rates.

Now for my particular clients, what I do if I'm representingyou as a home buyer, I offer substantially discountedorigination fees; as for me the loan piece isn't the way that I make myliving.

The loan piece is the way that I make sure that my clients get the bestservice, the best terms, and the best performance, so that theirtransaction holds together.

It's absolutely impossible, other than in themost unique of circumstances, that I can't dramatically undercut the costsand fees of any mortgage banker or mortgage broker for my real estateclients.

So if you'd like to learn more about that or if you'd like a simplerate quote, you can call nine four nine four one three two three seventy one.

Youcan email me Michael@HausamGroup.

Com.

also right above my head there should bea little round button with an 'i' when you move the cursor; click on that andthat will take you to my website and you can get more information there, as well.

Lastly, please follow and subscribe to this youtube channel.

I very regularlydo advice for borrowers, for home buyers, and home sellers; tips and other littlethings to help make your real estate experience easier and happier.

Thanks somuch for watching and have a great day!.

Owner-Occupied Consumer Hard Money Mortgage Lending in California

mortgage payment

hey this is Chris the mortgage pro todayI'm gonna teach you how to qualify for a mortgage well there's a lot of thingsobviously that a lender has to look at so let's go through each and every oneof them the first one that stops everybody and they get all nervous iscredit now some people have outstanding credit and some people hey they havechallenges maybe they had late pays you know bad things happen to good peopleall the time and sometimes that's the reason for a low credit score sometimesit's you don't even have enough credit so let me give you a way to think abouthow the lender will look at your credit they say to themselves hey if this guycan't pay a $25 a month credit card are we gonna lend them three hundredthousand dollars it's a small way of thinking don't think fold up thinkbigger think I'm not gonna go out to dinner I'm gonna pay my bills first youpay your bills this is what my mama taught me first you pay your bills youpay the mortgage you pay all your other debts then you figure out a wheat andsteak over eaten beans it's just a way to think if you think like that in ashort period of time your credits gonna be good enough to fire your landlordokay next thing lender needs to know income well do you have job stabilityhow long you been on your job look you could get a job and get approved thenext day you really can but if you change jobs every three months well thatjob stability isn't there they want to see some kind of stability do they wantto see income of course how do they know that you can afford to make that paymentthey need to know that you have the income they expect it to continue forusually three years is what they're looking for obviously you can get fireyou can get laid off things could change but they have a reasonable expectationof three years going forward that the income will continue so they want to seethat they'd love to see a history the stronger the history the stronger thecase you could fire your landlord okay next thing they want to seedownpayment they call this skin in the game if you put up your own money thatyou worked hard for for a down payment they say hey they got some skin in thegame they're serious they're committed now if you put a zero down program andwe have these zero down programs they work great for some people but it makesa little bit tougher for the underwriter to say yeah they're worth taking a shoton so we want to see a down payment sometimes people put $200,000 on a downon a four hundred thousand dollar house do they have some skin in the gameit makes the underwriters decision way easier doesn't it and if a person can'tput a thousand or two thousand dollars down it makes the underwriter a littlenervous so take advantage of the programs save some money but be surethat you're ready to show you're committed to this transaction okaysomething else obviously the underwriter wants to seewe need an appraisal of the property we have to know the lender needs to knowthat if it's a four hundred thousand dollar loan that the house isn't worththree hundred and fifty thousand dollars so the collateral is the last piece ofthe puzzle that they have to make sure it's worth it but that also protects youas the borrower why because if you commit to buying a house for $400,000and it appraises at three hundred and eighty thousand is that something youreally want to do so this is designed to protect you and protect the lenderthat's a big deal okay not only do they want to see your credit but on thecredit report it's a list of debts what do you mean well you have your carpayment on there you have your credit cards you may have child support alimonywe have to look at all the debts if you make $5,000 a month but you have $2,000a month in debt doesn't leave a whole lot for a house payment so we have tolook at all the numbers versus your income so that's the last thing thatthey're gonna want to see how much is going out already because you're gonnaadd on this new house payment okay so those are the five things that alender needs to see they want to see your credit are youresponsible do you pay your bills on time or do you make excuses for notpaying them do you have crazy debt that's out of control that you can'thandle when you add on house payment do you have income and job stabilityhow's that going do you have five new jobs or one new jobit doesn't really matter if you have two or three jobs but if you change your jobon a regular basis not gonna work what else they want to see how much moneyyou've saved what's in your 401k what's in your IRA what is in your bank do yousave money do you have a financial responsibility that you are showing youare a responsible borrower those are the key things they want to see andobviously the appraisal they want to make sure the collateral is solid itprotects the lender and protects you so this is Chris Trapani call me I'll helpyou figure it out and together we're going to fire your landlord!.

interest only mortgage

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