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

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

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 Amarillo 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.

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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 Amarillo.

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

Then it also has some home price limitations.

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

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

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

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

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

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

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

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Great!

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

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

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

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

If the seller is covering all the fees.

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

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

What type of home buyer is this program ideal for?

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

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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 Amarillo – Do You Pre-Qualify?

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If the elevator tries to bring you down, gocrazy.

Punch a higher floor.

This is Dan on your inside team at Growella.

It's Monday, July 9, 2018.

Get ready.

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

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

And employers obliged.

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

S.

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

Just the act of looking for jobs suggestsconfidence among U.

S.

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

The jobs report also showed U.

S.

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

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

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

Rates are holding near the lowest in six weeks.

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

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

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

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

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

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

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

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

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

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

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

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

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

Forgivable money.

And it's there, if you want it.

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

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

They just want to know you can make your monthlypayments.

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

You can't know until you ask.

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

Go on and click the like button.

What's blue and not heavy at all.

Light blue.

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

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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!.

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