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

What are the requirements for the USDA program in Dallas? 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 Dallas.

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.

refinance interest 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 Dallas 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 financing

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 loan
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 Dallas.

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

Then it also has some home price limitations.

interest only 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 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.

loan 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 Dallas – Do You Pre-Qualify?

bad credit mortgage lenders

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.

USDA Loans | How To Get 100% Financing in NC & SC

usda farm loans

♪♪♪ So my name is Danielle Johnson.

I work in our Washington location and I am a mortgage lender.

My husband and I, Kyle, we live in Kalona with our two children, Faye and Weston.

In our free time, I spend a lot of time with family.

So thankfully, we both have a lot of family in Washington County, so we get to spend a lot of time with them.

And then I also love to garden.

I love to be in the flower beds and the vegetable garden.

Just spending a lot of time outdoors.

So right now, I'm actually teaching a Junior Achievement class at Mid-Prairie Elementary.

I'm also part of the Mid-Prairie Alumni Association.

I'm graduate from there.

And then I also participate at our church.

I started in 2012 with Hills Bank.

Previously I was at our Kalona location as a personal banker and now in Washington as a mortgage lender.

My favorite part about my job is helping people be successful.

That's the best thing, if someone can come back to me and say that because we did this or we did that that they were financially successful, that's my favorite part.

If you have questions, if you just want an update on where you're at in the process I'm available in person, by phone, email.

Just want to make sure that you're in the loop and that you now what's going on.

♪♪♪.

equity line of credit

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

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

What are the requirements for the USDA program in Pasadena? 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 Pasadena.

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 loan

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 Pasadena 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.

home equity 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.

mortgage solutions
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.

average 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 Pasadena.

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

Then it also has some home price limitations.

best mortgages

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 fraud

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 loan 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 Pasadena – Do You Pre-Qualify?

average mortgage

- [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.

Realtors: How Austin's Lender closes Loans FAST

mortgage application

- 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.

types of mortgage loans

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

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

What are the requirements for the USDA program in Lewisville? 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 Lewisville.

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 Lewisville 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.

lowest mortgage interest 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.

gmac 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.

best mortgages

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 Lewisville.

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

Then it also has some home price limitations.

american 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.

capital 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.

interest only 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 Lewisville – Do You Pre-Qualify?

mortgage application

Hi, Katie the Mortgage Lady with Total Mortgage.

A lot of my borrowers ask me why they should pick me as their loan officer, and it's really so much more than just me doing their mortgage, it's a relationship.

It's earning their trust.

I'm going to be there from start to finish to make sure that they do get to the end of the process and purchase their home.

So if you know someone that needs my help, have them go to www.

Katiethemortgagelady.

Com.

What is a Conventional Loan?

refi

[MUSIC PLAYING] Hello, and welcome toCalHFA's lender training.

My name is Molly Ellis.

Our focus in this video is ourconventional first mortgage programs, basic guidelines,and the common ways to layer closing costs and downpayment assistance programs to benefit your borrowers.

First, let's talk about ourCalHFA Conventional Program.

This is a conventional firstmortgage with a very affordable interest rate.

It has a maximumloan to value of 97%, and a maximumcombined loan to value of 105% with a minimumcredit score of 640.

It follows FannieHomeReady guidelines.

Technically, CalHFA doesn'thave a loan amount limit.

However, we do chargea high balance fee for any loan over $484,350.

This would only be applicableif the Fannie HomeReady loan limit in the countythe property is located allows you to exceed $484,350.

Otherwise, you'd have to adhereto the HomeReady loan limit.

On a high balance loan,the max LTV is 95%.

For the highbalance fees, please check out the rate pageon CalHFA's website.

Next is our CalPLUSconventional program.

This first mortgage alsofollows Fannie Mae's HomeReady guidelines, but itcomes with built-in loan for closing costs called theZero Interest Program or ZIP.

CalHFA offers ZIPat a loan amount of 2% of the firstmortgage loan amount or 3% of the firstmortgage loan amount.

Please check out therate page for pricing.

ZIP has a zero interestrate with deferred payments.

It's only available forfirst-time homebuyers, and remember, the definitionof a first-time homebuyer is someone who is not owned andoccupied a principal residence in the past three years.

One of the bestbenefits of using either conventional program isthe reduced mortgage insurance rates through GenworthMortgage Insurance.

The borrower can choosea monthly premium, a single premium, or theycan choose from several split premium options.

This allows you tocustomize the loan to meet the needsof your borrower.

You can access Genworth'sMortgage Insurance rates through our RateExpress, or we've also included a link in theloan program handbooks on the website.

Click on Lenders/RealEstate Agents, then click the LoanProgram Handbooks tab, then choose the program handbookapplicable to your loan.

For all CalHFAconventional programs used by first-time homebuyers,homebuyer education is required for at leastone borrower on the loan.

CalHFA does not allowmanual underwriting or non-traditional crediton our conventional loans.

What makes our program so greatis our down payment assistance and closing cost assistancelayer these programs with our first mortgagesto increase affordability for your home buyers.

For example, if yourborrower is employed in a K through 12 publicschool in California, they would be eligiblefor CalHFA's Schoolteacher and Employee Assistance Program.

This mortgageassistance will lend 4% in down payment or closingcosts at a very affordable 3 and 1/4% simple interest rate.

Or if your client doesn't workin California's public schools, they can use our MyHomeAssistance Program.

MyHome is 3 and 1/2% of thesales price or the appraised value, whichever is less,which could get your borrower almost 6% or 7% in mortgageassistance when you layer it with CalPLUS and ZIP.

The interest rateis only 3 and 1/4% simple interest withdeferred payments.

And whether you'reusing the School Program or theMyHome program, it does need to be insecond lien position, and your borrower needs tobe a first-time homebuyer.

Make sure you take a minuteto check out the rate page on the CalHFA website.

We offer a lower interestrate if the borrower decides not to use the down paymentor closing cost assistance, and a lower rate if theyare purchasing home either in a Fanny HomeReady areadesignated as no-income, or when the borrower's incomeis below the Fannie HomeReady limit.

Please remember, theFannie HomeReady limit is only an indicatorfor a lower rate.

If the borrower is overthe Fannie HomeReady limit, they are stilleligible for CalHFA, it's just at a higher rate.

You can use the FannieHomeReady Lookup Tool to find the informationon specific property address and get the FIPS number-- you'll need to enter it intoCalHFA Mortgage Access System.

That covers our conventionalfirst mortgage programs and the down payment assistanceand closing cost assistance that can be layered with them.

Now let's move onto the property requirements and maximumlender origination fees.

The property requirementsfor these programs for the most part follow FannieMae's HomeReady guidelines.

Also, make sure you adhereto any lender or investor overlays.

The sales price ofthe property must be within CalHFA'scurrent sales price limit.

A one-year homewarranty is required for first-timehomebuyers unless they're purchasing new construction.

The property cannotexceed five acres.

Manufactured homes are allowed.

If it meets Fannie Mae MHAdvantage, the max LTV is 97%.

But if it's MH standard,the max LTV is 95%.

Either way, minimumcredit score is 660.

If the property meetsFannie Mae guidelines for an accessory dwellingunit, then as allowed, you can count the rental income.

Now, let's talkabout lender fees.

First, to originateCalHFA loans, you must be aCalHFA-approved lender.

The maximum a lender cancharge in lender fees on the first mortgage is 3%.

This includes origination,processing, and underwriting.

It does not includeany third party fees.

Our rates are at par, so youhave to charge origination on these loans.

But with the closing costsand payment assistance from ZIP andMyHome, the borrower will still have very littleout-of-pocket expenses.

CalHFA will allow you to chargean additional subordinate processing fee of $250 forMyHome or the School Program, and an additional $50processing fee for ZIP.

Also, you may not chargeany additional fees like origination,per diem interest on the subordinate loans.

We want to help make this easy,so we have provided some tools to help you process loanswith CalHFA programs.

The loan program handbookfor each one of our programs includes all the detailsabout the program in one easy handbook.

The loan program matrixprovides a quick reference of terms and requirementsfor all CalHFA programs.

The very popular loanscenario calculator will help you calculateloan amounts and print results for your borrowers.

You can find these toolsunder Lenders/Real Estate Agents on our website.

Click on Loan Program Handbooksfor the program handbooks, the Calculator icon for theloan scenario calculator, and the Tools, Affidavits, andDocs tab for the loan program matrix.

Now let's look at the funstuff before we close.

Our single familylender training team offers in-person trainingclasses every month across the state.

Attend a four-hourworkshop to learn all about CalHFA's programs.

Classes are announcedeach month on our website and through our monthlye-news announcements.

To sign up for our class,visit CalHFA's website, choose the Training Calendarlink under Lenders/Real Estate Agents, and sign up for a classthat will work best for you.

We also provide customizedmarketing materials that can be downloadedfrom our website by clicking on theLenders/Real Estate Agent section of the website,choose the Loan Officers tab, then choose the Sales Toolsand Marketing Materials link.

For any questions you may have,contact Single Family Lending at 916-326-8033.

Or you can email ourLender Services Division at lendertraining@calhfa.

Ca.

Gov.

Thank you so much for your time.

Now get out there andhelp more Californians have a place to call home.

[MUSIC PLAYING].

prequalify for mortgage

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

USDA Cedar Park TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Cedar Park? 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 Cedar Park.

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.

mortgage assistance

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 Cedar Park 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 mortgages

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.

mortgage advisor
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.

best home 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 Cedar Park.

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

Then it also has some home price limitations.

paying off 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 fraud

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.

best home loan 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 Cedar Park – Do You Pre-Qualify?

no closing cost refinance

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.

Owner-Occupied Consumer Hard Money Mortgage Lending in California

bad credit mortgage lenders

Hi everybody, Nick Brownell from Total Mortgage here in Newport, Rhode Island.

When you're purchasing a home, you have many choices, whether it's USDA, conventional, FHA, or it could be a VA option if you're a veteran.

So I want to make sure everbody knows, because this is a very common question, that an FHA loan is not specific for first time buyers.

An FHA loan is able to be lent to people for their primary residence.

So if you anticipate on living in a property, you will be able to qualify for an FHA mortgage.

If you want to learn a little more about FHA loans and what they could offer to you, I'd be happy to help.

mortgage fraud

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.

mortgage application

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.

paying off 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.

mortgage rates canada
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 rates california

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.

mortgage application

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 terms

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 fraud

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?

adjustable rate mortgage

If the elevator tries to bring you down, gocrazy.

Punch a higher floor.

This is Dan on your inside team at Growella.

It's Monday, July 9, 2018.

Get ready.

It's today's The Mortgage Minute-and-a-Half.

People be like put me in work work work workwork work.

And employers obliged.

Friday, on the ninth anniversary of the endof last decade's recession, the Bureau of Labor Statistics reports that two-hundredthirteen thousand people entered the U.

S.

workforce last month and that's a positivesignal even though not everyone re-entering the force has found an actual job.

Just the act of looking for jobs suggestsconfidence among U.

S.

workers, and confidence leads to consumption which drives the domesticeconomy forward.

The jobs report also showed U.

S.

worker hourlywage growth to be on the downswing, a data point which gave mortgage rates a quick Fridayreprieve.

Slowing wages reduce the pressure of economicinflation and when the pressures of inflation drop, mortgage rates often do, too.

So, take a look at today's live rates andget yourself a quote.

Rates are holding near the lowest in six weeks.

Today's mortgage rates are in the dirt dirtdirt dirt dirt dirt.

Interest rates for FHA loans, VA loans, conforming,USDA, and jumbo -- everything's up to kick off the week.

The rates you get from a lender are customizedand more than a dozen factors go into your quote.

Whether you go fixed or ARM, full fee or zerocost, even your choice of lenders affects the rate you get so talk to two or more lendersand find your preferred combination of rates, fees, and service.

No matter how far you push the envelope, it'llstill be stationary.

And no matter how matter how many times youhear you need twenty percent down to buy a home, it's still going to be not true.

You don't need twenty percent down to buya home.

And that fact makes a data point from EllieMae a little more concerning.

The mortgage software firm asked more thanthree thousand renters: "What's stopping you from buying a home" and the overwhelming answerwas "I haven't saved enough for a down payment".

Of all things, saving for a down payment shouldnot be the thing that stops you from buying.

After all, there are seven government-backedmortgage programs that let you make down payments of less than five percent -- some don't evenrequire a down payment at all.

HomeReady, HomePossible, HomePath, FHA loans,USDA loans, VA loan, Conventional 97.

Then, there are local government programsthat give money to buyers for buying in particular areas.

Forgivable money.

And it's there, if you want it.

So, don't get hung up on the twenty percentdown thing if you want to buy a place.

Lenders don't care so much what you put down.

They just want to know you can make your monthlypayments.

So, talk to a lender and find out what's possible.

You can't know until you ask.

Growella does timely and relevant mortgagenews three times weekly and you can visit the site at Growella dot com for more excellentmortgage and real estate news.

Go on and click the like button.

What's blue and not heavy at all.

Light blue.

The Pros & Cons of an FHA Loan

home equity rates

- 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.

house loan

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

Mortgage Lender Company Austin TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Austin? 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 Austin.

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.

mortgage company

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 Austin 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.

equity loan

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.

mortgage fraud
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 Austin.

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

Then it also has some home price limitations.

best mortgage interest 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.

best home 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.

conventional 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 Austin – Do You Pre-Qualify?

housing loan

- 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.

When should you talk to a mortgage lender? | Upstate Roots Podcast

home loan app

Remember that time you had to do a deal where the lender's telephone number had a seven digit extension at the end? That was no fun.

So, let's make sure that you never have to go through that again.

And I understand the scenario.

You've got that new referral.

You wanted to make sure that everything was just perfect so you send them on over to your trusty mortgage lender.

That's been doing deals for you consistently, since back when mortgages were actually hard.

But that all got derailed when your new client, they shopped online and found a lender with a much much, much lower rate.

They went to Nerd Wallet or Bank Rate or something and they clicked on that person with a lower rate.

And they got routed to somebody with a seven digit extension.

You know the rest from here.

That a horrible transaction.

Let's make sure that never happens again.

Instead, have your client #SHOPME.

let's make sure that they get those low rates that they're craving.

But you don't have to deal with that seven digit extension person.

In fact, when they call me, no extra extensions required.

Rings right through my personal cellphone here.

We make sure they're taken care of.

And not to toot my own horn, but I actually know how to fill out at AAR ppre-qual! Give me a call.

We'll talk to you soon!.

current home mortgage rates

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

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

What are the requirements for the USDA program in Killeen? 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 Killeen.

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 Killeen 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.

refi

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.

mortgage closing costs
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.

best home 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 Killeen.

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

Then it also has some home price limitations.

mortgage application

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.

best home 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.

interest only 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 Killeen – Do You Pre-Qualify?

refi

Hello everyone, this is Alejandro Tobon with Total Mortgage.

I'm excited to be able to offer my services for your mortgage needs, whether you're buying a house for the first time, refinancing your existing home, or maybe making some additional investments in your property.

Either way, the objective is simple: work together as a team, professional manner, to help you achieve your goals.

I'm the first Eagle Scout of Troop 3 Central Falls and I'm also in the Pawtucket Teen Hall of Fame.

I'm really excited to be a part of a team that's allowing me to continue to be a part of our community, and its development and progression.

Thank you!.

Pre-Qualification Vs Pre-Approval Vs Conditional Loan Approval

equity loan

Hi everybody, Nick Brownell from Total Mortgage here in Newport, Rhode Island.

When you're purchasing a home, you have many choices, whether it's USDA, conventional, FHA, or it could be a VA option if you're a veteran.

So I want to make sure everbody knows, because this is a very common question, that an FHA loan is not specific for first time buyers.

An FHA loan is able to be lent to people for their primary residence.

So if you anticipate on living in a property, you will be able to qualify for an FHA mortgage.

If you want to learn a little more about FHA loans and what they could offer to you, I'd be happy to help.

arm mortgage

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

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

What are the requirements for the USDA program in Tyler? 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 Tyler.

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 Tyler 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.

applying for a 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 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 Tyler.

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

Then it also has some home price limitations.

mortgage bank

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.

adjustable rate 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.

interest only 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 Tyler – Do You Pre-Qualify?

mortgage solutions

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.

Hard Money Correspondent Program for Lenders & Mortgage Brokers

types of mortgage loans

- 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.

interest only mortgage

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

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

What are the requirements for the USDA program in Temple? 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 Temple.

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.

arm 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 Temple 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 fraud

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.

lowest mortgage interest 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 Temple.

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

Then it also has some home price limitations.

mortgage fraud

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.

loan lenders

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 rural housing

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 Temple – Do You Pre-Qualify?

american mortgage

Hi, my name is Ryan Venz, and I'm a Home LoanExpert at our Charles City location at First Citizens.

Have you looked at purchasing a home, however,down payment funds are not available? Well, don't worry.

First Citizens Bank offers USDA GuaranteedHousing Loans to help borrowers in purchasing a home.

There are several benefits to using this loanoption as opposed to conventional loans.

The main benefit is that there is no downpayment requirement.

The loan can be made for up to 100% of theappraised value on existing homes.

The rate is fixed, and has a repayment periodof 30 years.

The program does have property and incomeeligibility requirements.

First Citizens Bank will be here along sideof you each step of the way to make sure the home buying process is simple.

Feel free to contact any home loan expertto discuss your options.

What is a Conventional Loan?

mortgage advisor

Our customers continually praise FirstAmerican Mortgage solutions for their dedication to innovative solutions andcustomer service.

Offering FraudGuard®, valuations, title, closing, and home equitysolutions.

Through Encompass they continue to exceed customer expectations,and are making a difference in the loan manufacturing process.

First AmericanMortgage Solutions knows that partnered with Ellie Mae they can deliver onsolutions that build customer loyalty.

They're making a lasting impression.

Here's what we are hearing from our customers: They are easy to work with.

Through Encompass they go above and beyond in customer care, and we loveworking with them, and they look out for us.

The Ellie Mae Network can only be successful through the strength ofpartner contributions it is absolutely critical to our client success and themortgage industry.

Congratulations to First American Mortgage Solutions Ellie Mae 2019 Hall of Fame winner - Lenders Choice for Best Service Provider you.

best mortgage interest rates

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

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.

best mortgages

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.

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.

conventional 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 qualification

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.

paying off 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.

home lenders

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 rural housing

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?

refinance loan

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.

Rubicon Mortgage Fund | Northern California Bridge Lender

mortgage fraud

- So the company wasestablished back in 2008, by Vance Hillstrom and Doug Watson, right now we're at abouteleven people in total, our back office and then sixcells guys in the outside.

My role in the companyis originating loans so at the moment we haveover three hundred and twenty accredited investors in our fund, so we are a direct lender,we're not syndicating any portion of your fundthat are gonna be provided, so being a direct lender,we do have the flexibility of speed, although everybody gets tied up, how quickly can you close,it really comes down to the preliminary titlereport, if it's a clean prelim then of course wecan move a lot faster, but in some cases I comeinto the middle of a deal where the previous lender couldn't close, and then there's ten items listed on the preliminary title report,so that slows things down but then again being direct,we can get back to you with a letter of intentwithin twenty-four hours, we can get out to theproperty, if we engage in a transaction within seventy-two hours, why I say that is, forexample if we get the deal on a Friday, then we'llprobably be out to the property that following Monday, butif we get it on a Monday we'll probably be out to your property on a Tuesday, or Wednesday at the latest.

- [Interviewer] So you do site visits for every single loan ? - Yes, we do come out to everysingle property we lend on.

- [Interviewer] And then whotypically does the site visit ? - In most cases, Vance, but you know, sometimes people go with Doug, but if it's multiple propertiesthat we're looking at they'll probably splitit, like we did a deal recently where one propertywas down in Carmel, and the other property was by Tahoe, so they split it up, to notdrive the whole Bay area.

- [Interviewer] So one of thetwo principals has to go look at the subject property ? - Yes.

- [Interviewer] So overall,what are the mean benefits of doing business with Rubicon, as opposed to anotherprivate lending company ? - We are local, here in the Bayarea, so that's a huge plus, how we set ourselves apartis being very transparent with our borrowers, both ourborrowers and our investors, if a deal doesn't makesense we'd rather just tell the client right awayit doesn't make sense, and we'll point themin the right direction or simply back off.

Speed is another greatfactor, again if it's a clean preliminary title report, if it's a clean property we'regonna close quickly.

We do have a good understandingon each sub-market and if we don't, we have contacts that we can reach out to andget down to the number quickly.

- [Interviewer] And noappraisals, of course.

- Of course, no appraisals,so that speeds things up if you have one, great, if youdon't, we don't require one.

daily mortgage rates

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