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

How do You Pre-Qualify For a USDA Loan in Texas?

The USDA Guaranteed Home Loan Program in Texas is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan.

Many people who take advantage of this USDA Loan program in Texas are able to get into their homes with little to no money out of their pocket.

BUT, there are several USDA Home Loan eligibility requirements that you need to meet in order to take advantage of this home loan program.

The first USDA Loan requirement is that you cannot be a current homeowner.

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

The next requirement is that your total annual household income cannot exceed the limits set by the USDA. Finding USDA Loan Texas isn’t as hard as it seems with a certified Mortgage and Loan Officer at your disposal.

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These income limits are based on market area and family size.

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

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

To take advantage of this program, the home has to be located in an eligible rural area.

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

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

The property has to meet minimum property standards.

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

mortgage closing costs

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

Do you want to find out if you qualify for a USDA Loan in Texas? We make it EASY! Just give us a call at USDA Loan Info (888) 464-8732.

We’re here to make your dreams of homeownership come true.

In 2019, What Do You Need for a USDA Loan in Texas?

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I bet you're wondering,what is a USDA home loan? Designed with the residentsof more rural areas in mind, the United States Departmentof Agriculture designed its loan program toenrich rural communities by providing affordable home loan options to low-income householdsthat may not be able to secure home financingthrough other means.

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

mortgage interest

Well hi there, I'm Michael Hausam of TheHausam Group at Vista Pacific Realty; so I had a couple of buyer consults last weekwhere the issue of pre-qualification came up.

or pre-approval or conditionalloan approval; there's a bunch of different words for that; oftentimesthey're used interchangeably, but this is arguably as an upfront effort one of themost important things that a homebuyer can do and the confusion about theseterms and what they mean is pretty significant; also there's quite atremendous strategy involved if you complete this process correctly; so Iwant to define a few terms and correct a few errors along the way; all right, sofirst of all the pre-approval or pre-qualification, conditional loanapproval, whatever you call it, is basically all the work that's done by abuyer up-front, before they ever go out and buy a house; okay it really makessense to do that no matter what because you want to be making sure that you'relooking for homes in the price range that you can qualify for and also itmakes a heck of a lot of sense to make sure that the home that you'd like issomething that you can actually spend the money on to buy, both on the cashdown as well as a monthly basis; but let's look into the details;there are basically three levels of work that can be done upfront; number one iscalled pre-qualification; pre-qualification is a verbalconversation with a lender; sometimes it might include a credit report sometimesnot, it never includes providing incomedocumentation; basically a pre-qualification is a paper-napkindiscussion with the lender that says, "yeah this is about whatit's gonna cost and if everything you told me is correct, you might be able toget a loan.

" It basically is the simplest, least intrusive way to have aconversation with a lender to kind of figure out, "yeah I think you couldprobably qualify for a loan.

" But let me assure you this, precisely zerolistening agents and home sellers are impressed with the pre-qualification; thesecond level of advanced work is known as a pre-approval; now way back in theday, in the 1990s when I first got into the mortgage business, a pre-approvalmeant that you took an entire loan file and took it to an actual humanunderwriter who went through everything and signed off on the loan; that wasliterally pre-approved before finding a home; well nowadays it's a little fuzzierthan that; a pre-approval typically will include providing income documentationto the lender, pulling a credit report, and then submitting to an electronicunderwriting process, but no formal loan underwriting approval is given; basedupon my experience roughly 99.

9 percent of all transactions go together with apre-approval.

But notice the key point on that: no underwriting approval from anactual human underwriter; what they do is this is they take all the incomedocumentation and then they type it in the computer - pay stubs show this - incomeshows that - credit report shows this - they put that all into a computer press ENTERand Fannie Mae's version of this is called the desktop underwriter and itspits out what they call a "finding" and the finding is they are going to getapproved; or you're likely going to be approved; what it isn't is an actualapproval; the key test would be this: if you've got what you think is a fullyunderwritten loan approval from a lender, you can ask them what are the conditionsof the loan approval and you'll hear something like, "well, we don't have actualloan conditions yet because you need to find a house and submit the loan withthe contract and appraisal and all that to get your loan conditions.

" Well that'sthe key: you don't have an approval you have an electronic pre-approval, which isnot quite as strong and that brings me to number three: aconditional loan approval or sometimes it's calleda TBD approval; TBD meaning the property is to be determined; the conditional loanapproval is like the pre-approval of old and that is you take the entire file, thepay stubs, the bank statements, the tax returns - everything - the credit report, yousubmit that to an underwriter, who goes through and signs off on it, will provideof list conditions from the lender in order to close the loan; it literally isa loan commitment; and this is the important part:the typical lender and I would say in my experience probably 2/3 of them do notlike to do conditional loan approvals, because that underwriter is a twohundred or two hundred and fifty thousand dollar a year person and their autograph,literally their signature, is sufficient to release those funds and the lender'sgonna want that underwriter not working on deals that haven't yet happened, but onthose that are already in escrow; but the key thing is if you find a lender whowill get you a conditional loan approval, you can literally go out into themarketplace with an approval in hand, effectively negotiating as cash; let meshow you an example: this right here, this is a conditional loan approval on atransaction that I did recently, from a lender that I work with called Parksidelending and if you look at this two page, three, four-page document, it's got theunderwriters name right here: Sean Mackie; it has a full on commitment from thislender with a list of prior-to-doc conditions, going onto two pages and thena list of prior to close conditions; so this is literally the commitment fromthe lender to make the loan; so the borrower's and I (my clients), we wentthrough and looked at all of these conditions to make sure that there wereno conditions on here that we couldn't meet; once we figured that out and wewere satisfied, we were able to write an exceptional offer ;the offer that wewrote didn't have a loan contingency at all; it was very important that myclients' problem, which was they needed a loan, and literally that is a problem: ifyou don't have enough cash to buy a house and you need a loan, that's yourissue, that's not the sellers issue; so we wrote the offer without a loancontingency because we already had the loan and we didn't need the time to goout and find one; and that effectively made my clients just as good as all-cashbuyers; well, as you could imagine, the listingagent and the seller loved that and we got the transaction accepted;surprisingly, we found out later they were competing against a 50% downoffer; so think about this: my clients were writing a 20% down offer,the competition was writing a 50% down offer; now typically you would think thata 50% down offer would be a better offer than the 20% down, right? Well not in thiscase; the 50% down offer, they asked for a two-week loan contingency, my clientsthey asked for none; if you'd like to discuss this further, I'd be happy tohelp you ;you can call me 949 413-2371, youcan also email me Michael @ HausamGroup.

Com Thank you very much and have agreat day!.


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.

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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 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.

mortgage payment

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

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

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

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

What is a USDA Home Loan?

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

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

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

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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.

current home 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 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.

gmac 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.

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.

paying off 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?

types of mortgage loans

Today we're gonna talk about FHALoans in 2019 and What You Need To Know.

And we're getting started right now! (INTRO) Hey what's going on! How you doing?! I'm Emmett Dempsey, Mortgage Advisor with Geneva Financial here in beautiful Port St Lucie Florida and welcome to another mortgageand home buying tip.

If this is your first time here, and you want to learn more about mortgages or the home buying process in general; go ahead and subscribe to my channel and ring that Bell so you don't miss anything.

OK.

FHA loans in 2019 what you need to know.

Buying a house with an FHA loan or refinancing to FHA loan could be very very advantageous.

There's a lot of goodpoints to the FHA loan and I'll go over just a few of them.

First and foremost, itonly requires three and a half percent down payment I know I saw a study almost 3/4 of people think you need 20% down.

But for an FHA loan you onlyneed three and a half percent down.

The FHA loan is a very good loan because Icame about, you know, in the '30s after the crash of '29, and back in those dayspeople had to put down at least 50% of the property have a balloon payment soit really cornered off how many people can actually buy a house so this allowedmore buyers to buy more real estate that's why we kinda have the robustmarket we have today.

So again 3.

5% down lower FICO scores you can go as low as 500 FICO some lenders will go down that low from 500 to 579 is 10%down whereas a 580 or above the only 3.

5% down.

Also since it is FHA is insured, you know since you paid a funding fee and mortgage insurance you knowthat's one thing you pay for it allows for very low interest rates so comparedto conventional vs FHA your interest rate will be lower because thethe risk to the lender is insured with FHA mortgage insurance.

Also FHA loans will allow a higher debt to income limit so I've had some FHA loansgo as high as 56% so uh you know usually at 43 45 was that was the cut off what alot of lenders will have an overlay for that.

We go all the way for as longas we can get approval.

So I've had a lot of FHA loans that are you know over 50%that would have never gotten approved anywhere else but our company so that's one thing.

Some of the drawbacks about FHA loans, they do require, you know, there'ssome property requirements, you know , they you know, and they're not as big as asyou would think.

They just require have it be livable like you can havehave any wood rod or anything of that nature of their owner-occupied only soyou do not for fixer-uppers so but there is an FHA program for fixer-upperscalled called the 203K and you know we'll go over that in a differentdifferent conversation so but for a normal FHA loan you have a new goodproperty requirements it's good for you as the buyer because you can have alower FICO lower down payment things like that also at FHA loans allow forall gift funds I've had some FHA loans where my client got a grant from thecity and they paid like a hundred dollars they're actually paid nothing atclosing because I we funded the appraisal and they paid nothing so youknow FHA loans allow some some very creative financing options if youwant to learn about your FHA loan scenarios you know give me a call or go to www.

Dempseymortgage.

Com and put in your info and I'llget back in contact with you and as always you want to learn more aboutmortgages at the home buying process in general go ahead and subscribe to mychannel ring that bell so you don't miss anything thank you so much for watchingand I'll see you on the next one!.

USDA Mortgage Loan Pros & Cons

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

applying for a mortgage

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