Found 12 blog entries tagged as USDA home loans.

Buying Your First Home? We have $15,000 in Down Payment Assistance Available!

$15,000 Down Payment Assistance (DPA) – Wow! Close to FREE Money!

First time buyers in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties have a great opportunity.  These buyers may be eligible for the 15000 down payment assistance program ($15,000 DPA funds).  In addition, this program offers 0% interest and has no required payments.  But guess what???  It is FULLY FORGIVEN AFTER 5 ONLY YEARS!

Most of the time something like this is too good to be true.  In this case, it is True!  Last year this program was available to the first 1,000 loans.  But, this time the $15,000 DPA will be available to the first 3,000 loans.  So see the details below and…

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USDA Income Limits Increase Allows More Families to Buy With No Money Down

USDA Rural Development home loans are one of the most misunderstood and overlooked mortgage loans.  Yet, USDA loans offer qualifying buyers one of the best purchase options available today.  By offering a no money down mortgage with unbelievably affordable terms, USDA should always be considered.  USDA does have property eligibility requirements as well as maximum household income limits.  Although there are USDA income limits, the household income maximums are very liberal.  Therefore, many families fall within the income limits and may qualify for a home with 100% financing.

Increased USDA Income Limits 2017 – 2018

USDA income limits

Walk the path to homeownership!

The path…

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When Does A Refinance Make Sense? Don’t Go By the Saving 2% Rule!

When should I refinance?

Refinancing a mortgage when rates are low can save homeowners thousands to tens of thousands of dollars over the life of the loan term.  Too often everyone hears “You shouldn’t refinance unless you can save 2% in rate” and if everyone waited for a 2% reduction, so many could lose out on a very big savings!  Believe it or not, borrowers can even save from only a 1/4% lower interest rate as long as the costs versus savings makes sense.

When does it make sense to lower my mortgage interest rate through a refinance

When does it make sense to lower my mortgage interest rate through a refinance


 Examples to consider when a refinance makes sense or not:

  1. Larger loan amounts do not need as much of a lower rate to…

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After a short sale, when can I buy another home using a VA, USDA, FHA, or conventional loan?

From 2008 through 2016 many homeowners suffered great financial difficulties.  On top of situations such as job loss and medical issues, many home values decreased dramatically.  Therefore homeowners were not able to sell their home since they were underwater.  This is why a short sale was so popular during this period.  Lenders basically agree to accept an amount lower than the mortgage balanced owed.  While this is considered a big credit delinquency, it isn’t the end of the world.  A knowledgeable buyer can purchase another home in a very reasonable amount of time.

How to Get Approved After a Short Sale

When someone goes through a short sale,…

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“I Want to Buy a Home-In a Year or Less!” Best Tips for Paying Rent & Why

Rent tips To prove your rent history the best, pay your rent by check on-time each month

Rent Tips to Buy a First Home

In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far we have discussed how to solve limited or bad credit, no down payment, and not having a budget.  So lets discuss overcoming Roadblock #4.  Not being able to document rent or housing history to show, as a buyer, that you are able to handle a new mortgage payment.  So in this article we are going to provide you detailed rent tips.

Reasons to Document Rent History

First of all, there are plenty of situations where a buyer does not have to prove a rent history.  Program type and overall strength of the borrower’s file are examples for…

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Receiving social security disability is not a reason to be denied for a mortgage

Mortgage home loans allow buyers to count social security disability income

Mortgage home loans allow buyers to count social security disability income

A common but difficult to prove required mortgage loan stipulation in the past was if a borrower receives Social Security disability or other type of disability income, the borrower had to proof that the income is likely to continue for 3 years from closing.  This practice is not allowed as per the Consumer Financial Protection Bureau (CFPB) as it is considered discriminatory.  Mortgage companies define a source of income as “current documented income that is likely to continue for at least 3 years from closing”.  Well there are protected classes and the disabled is an important…

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Rent Free? Living With Parents or Family? We Have Solutions!

Rent free? No rental history or living with family? There are lending options!

Rent Free Options Explained

It is very popular these days for people to move back in with parents.  Additionally, many even live with other family members or friends.  Therefore these buyers cannot prove an on-time housing history.  This is called a “rent free” scenario.  A recent blog posted by the National Association of Home Builders called “More than half of young Millennials move back in with parents”, states 90% of those born between 1980 and 1984 left home before the age of 27 – but then more half returned to their parents’ homes.  Read the entire article here.

All mortgage products allow for a prospective buyer to purchase a home without rental history.   Although…

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Maximum Seller Paid Costs For Buyers

Maximum Seller Paid Costs By Program Type 

Buyers and Realtors, before agreeing to a sales price, know if you need or want seller paid closing costs.  In addition, one should know the following about maximum seller paid costs:

  • How much is needed for best approval?
  • What is most beneficial?
  • What are the program seller paid limits?

 FHA Maximum Seller Paid Closing Costs

6% (sometimes lower with certain investors on lower credit scores).   Even if a buyer has funds for paying costs, it could be a great strategy for the seller to pay them.  Use up to the maximum seller paid costs because financing them with such low interest rates makes financial sense.

Maximum limits for seller paid…

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Do you have a USDA required repair on your purchase and the seller won’t let you touch the property

Do you have a required repair on a USDA loan

Do you have a required repair on a USDA loan

We see this issue too much where the appraiser is requiring repairs to be completed on the home in order to meet USDA guidelines.  If the seller is HUD, Fannie Mae, or a bank, often they will not allow the repairs to be completed prior to the closing but then the loan can’t close because the house is not in good enough condition.  So what do you do?

Well, we allow an Escrow Holdback for the repair of items that can be done quickly and under $5000.  This is on a case by case basis and underwriting will review the overall file as well as the work to be performed to decide if allowed.


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USDA Commitment in 19 Days From Application!

USDA Commitment Done Right!

We love USDA loans!  Not only are buyers able to purchase with no money down, but it is flexible on credit.  On top of this, USDA just made homeownership more affordable effective 10/1/16!  This was accomplished by USDA drastically lowering the guarantee fee and the monthly mortgage insurance.  Now check out our USDA Success Story of the week below!  We received a USDA Commitment very quickly and closed as scheduled.

Our Process Allows for Quicker USDA Commitment

We just closed a purchase with a USDA loan 22 days from the contract receipt.  So, we received the purchase contract on 9/8/16 with an expected contract closing date of September 30, 2016.  Then, after…

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