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

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

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 home loan 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 Texas 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.

no closing cost refinance

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

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

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

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

What is a USDA Home Loan?

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

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

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

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

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

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

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

home loan app

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 Texas.

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

Then it also has some home price limitations.

home loan app

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

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

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

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

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

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

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

usda financing

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 Texas – Do You Pre-Qualify?

usda loan rates

I don't want your client's loans.

I don't even want to hear from them.

In fact, I'm gonna show you how to make it so that they never have to hear from me, but they can still get our low rates and our low fees from your preferred lender.

Tt's actually pretty simple.

On your next deal, in fact, on the deal you already have in escrow, get your clients to agree to let you send me these four pieces of information.

I'll put together our rates and fees for their scenario and I'll shoot it over to you.

Then you can take that into your current preferred lender and say, "Hey buddy! Hook my clients up, just this once?" Wait, I said that all wrong.

"Hey buddy! Hook my clients up, Every time!" If they're willing to hook your clients with our low rates and our low fees, every single time, then I don't want their loans.

I don't even want to talk to them.

But if they're either unwilling or unable to do that, then you need to know that we are both willing and able to do that for your clients.

You owe a fiduciary duty to your clients to do what you know is right for them.

If your current lender is willing to do that for them, then stop watching this video.

But if they're unwilling to do that then finish up this video, shoot me a DM on facebook, give me a call, shoot me an email! Whatever it takes, let's get together and do what's right for your clients, every time.

USDA opening Montana offices during shutdown to help with farm loans

refinance loan

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

My name is Molly Ellis.

Our focus in this videois our FHA first mortgage programs, basic guidelines,and the common ways to layer closing costs and downpayment assistance programs to benefit your borrower.

First let's talk aboutour CalHFA FHA program.

This is a standardFHA first mortgage.

It has a maximumloan-to-value of 96 and 1/2%, and a maximum combinedloan-to-value of 105%, with a minimumcredit score of 640, and a maximumdebt-to-income ratio of 45.

Technically, CalHFA doesn'thave a loan amount limit.

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

This would only beapplicable if the FHA loan limit in the countythe property is located allows you to exceed $484,350.

Otherwise, you'd have toadhere to the FHA loan limit.

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

Next is our CalPLUS FHA program.

CalPLUS FHA is also anFHA-insured first mortgage.

But it comes with built-inclosing cost assistance called Zero Interest Program, or ZIP.

CalHFA offers ZIPwith a loan amount at 2% of the totalfirst mortgage, or ZIP with the loan amount at3% of the total first mortgage.

Please check out ourrate page for pricing.

Although ZIP has a zero interestrate with deferred payments, it is a loan andmust be paid off when the borrowersells, refinances, or at the end ofthe 30-year term.

The borrower must be afirst-time homebuyer.

And remember, the definitionof a first-time homebuyer is someone who is not owned andoccupied a principal residence in the past three years.

The third FHA-insuredfirst mortgage we'll cover is our Cal-EEMplus Grant Program.

This is an FHA-insuredenergy efficient mortgage with an additional4% grant from CalHFA.

The borrower mustuse the EEM grant towards energyefficient upgrades.

In order for thegrant to be forgiven, the borrower must occupy theresidence for three years.

Then we'll release the lien,and the grant will be forgiven.

You can find a listof facilitators by clicking on CalHFA'sLenders/Real Estate Agents section of the website, choosethe Loan Program HandBooks tab, then choose the EEMplus grant program.

It is not mandatory thatyou use a facilitator, but CalHFA does recommend it.

The energy efficientimprovements are finished afterthe close of escrow, so it doesn'tdelay your closing.

Your lender just has to beOK with managing the escrow holdback.

Next up is the Limited 203Koption on our FHA programs.

What a great way toaffordably finance minor repairs for yourborrower up to $35,000.

Follow all FHA guidelinesas to eligible improvements, completion times,and disbursements.

Just like the EEM,your lender has to be OK with managing thepost-closing documentation.

For all CalHFA FHA programswhere the borrower is required to be a first-time homebuyer,homebuyer education is required for at leastone borrower on the loan.

CalHFA allows for amanually underwritten loan with some overlays.

The minimum credit scorewould need to be 660, and the maximum DTI is at 43.

Remember, that's onlyon a manual underwrite.

If the loan has anautomated approval, the minimum FICO is still640, and the max DTI is 45%.

What makes our program so greatis our down payment assistance and closing cost assistance.

Layer these programswith our first mortgages to increase affordabilityfor your home buyers.

For example, if yourborrower is employed in a K through 12 publicschool in California, they would be eligible forCalHFA's School Teacher and Employee Assistance Program.

This mortgageassistance will lend 4% in down payment or closing costsat 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 rate is only3 and 1/4 simple interest with deferred 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.

That covers our FHAfirst mortgage programs and the mortgage assistancethat can be layered with them.

Now let's move on to propertyrequirements and maximum lender origination fees.

The property requirementsfor these programs, for the most part,follow FHA guidelines.

Also make sure you adhere toany lender or investor overlays.

The sales price ofthe property must be within CalHFA's publishedsales price limits.

A one-year homewarranty is required for first-time homebuyersunless they are purchasing new construction.

Manufactured homesare only allowed with a minimum credit score of660 and an automated approval.

There is no manual underwritingon manufactured homes.

Also, we don't allowthe Limited 203K option on a manufactured home.

The property cannotexceed five acres.

And lastly, if the propertymeets FHA 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 costand down 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 $50 dollarsprocessing 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, &Docs 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 monthlyeNews announcements.

To sign up for a 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, Tools,& 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.

house mortgage rates

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

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

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

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

interest only mortgage calculator

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 Brownsville 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 terms

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.

equity loan

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 Brownsville.

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

Then it also has some home price limitations.

house mortgage rates

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

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

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

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

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

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

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

mortgage bank

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 qualification

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 Brownsville – Do You Pre-Qualify?

loan rates

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.

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

housing loan

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!.

loan interest rates

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

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

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

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 Richardson 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 company

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.

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.

mortgage assistance

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 Richardson.

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

Then it also has some home price limitations.

usda guaranteed 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.

house mortgage 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.

loan lenders

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 Richardson – Do You Pre-Qualify?

loan rates

I don't want your client's loans.

I don't even want to hear from them.

In fact, I'm gonna show you how to make it so that they never have to hear from me, but they can still get our low rates and our low fees from your preferred lender.

Tt's actually pretty simple.

On your next deal, in fact, on the deal you already have in escrow, get your clients to agree to let you send me these four pieces of information.

I'll put together our rates and fees for their scenario and I'll shoot it over to you.

Then you can take that into your current preferred lender and say, "Hey buddy! Hook my clients up, just this once?" Wait, I said that all wrong.

"Hey buddy! Hook my clients up, Every time!" If they're willing to hook your clients with our low rates and our low fees, every single time, then I don't want their loans.

I don't even want to talk to them.

But if they're either unwilling or unable to do that, then you need to know that we are both willing and able to do that for your clients.

You owe a fiduciary duty to your clients to do what you know is right for them.

If your current lender is willing to do that for them, then stop watching this video.

But if they're unwilling to do that then finish up this video, shoot me a DM on facebook, give me a call, shoot me an email! Whatever it takes, let's get together and do what's right for your clients, every time.

USDA Mortgage Loan Pros & Cons

best home loan rates

- 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.

conventional mortgage

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

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

What are the requirements for the USDA program in New Braunfels? 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 New Braunfels.

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 New Braunfels is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

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

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

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

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

What is a USDA Home Loan?

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

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

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

loan lenders
What are the requirements for the USDA program?

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

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

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

interest only loan

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 New Braunfels.

It has to be a Single Family home in the New Braunfels 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.

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.

best mortgage interest rates

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

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

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

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

USDA Loan New Braunfels – Do You Pre-Qualify?

interest only loan

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

[Home Loans] Conventional Loan | FHA Loan | VA Loan (Mortgage) FHA

refi

- 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.

usda guaranteed loan

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

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

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

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

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

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

american 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.

best mortgages
What are the requirements for the USDA program?

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

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

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

house mortgage rates

So, Typically what that means is.

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

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

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

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

Then it also has some home price limitations.

mortgage solutions

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.

mortgage application

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

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

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

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

USDA Loan Euless – Do You Pre-Qualify?

jumbo loan

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!.

How to buy a home with no money down - USDA Home Loan Program

house mortgage 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.

mortgage company

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

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

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

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 closing costs

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 Houston 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 application

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.

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 Houston.

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

Then it also has some home price limitations.

adjustable rate mortgage

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

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

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

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

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

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

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

refi

Great!

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

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

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

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

If the seller is covering all the fees.

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

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

What type of home buyer is this program ideal for?

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

house mortgage 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 Houston – Do You Pre-Qualify?

mortgage application

Hey everyone I am in Pleasant Grove thismorning (or this afternoon rather) with a good friend of mine Garrett Peterson.

Heworks for First Colony Mortgage and we are in the building, I just call it the instructurebuilding, it's the new building off of the Pleasant Grove Boulevard exit andFirst Colony is moving into here.

They're shutting down a couple of.

What they'reshutting down three offices in Lehi, Orem and Pleasant Grove.

So anyway First Colony and Garrett- a number of youpeople probably have worked with Garrett because I've referred him to a number ofyou and he's a great guy anyway just wanted to show you their office just alittle bit! This building is a really cool building with a great parking lot.

If youcome here and you have your Tesla or your BMW that needs to get charged there is a charging station for you while you come in and talk to Garrett! Just on the eastside is what, four charging stations so they're kind of cool! A lot ofthings going on here besides just this building: you've got a strip over herewith restaurants, and you've got all this going on with doTERRA over here they're constructing more hotels that are going to be coming online just upthe road, you know Macy's, the Walmart.

anyway a lot of stuff happening aroundhere! But anyway one of the things I wanted to just have Garrett share withyou for a second - because in a lot of areas we saw some days on market that inSeptember, October, November properties were staying on the market a little bitlonger.

It seemed like okay, we might be getting more inventory, but that didn'thappen very much.

Not a whole lot more listed.

But then December some of thedays on market went back, and shortened! So anyway I just want tohave Garrett share with you some of his insight just a little bit and if youhave questions get a hold of me and Garrett with First Colony ishappy to help you.

As far as the mortgage anda lot of those questions, I just refer to him anyway! But tell me just real quickwhat we were talking about and what you were seeing.

that things kind of stayed eventhroughout the year.

Yeah, our numbers were fairly consistentthrough the four quarters of last year as far as a first company standpointwith First Colony Mortgage.

Interest rates came down and helped a little bitthis year already compared to last year as well.

The process itself as far asclosing a loan takes right around three weeks, so as far as actually gettinga deal done, we haven't been standing in the way of anybody buying a house.

It'smore just a number of listings, which Brian is the expert on the number oflistings and the days on the market as well! But we're excited to move into ournew building here, yeah we're going to have everybody all together, all of ourunderwriters.

We're a local company, still kind of a hometown feel for us, and we'rejust excited to get everybody together and have a great production staff andget things done and keep the ball rolling.

The sign just went up two weeksago, it's just right off the exit of Pleasant Grove.

Yeah, Pleasant GroveBoulevard exit, in fact the sign, the First Colony sign is on the east side, so you got the prime sign position.

But anyway, you know one of the nice things Garrett hasdone for me a number of times is he's always willing to give a just a good-faith estimate.

So if you're already using a lender, he'll come in andjust say hey this is what we can do! Actually I've had clients thathave gotten within just a week or within just a few days of closing andsomething's come up with their lender.

Garrett's jumped into it! And he justsaid three weeks to close, but he's done even shorter than that for me insome emergency cases! So anyway even if you have a lender it's alwaysgood to just get a backup, so if something happens when you'regetting close to settlement you can jump in and just say, hey we need to seewhat you can do you.

We've had a lien come up or we've had somethinghappen or something like that, an appraisalinspection, I mean so many things can happen and if you've bought ahome or if you're starting the process, not to discourage you- but just know we try to minimize your risk.

As a Realtor, as aLender, we're just trying to minimize your risk and trying to help you get through the process, make sure you're getting the best deal possible that makes the mostsense.

And everybody's situation is different so we'd be happy to take a look at it.

Anyway, we're just gonna walk in the the first part right here of theiroffice.

I mean they've got so many windows I think everybody's an executive nowbecause everybody's going to have an office with a window, right! So here'syour Lobby, the front desk, really cool lighting.

Maybe we'll just walk aroundhere a little bit you can see you do have some offices in here.

So these aregoing to be the lenders that are just starting versus if you get somebody likeGarrett here, he's gonna have an office with them here with windowsfacing the parking lot and the mountains look at that view - that's awesome! Okay well we're gonna run, but yeah ifyou have any questions, for sure get back with me, whether it's RealEstate, Lending with First Colony Mortgage they're one of the great great companiesI like to refer a lot! So thank you, take care, I appreciate you letting me come and check out your office.

You're welcome anytime to stop by!.

Mortgage Lender: Dan Hillers First Federal Credit Unkion

daily mortgage rates

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.

loan lenders

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

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

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

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 McKinney 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.

housing 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.

gmac 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 McKinney.

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

Then it also has some home price limitations.

capital 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.

best mortgage interest 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.

types of mortgage loans

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

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

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

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

USDA Loan McKinney – Do You Pre-Qualify?

second mortgage rates

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.

Hard Money Correspondent Program for Lenders & Mortgage Brokers

best mortgages

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

My name is Molly Ellis.

Our focus in this videois our FHA first mortgage programs, basic guidelines,and the common ways to layer closing costs and downpayment assistance programs to benefit your borrower.

First let's talk aboutour CalHFA FHA program.

This is a standardFHA first mortgage.

It has a maximumloan-to-value of 96 and 1/2%, and a maximum combinedloan-to-value of 105%, with a minimumcredit score of 640, and a maximumdebt-to-income ratio of 45.

Technically, CalHFA doesn'thave a loan amount limit.

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

This would only beapplicable if the FHA loan limit in the countythe property is located allows you to exceed $484,350.

Otherwise, you'd have toadhere to the FHA loan limit.

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

Next is our CalPLUS FHA program.

CalPLUS FHA is also anFHA-insured first mortgage.

But it comes with built-inclosing cost assistance called Zero Interest Program, or ZIP.

CalHFA offers ZIPwith a loan amount at 2% of the totalfirst mortgage, or ZIP with the loan amount at3% of the total first mortgage.

Please check out ourrate page for pricing.

Although ZIP has a zero interestrate with deferred payments, it is a loan andmust be paid off when the borrowersells, refinances, or at the end ofthe 30-year term.

The borrower must be afirst-time homebuyer.

And remember, the definitionof a first-time homebuyer is someone who is not owned andoccupied a principal residence in the past three years.

The third FHA-insuredfirst mortgage we'll cover is our Cal-EEMplus Grant Program.

This is an FHA-insuredenergy efficient mortgage with an additional4% grant from CalHFA.

The borrower mustuse the EEM grant towards energyefficient upgrades.

In order for thegrant to be forgiven, the borrower must occupy theresidence for three years.

Then we'll release the lien,and the grant will be forgiven.

You can find a listof facilitators by clicking on CalHFA'sLenders/Real Estate Agents section of the website, choosethe Loan Program HandBooks tab, then choose the EEMplus grant program.

It is not mandatory thatyou use a facilitator, but CalHFA does recommend it.

The energy efficientimprovements are finished afterthe close of escrow, so it doesn'tdelay your closing.

Your lender just has to beOK with managing the escrow holdback.

Next up is the Limited 203Koption on our FHA programs.

What a great way toaffordably finance minor repairs for yourborrower up to $35,000.

Follow all FHA guidelinesas to eligible improvements, completion times,and disbursements.

Just like the EEM,your lender has to be OK with managing thepost-closing documentation.

For all CalHFA FHA programswhere the borrower is required to be a first-time homebuyer,homebuyer education is required for at leastone borrower on the loan.

CalHFA allows for amanually underwritten loan with some overlays.

The minimum credit scorewould need to be 660, and the maximum DTI is at 43.

Remember, that's onlyon a manual underwrite.

If the loan has anautomated approval, the minimum FICO is still640, and the max DTI is 45%.

What makes our program so greatis our down payment assistance and closing cost assistance.

Layer these programswith our first mortgages to increase affordabilityfor your home buyers.

For example, if yourborrower is employed in a K through 12 publicschool in California, they would be eligible forCalHFA's School Teacher and Employee Assistance Program.

This mortgageassistance will lend 4% in down payment or closing costsat 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 rate is only3 and 1/4 simple interest with deferred 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.

That covers our FHAfirst mortgage programs and the mortgage assistancethat can be layered with them.

Now let's move on to propertyrequirements and maximum lender origination fees.

The property requirementsfor these programs, for the most part,follow FHA guidelines.

Also make sure you adhere toany lender or investor overlays.

The sales price ofthe property must be within CalHFA's publishedsales price limits.

A one-year homewarranty is required for first-time homebuyersunless they are purchasing new construction.

Manufactured homesare only allowed with a minimum credit score of660 and an automated approval.

There is no manual underwritingon manufactured homes.

Also, we don't allowthe Limited 203K option on a manufactured home.

The property cannotexceed five acres.

And lastly, if the propertymeets FHA 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 costand down 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 $50 dollarsprocessing 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, &Docs 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 monthlyeNews announcements.

To sign up for a 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, Tools,& 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.

interest only mortgage calculator

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

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

What are the requirements for the USDA program in The Woodlands? 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 The Woodlands.

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.

gmac 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 The Woodlands 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 line of credit

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

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

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

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

What is a USDA Home Loan?

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

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

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

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

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

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

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

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 The Woodlands.

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

Then it also has some home price limitations.

second mortgage rates

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

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

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

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

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

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

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

interest only mortgage calculator

Great!

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

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

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

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

If the seller is covering all the fees.

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

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

What type of home buyer is this program ideal for?

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

interest only mortgage calculator

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 The Woodlands – Do You Pre-Qualify?

champion mortgage

[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].

USDA Mortgage Loan Pros & Cons

refi

- One of the things we wantedto talk to you, Gary, about was - we focus on bringing value to the agents and doingdirect to consumer.

So, we're doing two different models-- - Of course.

- So one of the thingsthat we are going in on is: a third of the buyers are now millennials.

- Okay.

- In our markets, andof those millennials, all the things we learnedover the past 10 years on marketing actually arepushing these people away.

Right, so we're toldto, when a lead comes in call them x number of times over this period of days and blast them-- - There's not a single personthat wants that phone call.

- No, nobody answers the phone.

So, they actually will fill out an inquiry on a lead page or something and they'll say they're interested but when we call them, theydon't answer the phone.

- What about texting them? - So that's what we've been doing.

I've noticed a littletip: like emails weren't getting opened in personal email boxes.

Work emails are getting opened, but personal inbox has become a wasteland.

- That's right.

- So I've been texting video clips through the service called BombBomb, and then also justsending quick texts asking when they would like totalk, and it's working-- - Imagine talking to people the way they want to be talked to.

- So like, is that what you believe.

what are your thoughts on text? - I'm ALL IN on text.

- Okay.

- I'm very bullish on text,it's why I have first in line.

And I believe in it the most.

Notice how I said, "what about text?" Text.

- So you think in terms ofbuilding a subscription model.

- If you added what your Instagram handle in your lead gen form andsaid in little parentheses "we will follow you on there" and DM you if we're unable to get to you by phone-- - [Neel] Yeah.

- You'll get everybody.

- [Neel] Yeah, and then-- - What you should reallydo on your lead gen form is how would you like usto communicate with you? E-mail, phone, InstagramDM, come to your house, smoke signals, write you a letter? You get a lead gen andthen you've decided through tried and true practicesfrom the 19-fucking-70's this is the industry now to communicate with them butthey don't want to communicate.

If someone called me I would be upset.

I'm upset when people call me.

- [Neel] 'Cause youdon't want a bandwidth-- - Because there's technology.

It's called text me and I'llget back to you when I can.

Not you call me on my time.

We value time.

You should make the leadgens predicated on not just, you should absolutely askthem upfront aggressively how would they like to be talked to.

If you say, we acknowledgemany people now communicate in different forms, how would youlike to be communicated to, one two, pull down, e-mail and Instagram, call and handshake, letter and telegram.

- [Neel] Makes sense.

- It will work.

- [Arjun] And with millennials that's-- - And there's old schoolmillennials that want a phone call.

And there's a 73 year oldgrandma who's hip as fuck.

(Arjun laughs) - Yeah.

- Individuality to how they want it, not just millennials do this, got it? And you have that ability.

That's how the form should be set up.

- So you actually built aservice of--and then for texting is that something they have to opt in for? - Yeah.

- Okay.

- Big time, like, you get theirthing then they gotta opt in and confirm because it'sa very sacred ground.

- It's not a spamming place.

- No, it is not.

- Okay.

Okay, and isthere anything else that you can give us as far asmarketing to this demographic which is becoming a biggerportion of our buyers? - Look, I mean, they'recynical to marketing.

They don't want the fucking-- - [Neel] They don't wanna be sold.

- They don't want thehotshot, I got a Lamborghini and a suit and I'm your real estate guy.

They want authenticity, theywant contextual creative where they live, you know? They want information, they want value, but they're like any other human.

They either wanna beentertained or informed.

Right? - [Neel] Yup.

- [Arjun] Makes sense.

- It's basic, but the problem is you can't run an infomercial anymore.

They don't carethat--there's no 27 year old that thinks it's cool thatyour face is on a bench.

- Yeah.

(Gary laughs) - I mean literally when I seea real estate agent's face on a bench I'm like thatperson is definitely dead.

- [Neel] We'll go on thefreeway and see a billboard where somebody just put up their face and I'm like that's for you,it's not for anybody else.

- 100%, and that's fine too.

- Yeah, that's cool.

- Like, Mazel Tov, enjoy, Iput my face on a billboard back in the day, it's fun, I get it.

The part where they reallylose, believe it or not I'm a little bit funny with outdoor media.

The same billboard cansell for $20,000 and 2,000.

So my opinion changes on that.

- [Neel] So there's a price but it's just not what they're asking.

- Correct, so billboardssell in a funny way.

You'll sign a six month contract and they couldn't sell it to someone else so now the month is there,now they're scattered, they don't want an emptyboard so you can buy it for 2,000 just for the month.

So I like that billboard, here's where I getscrewed up: the content.

So now you've got thebillboard at the right price.

I'll take it.

Yeah, every passenger islooking at their phone, Yes, I don't think billboardsare as good as they were 30 years ago, but you giveme a $20,000 board for 2,000, right, everything's got a price.

- [Neel] Yeah.

- That's how I think aboutmedia, but then creative.

The problem with most real estate agents when they get a billboard is they take their most stock image in a good suit.

Nobody wants to talk to you, Barry.

- [Neel] Yeah.

- [Arjun] Yeah.

- 1-800-Barry will helpyou is fucking 1987.

Why don't you put a billboard that says every other real estate agent sucks? And wear that awesome shirtthat you're wearing now and that will convert way better.

Even though some peoplehate that you said "sucks".

I know what every single banking and lawyer outdoor billboard looks like.

It is a person in a suitwith a tacky phone number.

Can't break through.

You've never seen it becauseyou're so used to it.

- Yeah, it's vanilla.

- Yeah, it's the same thing-- - You get somebody with a Faze Clan hoodie saying "I'm a lawyer andevery other lawyer sucks" and put a phone number they'regonna cream up 22 to 30.

- [Neel] Yup.

- 25 to 35.

Right? - [Neel] Yeah, that makes sense.

- [Arjun] Real estate and mortgage, both these industries moving forward with everything that'shappening in technology and how they're having to adjust to pivot which one feels the impact more? - Both because they're so inherently tied together, you know, both.

- The middle gets eliminated on both.

- Yeah, tech will eliminateeverything in the middle.

Glass doors, people will tell you those sunglasses got eliminated.

- [Neel] I bought these from Warby Parker.

- Correct, you used to goto fucking Sunglass Hut.

- [Neel] Lenscrafters or something.

- That's exactly right.

Got it? The internet wins, welose, now figure it out.

- Yeah.

- If you're in the middle you're finished.

I really believe that.

Nowthe question becomes, when? I'm right about that.

- [Neel] Mhm.

- But if I said this in 1994and you owned a bookstore you'd be like, you got called out first.

Mr.

Bezos came along.

If you were a taxi cab driverand you watched this video for some reason because it hityour fucking Instagram feed and you're like, I run an Internet taxi in 2009 you're laughing at me,that kid doesn't know shit.

And then Uber put you out of business.

- [Neel] Yup.

- The internet will puteverybody out of business if you don't build something defensible.

The only thing that'sdefensible is the best product, the best, and this is thescary thing for people because now they hearthat and they're like, well I'm the best, no you're not.

The best product that's differentiated.

You're just a real estate agent.

There's plenty of people thathave done it for 27 years too.

Or they could be LeBron and Kobe.

I have a funny feeling if I decided to be a real estate agent next year even with my lack of experience that I'd be really good at it.

(Gary laughs) - [Neel] Is that why you got Liz into it? - No, my sister got into it because she always wanted to doit, I mean, I pushed her to make the jump and supported her as she navigated inevitably what a lot of stay-at-home moms navigate which is, you know, you feel a level ofguilt that you wanna do it.

She grew up in an Eastern--Iknow what household she grew up in, onethat's very traditional, Eastern European, momstays home, you know? - [Neel] Yeah.

- So she had to go through her own shit.

The part that I pushed Liz onis her content on Instagram is "I suck, I haven't sold shit.

" - [Neel] But it's real.

Yeah.

- That's gonna lead to allour business, you know? - Yeah, it makes sense.

- Definitely.

- It just seems like justbeing at this conference there's a disproportionate amount of people in a higher age bracket.

People are in realestate and mortgage for, we have no young people in our office, it's all older people thathave been doing it for a while.

And I think they get stuck on-- - Well, everybody's introuble with young right now because everybody young thinksthey're Mark Zuckerberg.

[Arjun Laughs] - [Neel] You can't hire anybody young.

- You can't hire anybody young 'cause they're all starting companies.

We need the economy to collapse.

Then you'll get young.

- [Neel] Yeah.

- When everybody realizes theirdirect to consumer kombucha is not going anywhere,they're going to get a job.

- [Neel] Yeah.

- [Arjun] Punched in the fucking mouth.

- Punched in the fucking mouth.

- [Neel] But theseguys, for a lot of them, everybody is kind of plagued by the shoulda, woulda, coulda's'cause they're in the older part of their life and it keeps them back from future opportunities a lot of times-- - Of course.

- But I saw a piece ofcontent of yours a while back, I don't know, mixed insomewhere that said, you were talking again about how you could have invested in Uber-- - Yes.

- But you don't get yourself hung up on it because you could have doneit and then got hit by a bus.

- I'm glad you--did youlike that piece of content? Super interesting, right? - It just hit me 'cause I'm like, all the mistakes I madebefore, it let you to where-- - It got you to where you are now.

- This is the reason whyyou're at where you're at.

And use that as your fuel to go forward.

- Yeah, and by the way, Icould have been way better.

I mean, I'm prettysmart, that 400 million, it could be great, it could be great.

But it didn't happen.

Until somebody shows me a time machine my ability to look back anddwell is going to be zero.

- Yeah, makes sense.

Let me thank you for doing this too, man.

We got a ton of wine onthe way, I think, so-- - Yeah, what are you gonna do? - He's a big wine guy, I'm not.

- This is why I'm so excited about the barter I did with wine.

- It's a win-win.

- Yeah, but it was always a win-win.

I always loved when I didbarters for books, sneakers, any time I'm sellingsomething I want to barter because I want it todo well and I know that access to me is very valuable'cause you can't get it.

So I always knew I hada market and obviously as I've gotten biggerthe market gets bigger.

I mean, some of theshit I did for Crush It, like buy five books and I'llbe your best friend for a year, I didn't have the same leverage.

So anyway with books what Iwatched a lot of people do was they would buy a thousand books and put it in a warehouse.

Yeah.

Because they just wanted my time.

Maybe they gave away a couple but I don't blame them, they're busy.

If you can buy 1000 booksyou're probably busy, you know? So they're like, thebest use of their time was to put them in the corner.

Wine's going to be different.

Wine, people are gonna do shit with.

'Cause it has a natural currency in our society that's better than a book.

- [Neel] 'Cause clients love it.

- Yeah.

- [Neel] Agents love it.

- And then for me, it wasalways--once I ran the math, buy 4,000 sneakers was worthwhatever I was doing for you.

Buy four sneakers was worthwhatever you just bought, I decided was worth it based on how much pressure I felt to sell it.

What's interesting aboutthat, though, is I'm like, hm, this actually mightreally work for me.

Because I did the trade that was worth it but the backend has more of a residual.

You're going to give it to clients.

They're gonna fucking love it.

They can't get itanywhere else besides me.

It's a direct to consumer brand.

- [Neel] Could be in retail.

Okay.

- So they're gonna go tothe website and order it.

It's just gonna travel better than books.

- [Neel] It works better, yeah.

- Easier to enjoy right away.

- And I'll tell you, andI'm very proud of this, it's a $40 wine for 20 bucks.

- That's fantastic.

- So my hope is that peoplewill be able to taste it.

It's a big Delta.

- Yeah.

- That's awesome, man.

Thanks, Gary.

- Thanks.

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

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

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

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

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

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

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

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

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

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

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

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

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

What is a USDA Home Loan?

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

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

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

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What are the requirements for the USDA program?

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

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

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

mortgage company

So, Typically what that means is.

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

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

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

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

Then it also has some home price limitations.

refinance loan

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

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

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

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

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

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

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

mortgage closing costs

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.

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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 Baytown – Do You Pre-Qualify?

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

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

The reason is I'm talking about USDA loanstoday.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

HOF Winner: First American Mortgage Solutions - Lender's Choice for Best Service Provider

conventional mortgage

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

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

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

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

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

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

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

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

But there are reasons for that.

Consideration number1: your profile.

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

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

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

So that's the first consideration.

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

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

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

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

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

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

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

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

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

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

Consideration number 4 is thetransaction itself.

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

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

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

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

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

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

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

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

Well that has an impact on the transaction.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Youcan email me Michael@HausamGroup.

Com.

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

Lastly, please follow and subscribe to this youtube channel.

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

Thanks somuch for watching and have a great day!.

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

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

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

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

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

mortgage bank

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

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

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

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

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

home lenders

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.

interest only 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 Spring.

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

Then it also has some home price limitations.

second mortgage rates

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

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

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

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

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

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

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

mortgage payment

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.

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

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

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

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

USDA Loan Spring – Do You Pre-Qualify?

types of mortgage loans

Hey everyone I am in Pleasant Grove thismorning (or this afternoon rather) with a good friend of mine Garrett Peterson.

Heworks for First Colony Mortgage and we are in the building, I just call it the instructurebuilding, it's the new building off of the Pleasant Grove Boulevard exit andFirst Colony is moving into here.

They're shutting down a couple of.

What they'reshutting down three offices in Lehi, Orem and Pleasant Grove.

So anyway First Colony and Garrett- a number of youpeople probably have worked with Garrett because I've referred him to a number ofyou and he's a great guy anyway just wanted to show you their office just alittle bit! This building is a really cool building with a great parking lot.

If youcome here and you have your Tesla or your BMW that needs to get charged there is a charging station for you while you come in and talk to Garrett! Just on the eastside is what, four charging stations so they're kind of cool! A lot ofthings going on here besides just this building: you've got a strip over herewith restaurants, and you've got all this going on with doTERRA over here they're constructing more hotels that are going to be coming online just upthe road, you know Macy's, the Walmart.

anyway a lot of stuff happening aroundhere! But anyway one of the things I wanted to just have Garrett share withyou for a second - because in a lot of areas we saw some days on market that inSeptember, October, November properties were staying on the market a little bitlonger.

It seemed like okay, we might be getting more inventory, but that didn'thappen very much.

Not a whole lot more listed.

But then December some of thedays on market went back, and shortened! So anyway I just want tohave Garrett share with you some of his insight just a little bit and if youhave questions get a hold of me and Garrett with First Colony ishappy to help you.

As far as the mortgage anda lot of those questions, I just refer to him anyway! But tell me just real quickwhat we were talking about and what you were seeing.

that things kind of stayed eventhroughout the year.

Yeah, our numbers were fairly consistentthrough the four quarters of last year as far as a first company standpointwith First Colony Mortgage.

Interest rates came down and helped a little bitthis year already compared to last year as well.

The process itself as far asclosing a loan takes right around three weeks, so as far as actually gettinga deal done, we haven't been standing in the way of anybody buying a house.

It'smore just a number of listings, which Brian is the expert on the number oflistings and the days on the market as well! But we're excited to move into ournew building here, yeah we're going to have everybody all together, all of ourunderwriters.

We're a local company, still kind of a hometown feel for us, and we'rejust excited to get everybody together and have a great production staff andget things done and keep the ball rolling.

The sign just went up two weeksago, it's just right off the exit of Pleasant Grove.

Yeah, Pleasant GroveBoulevard exit, in fact the sign, the First Colony sign is on the east side, so you got the prime sign position.

But anyway, you know one of the nice things Garrett hasdone for me a number of times is he's always willing to give a just a good-faith estimate.

So if you're already using a lender, he'll come in andjust say hey this is what we can do! Actually I've had clients thathave gotten within just a week or within just a few days of closing andsomething's come up with their lender.

Garrett's jumped into it! And he justsaid three weeks to close, but he's done even shorter than that for me insome emergency cases! So anyway even if you have a lender it's alwaysgood to just get a backup, so if something happens when you'regetting close to settlement you can jump in and just say, hey we need to seewhat you can do you.

We've had a lien come up or we've had somethinghappen or something like that, an appraisalinspection, I mean so many things can happen and if you've bought ahome or if you're starting the process, not to discourage you- but just know we try to minimize your risk.

As a Realtor, as aLender, we're just trying to minimize your risk and trying to help you get through the process, make sure you're getting the best deal possible that makes the mostsense.

And everybody's situation is different so we'd be happy to take a look at it.

Anyway, we're just gonna walk in the the first part right here of theiroffice.

I mean they've got so many windows I think everybody's an executive nowbecause everybody's going to have an office with a window, right! So here'syour Lobby, the front desk, really cool lighting.

Maybe we'll just walk aroundhere a little bit you can see you do have some offices in here.

So these aregoing to be the lenders that are just starting versus if you get somebody likeGarrett here, he's gonna have an office with them here with windowsfacing the parking lot and the mountains look at that view - that's awesome! Okay well we're gonna run, but yeah ifyou have any questions, for sure get back with me, whether it's RealEstate, Lending with First Colony Mortgage they're one of the great great companiesI like to refer a lot! So thank you, take care, I appreciate you letting me come and check out your office.

You're welcome anytime to stop by!.

Gary Vaynerchuk on Realtor & Lender Marketing Strategy

equity loan

Hey, I'm Carl with Home.

Loans.

What is a conventional home loan? A conventional home loan isa loan that is not insured or guaranteed by theGovernment in any way.

Conventional loans conform tothe National Home Guidelines set by Fannie Mae and Freddie Mac, who are also known fortheir delicious sweets.

Wait, scratch the sweets part.

I think I'm thinking of somebody else, but I can tell you thatconventional loans typically have stricter eligibility requirements and are nothing liketaking candy from a baby.

Who would just take candy from a baby? Who has time to stop and smell the roses? You don't and this isn't even a rose.

For more quick tips likethe one you just watched, visit Home.

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