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.

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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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TURNING NOW TO DAY 20 OF THE PARTIAL GOVERNMENT SHUTDOWN -- FEDERAL EMPLOYEES WON'T RECEIVE PAYCHECKS TOMORROW.

DURING THIS PARTIAL GOVERNMENT SHUTDOWN -- ONE OFFICE THAT YOU CANNOT GET A HOLD OF EITHER -- THE U-S-D-A.

AS NEWS CHANNEL 11'S JORDAN MOORE FOUND OUT TODAY,.

THAT'S PUTTING SOME HOME BUYERS--AND SELLERS, IN LIMBO.

JOSH SARA A POPULAR LOAN OPTION WHEN BUYING A HOME, ESPECIALLY IN MORE RURAL AREAS.

IS A U-S- D-A LOAN A LOAN THAT REQUIRES NO MONEY DOWN, AND REAL ESTATE AGENT AT KELLER WILLIAMS, LINCOLN WALTERS EXPLAINED THIS 100 PERCENT BACKED LOAN, IS SOMETHING THEY SEE A LOT FOR FIRST TIME HOME BUYERS AND AS OF NOW THERE ARE PEOPLE WAITING TO CLOSE ON A HOME, NOT JUST HERE BUT AROUND THE COUNTRY---THAT ARE NOW ON HOLD.

BECAUSE OF THE GOVERNMENT SHUTDOWN "I KNOW THERE'S SEVERAL THAT ARE ON HOLD RIGHT NOW WAITING TO CLOSE, THE ONES THAT ARE IN PROCESSES ALREADY ARE GOING TO BE DELAYED, AND THE ONES THAT ARE WANTING TO GO SHOPPING WITH A USDA LOAN, CAN'T EVEN REALLY DO IT RIGHT NOW BECAUSE THEY AREN'T ACCEPTING ANY NEW APPLICANTS.

" WALTERS SAID HIS CONCERN IS THAT IF THIS GOVERNMENT SHUTDOWN CONTINUES FOR A LONG PERIOD OF TIME, THE SELLERS WAITING FOR A BUYER WITH A U-S-D-A LOAN WON'T WANT TO KEEP WAITING, AND WILL GO WITH ANOTHER BUYER---WHO HAS A CONVENTIONAL LOAN SO HE SAID IT'S IMPORTANT RIGHT NOW TO EDUCATE AND REMIND BOTH BUYERS AND SELLERS THAT DURING THIS SHUTDOWN, THOSE U-S-D-A HOME LOANS, ARE ON HOLD.

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

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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!.