Jul 16

22

Are you eligible for a USDA loan credit exception?

How do you get a USDA loan credit exception?

With previous bankruptcies, short sales, or foreclosures – who can be eligible for a USDA loan credit exception? While USDA credit guidelines can be flexible, there may be cases that need an exception which falls outside of the standard requirements.

Today’s video tip will explain how qualifying for a USDA Credit Waiver can help in this type of situation.

As we all know, 2nd opinions are always important, so if you have financing questions and are working with another lender, we offer this complimentary service where you can get access to an expert 2nd opinion and is great for both pre-qualifications and loans that are currently in progress.

First off, the applicant must have a credit history which indicates a reasonable ability and willingness to meet obligations as they become due.

USDA loan credit exception

In situations where there is adverse credit reflecting on the borrower’s credit profile, the lender may establish mitigating circumstances to determine the borrower’s intent for good credit when the applicant provides evidence supporting that the negative credit was:

  1. Temporary in nature
  2. Beyond the applicant’s control, and
  3. Circumstances contributing to the adverse credit have been removed. 

Examples of supporting documentation which could be provided are:

  1. Hardship letters of explanation
  2. Any applicable attorney or medical documentation
  3. Evidence of payment arrangements and history with creditors

Once this evidence has been provided, a USDA loan credit exception can be obtain through a properly documented credit waiver which is completed by a USDA underwriter and explains the details surrounding the situation along with supporting the underwriter’s rationale for USDA loan approval

Remember that many lenders only choose to work with USDA automated approvals and because of that are not able to successfully review and approve USDA credit waivers.

Processing a successful USDA loan credit exception takes both guideline understanding and experience.

Most importantly, remember that we are justWho is eligible for a USDA loan credit exception? a phone call away!  As a USDA approved lender we hold the credit experience necessary to help maximize your qualifying ability and make the most out of this great program.

Just call or email us to discuss your scenario and let us show you the Metroplex difference!

Don’t forget you have my permission to forward this to your database and post on social media.

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in First Time Home Buyer, Florida USDA loans, USDA Credit Qualifying, USDA Eligible Areas, USDA FAQs, USDA Income Qualifying, USDA Qualifying Property, USDA Underwriting Guidelines

Jul 16

15

Can a USDA Debt Ratio Waiver increase your sales price limit?

How does a USDA Debt Ratio Waiver increase your qualifying ability?

What can a homebuyer do if they want to increase their budget and sales price? USDA loans can offer a solution for this type of situation through a USDA Debt Ratio Waiver.

Today’s video tip will walk you through the steps and show you yet another way that USDA loans offer qualifying flexibility.

Remember that you have my permission to forward and share these videos with your database or post on social media. Spread the word that we are here to help with your questions and scenarios.

What is a USDA Debt Ratio Waiver?

Just to clarify, please note that debt ratio waivers are NOT required on loan files that receive a GUS Accept. Today’s topic will cover any loan files that receive either a GUS Refer, Refer with Caution, or have to be manually downgraded by underwriting.

As a quick review, USDA published guidelines for debt ratios are 29% for a monthly housing expense and 41% for total expenses of your gross monthly qualifying monthly income.

For expanded qualifying ability, a USDA debt ratio waiver can be approved if ALL of the following conditions are met:

  1. Principle & Interest, Taxes, Insurance (PITI Payment) is between 29% and 32% (This would be considered your housing expense and would also include any association fees if applicable.)
  2. Total ratio is between 41% and 44%
  3. Credit score of all applicant(s) is 680 or greater, and….
  4. At least one of the following compensating factors is identified…..

Compensating Factors

A. Proposed PITI payment is equal to or less than the applicant’s current verified housing expense for the past 12 months preceding loan application

B. Verified liquid assets available after closing with at least 3 months of PITI payments. Examples of verified assets could be shown through 2 months of bank statements, 401K statement, or other asset account, but NOT cash on hand.

C. All employed applicants have been continuously employed with their current primary employer for a minimum of 2 years as documented by. This is NOT applicable for self employed persons

 A USDA debt ratio waiver request must be submitted to Rural Development, in writing, with the compensating factors listed to support the request.

USDA loans are in the blood of my entire team! As an approved USDA lender, we are experienced in the USDA process and are here to help guide you from pre-qualification to closing.

We are ready to help with your next pre-qualification or if you are in need of an expert 2nd opinion.

Just call or email to discuss your scenario and let us show you the Metroplex difference!

Thank you for the continued referrals and trusting us with all of your mortgage needs.

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA FAQs

Jul 16

8

What is the minimum credit score for a USDA loan?

Is there a minimum credit score for a USDA loan?

While a certain credit score does not guarantee an approval, minimum credit scores do open up doors for qualifying options and available programs.

Today’s video tip will discuss what is the minimum credit score for a USDA loan along with other minimum conditions required.

I realize USDA qualifying guidelines can be complicated, but that is where we step in to help. My team is built to help walk homebuyers through the USDA process step by step.

Just simply call or email to discuss your scenario, schedule a convenient call back time, or complete our 1-2-3 online pre-qualifier to get started.

As an approved USDA lender, we offer specific experience and expertise on this unique program. Through this, we are able to provide value to the rural communities we serve and for those who need the benefits of a USDA loan.

What is the minimum credit score for a USDA loan?

USDA Rural Housing loans are unique with both the benefits they offer and their qualifying guidelines. With that being said, we are often asked if there is a minimum credit score for a USDA loan?

As with any loan program, there are minimum qualifying standards that must be met and part of that begins with what credit score qualifies for a USDA loan. What is the minimum credit score for a USDA loan?

USDA guidelines state that “applicants with validated credit scores of 640 or greater meet the minimum credit reputation” provided indicators of unacceptable credit are not present in the applicant’s credit file.

It is always important to remember that a credit score in its self does not indicate that the applicant’s credit reputation is acceptable. Even when the credit score exceeds the minimum requirement, the lender must determine that each applicant, individually, and all applicants collectively, have an acceptable credit reputation.

What is the minimum credit score for a USDA loan? Automated Eligibility through the Guaranteed Underwriting System (“GUS”) is possible with minimum scores of 640, while manual underwriting is available for scores below that mark.

Remember, that when working with manual underwriting, not all lenders offer this type of approval and varying lenders can have their own minimum score criteria.

USDA Guidelines further advise: “Loans with credit scores of 580 or below should not be approved.” As I have mentioned before,  meeting a certain minimum credit score for a USDA loan does not guarantee approval and minimum credit conditions will have to be met when determining overall USDA loan eligibility.

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA FAQs

Jul 16

1

A Special Independence Day Message…

Texas USDA Approved LenderThe painting above is the “Prayer at Valley Forge” by Arnold Friberg, painted in 1976 in honor of the country’s bi-centennial. It depicts a bitter cold day in the dead of winter 1777-78. The Continental Army had set up winter camp in a harshly criticized location. General Washington insisted on it because it could be easily defended.

Weary from marching, hungry and wearing only tatters of clothing, the soldiers settled in and tried to stay warm and alive. They had next to nothing to eat, and only a cause to help them endure. While there, over 2,500 men died. It’s said that even General Washington feared that the army would disband if something miraculous didn’t happen.

So that cold day, General George Washington took a short leave from his men and went out into the forested area near the camp. There, this giant of a man got off his horse, knelt in the snow, and cried out to his Heavenly Father to help them. This example of humility has always been inspiring.Tampa FL USDA Approved Lender

Help was indeed given, through the gift of a quartermaster and a drill sergeant. The Continental Army emerged from Valley Forge in June of 1778 a force to be reckoned with, defeating the British at Monmouth and then at Yorktown, leading the way to independence and freedom.

Love this country. Love what these men did. Love the man George Washington for his humility and inspired leadership. On this Independence Day, may we never forget those who went before that we might have the life we live today.

May God Bless America!

Florida USDA Approved Lender
Article credit given to the Florida Association of Mortgage Professionals

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA FAQs

Jun 16

24

What is a boomerang buyer?

How can a USDA loan help boomerang buyers?

Due to the recession and financial crisis, this has impacted homeowners through foreclosure, bankruptcy, and short sales.  In addition, many have also experienced loss of employment and a reduction in wages

In a recent TransUnion study, they estimated that over the next five years tBoomerang_Buyershere will be 2.2 million boomerang buyers re-entering the market. As these consumers rebound, a new opportunity awaits for these boomerang buyers to qualifying for a mortgage.

In the same survey, they calculated that 700,000 will be able to meet agency selling guidelines within the next five years (which means conventional loan guidelines).

However, we also know that USDA guidelines USDA loans and Boomerang Buyersoffer more flexibility with credit qualifying when compared to conventional loans, which could help speed up the waiting time and qualifying process for many prospective homebuyers.

Because of the importance of this topic, I wanted to remind everyone about how to qualify for a USDA loan after a foreclosure, bankruptcy, or short sale and have listed the links below with the critical details on how this can help boomerang buyers qualify for a USDA loan.

For your convenience, I also thought it would be a good idea to summarize these boomerang buyer loan qualifying points in one post so it is easier to forward and share with your database, colleagues, and friends to help spread the word that affordable homeownership is available!

And remember, as a USDA approved lender we offer the experience and expertise to give you the advantage.  Just simply call or email to discuss yours scenario and let us show you the “Metroplex Difference“!

(800)806-9836 Ext. 280
SeanS@MPLX.org

And don’t forget to download our USDA Blueprint for success with the link below, it is designed to be a great resource for the homebuying process and to help walk you through the process step-by-step.

How do you qualify for a USDA loan after foreclosure?

In this short video, I will explain how it can be possible to qualify for a USDA loan after foreclosure and also discuss any possible USDA exceptions to their foreclosure waiting periods.  This is a must see tip for a boomerang buyer who had a previous foreclosure and is now trying to qualify for a USDA loan.

What are USDA and FHA waiting periods if a home was included in bankruptcy?

Do you know what are the waiting periods for USDA and FHA after a bankruptcy? What if there was a mortgage that was included in the previous bankruptcy?  These are critical facts to know for any boomerang buyer, and I will walk you through the steps on how to qualify for a USDA or FHA loan if a home was included in the bankruptcy.

How do you qualify for a USDA loan after a short sale?

Can you qualify for a USDA loan after a short sale?  While this is a common question that we receive, this video will go into details about recent updates and explain how a USDA loan may be able to help.

Credit for images used in this post are attributed to TransUnion

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA FAQs

Jun 16

17

Did you know this about USDA loan underwriting guidelines?

How can USDA loan underwriting guidelines be fully maximized?

Whether you are a prospective homebuyer trying to qualify for a USDA loan or a Realtor working with USDA clients, accuracy and experience are both critical toward helping a buyer make the most of their USDA loan qualifying.

With that being said, it is  critical to work with a lender who understands USDA loan underwriting guidelines from front to back.  This short video tip will provide the necessary details to help give you the advantage when qualifying for a USDA home loan.

And don’t forget to download our USDA Blueprint for success with the link below. This is a great resource for the real estate community and is designed to walk you through the USDA loan process step-by step.

Is your lender working with the USDA “GUS” Underwriting System?  If not, the full potential which can be found within the USDA loan underwriting guidelines may not be reached.Florida USDA loan underwriting guidelines

The Guaranteed Underwriting System also known as “GUS”, was created by USDA Rural Development to serve as their automated underwriting system (AUS). The system’s purpose is to help lenders process Rural Development Guaranteed loan applications.

USDA Approved lenders can utilize GUS to submit:

  • An application for eligibility determination
  • Pre-qualification, or…
  • Final submissions to Rural Development

The Guaranteed Underwriting System is a rules based decision engine and a modified version of the FHA TOTAL scorecard.

With these combined functionalities GUS can indicate recommended levels of underwriting and documentation to determine a USDA loan’s eligibility for the Single Family Housing Guaranteed Loan Program (SFHGLP).

After the loan data is entered, GUS then delivers a recommendation based on a risk evaluation analysis, which can be as follows: Accept, Refer, or Refer with Caution.

Important USDA loan eligibility factors that GUS will help to determine are:

  1. Income
  2. Credit, or
  3. Property Location

Additionally, accepted qualifying ratios within the GUS Underwriting System do not require a USDA Debt Ratio Waiver and assist in determining a borrower’s qualifying sales price and maximum USDA loan size.

Please note, that as with any Automated underwriting system, the findings are onFlorida USDA loan underwriting guidelinesly as good as the data entered. This underscores the importance of accuracy at this stage of the process, because although GUS is not a final underwriting stamp of approval, it does provide a road map for eligibility and  depending on the response received, additional USDA loan underwriting guidelines will be  followed by the lender.

Metroplex Mortgage Services is a USDA approved lender and we utilize the GUS system to help maximize efficiency, accuracy, and the benefits provided within USDA loan underwriting guidelines for potential homebuyers.

We realize that qualifying for a USDA loan may seem overwhelming, but when you are paired with a lender who can maximize the potential of this unique program, it is a match that can help open the door to home ownership.

My team is ready to help with your next pre qualification, or if you happen to need an expert second opinion.

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA Advantages, USDA Credit Qualifying, USDA FAQs

Jun 16

10

What are the USDA and FHA waiting periods if a home was included in bankruptcy?

USDA or FHA – Do you know what are the USDA and FHA waiting periods if a home was included in bankruptcy?

Last week we spoke about bankruptcy qualifying in general, but today’s topic is critical because it can cause a transaction to stop cold in its tracks.

If you had a prior mortgage included with bankruptcy, can you qualify for a USDA loan?

Thankfully USDA loans offer guidelines which can help in these situations and today’s video tip will cover the details you need to know.

Remember that you have my permission to forward and share this video and post on social media to help spread the news that affordable homeownership is available!

So, what are the USDA and FHA waiting periods if a home was included in bankruptcy?

In cases when there is a Chapter 7 Bankruptcy ,  which included a mortgage, USDA loan eligibility and qualifying questions can arise about the actual timing of when the deed to the property’s ownership transferred out of the homeowner’s name officially.

What are the USDA and FHA waiting periods if a home was included in bankruptcy

Remember, on FHA loans there is 2 year bankruptcy discharge waiting period, and on top of that, a 3 year waiting period on foreclosure completions. This only starts after the deed to any property in question transfers out of their name.  As many have experienced, this could be months or even years after the actual bankruptcy was discharged.

Unlike FHA guidelines, the USDA guidelines state the following:

“When a Chapter 7 bankruptcy absolved the mortgage debt for the applicant, any foreclosure or remaining foreclosure pending is an action against the property, not the applicant. The foreclosure action is not considered as adverse credit in the applicant’s evaluation. A loan underwritten with the assistance of GUS will not be required to be manually down-graded when the bankruptcy discharge included the mortgage debt.”

What are the USDA and FHA waiting periods if a home was included in bankruptcy

Just be aware – if the property has not officially transferred yet, additional requirements will need to be reviewed for USDA eligibility.

If you have any further questions about the USDA and FHA waiting periods if a home was included in bankruptcy, please call my team today so we can start to review.


Many loans have come across my desk for a 2nd opinion that were not reviewed properly by the original lender because of this specific guideline.  It is critical to understand the details about how to qualify for a USDA loan when there is a prior deed transfer after a bankruptcy – it could mean the difference between a closing or a missed opportunity. We are the experts when it comes to the USDA loan program!


Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA FAQs

Jun 16

3

Boomerang Buyers: Can you qualify for a USDA loan after a Chapter 7 Bankruptcy?

Boomerang Buyers – Can you qualify for a USDA loan after a Chapter 7 Bankruptcy?

Boomerang Buyers are becoming a big portion of the homebuyer market and for many of those who previously had to file for a bankruptcy, they are now able to once again qualify and purchase a home.

Today’s video tip will shed light on how it can be possible to qualify for a USDA loan after a Chapter 7 bankruptcy, and as you will see, it may be quicker than you think!

If you have not yet done so, remember to take advantage of our free 2nd opinion service (SOS). This is great way to get an expert second opinion and can be used for both pre-qualifications and those already under contract.

Can you qualify for a USDA loan after a Chapter 7 Bankruptcy?boomerang buyers qualify for a USDA loan after a chapter 7 bankruptcy

From 2008 to year end 2014, there were over 8 million people that filed for a non-business related bankruptcy.

With that being said, many of these cases were not due to financial irresponsibility, but instead due to hardships faced which may have been outside of that person’s immediate control.

USDA loan qualifying currently requires that a Chapter 7 bankruptcy be discharged for 3 years. However, USDA guidelines also allow for the following possible exception:

“An elapsed period of less than 3 years may be acceptable for a loan guarantee if the applicant can show the bankruptcy was caused by extenuating circumstances beyond their control and has since exhibited a documented ability to manage their financial affairs in a responsible manner for a reasonable period of time following discharge.”

USDA loan qualifying after a Chapter 7 bankruptcy also will require that:

“The lender must document the applicant’s current situation indicates the events that led to the bankruptcy are not likely to recur.”

Possible exception scenarios would evidence that the circumstances leading to the
credit problems were:

boomerang buyers qualify for a USDA loan after a chapter 7 bankruptcy

  1. Temporary in nature
  2. Beyond the applicant’s control; and
  3. Resolved for 12 months prior to application

These examples could include, but are not limited to:

  • Temporary loss of job
  • Delay or reduction in benefits
  • Illness, or
  • Dispute over payment for defective good

Further, if the file receives an “Accept” through the GUS Automated Underwriting system, then no further documentation regarding the bankruptcy is required.

As you can see, it can be possible to qualify for a USDA loan after a Chapter 7 bankruptcy, but be prepared to document your case and the circumstances.

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA Credit Qualifying, USDA FAQs

May 16

20

How does a self-employed person qualify for a USDA loan?

How can a self-employed person qualify for a USDA loan?

Yes, it can be possible for a self-employed person to qualify for a USDA loan!

While it is true that this type of employment can cause difficulty with mortgage qualifying, today’s video will cover exactly how it can be possible for a self-employed person to qualify for a USDA loan.

Income qualifying for a USDA loan is critical, so if you have been previously denied, feel free to take advantage of our free 2nd opinion service. This is a great way to get a complimentary expert 2nd opinion and see if we can keep your financing on track.

Who is considered self-employed when qualifying for a USDA loan?

USDA monthly payments

  • 1099 Independent Contractors
  • W2 Employees who are 100% commissioned
  • Converting from a self-employed to a W2 employee can be possible!

How can someone that is self-employed prepare for USDA loan qualifying?

Minimum guidelines require that a self-employed borrower must have 2 years of self-employment history.

Common documents that will be needed for verification purposes include articles of incorporation when applicable and at least 2 years of both business and personal tax returns.

Also, keep in mind your tax returns should include all pages and schedules. If you filed an extension, make sure to have the signed extension available for underwriting.

Tax return documentation includes the following examples:self-employed person qualify for a USDA loan

  • Corporate tax returns
  • Schedule C (Sole Proprietor)
  • Partnership documents
  • Signed extension (if applicable)
  • Year-to-Date Profit & Loss
  • Year-to-Date Balance Sheet

While many banks and lenders may shy away from this type of loan due to the complex nature and experience that it requires, you can see that with proper analysis and documentation a self-employed person can qualify for a USDA loan!

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Posted in USDA Income Qualifying, USDA Underwriting Guidelines

May 16

13

How long does it take to close a USDA loan?

How long does it take to close a USDA loan?

Closing a USDA loan can be faster than you think! As you can imagine, this is a common question and the answer can range from lender to lender. In today’s video tip, I will show you what to look out for and how to reduce the time it takes to close a USDA loan.

Before we get started, don’t forget to take advantage of our free 2nd opinion service. This is a great way get an expert opinion and is great for helping to maximize your pre-qualification.

How long does it take to close a USDA loan?Florida USDA Processing Time

As a USDA Approved Lender, we work directly with:

  • Realtors,
  • Homebuyers, and
  • USDA field offices

It is true that many banks, brokers, or credit unions are not USDA approved, which then requires an actual approved USDA mortgage lender to finalize and submit the file to USDA for review.

This just sounds like “too many cooks in the kitchen”!

Being a USDA  approved lender provides us the ability to reduce the amount of time it takes to close a USDA loan and handle the loan process from A to Z with the following benefits:

• Access to the USDA GUS Underwriting System
• On site USDA underwriting and processing
• Prioritize USDA specific documents
• Are you working with a USDA Approved Lender? – here is a link to find out:

USDA Approved Lender List

Texas USDA Processing Time

As a USDA approved lender, Metroplex Mortgage Services holds expertise with this unique program, and are able to walk both homebuyers and Realtors through the process step by step.

Through this, we are able to reduce the amount of time needed to process and close a USDA loan.

Simply call or email to discuss your scenario, start a new pre-qualification, or if you want to take advantage of our free 2nd opinion service for a transaction that is already in progress.

For future video tips subscribe for free on the right, post on Social Media and forward with the share button.

Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership.

USDA Blueprint for Success

If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success! This is a great educational resource for both buyers and Realtors.

For more immediate scenarios, click here to get pre-qualified for a USDA mortgage today!

So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails.

Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.

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Sean Stephens

Metroplex Mortgage Services

Contact Me Here
Toll Free: (800) 806-9836 Ext. 280
NMLS ID# 185288

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USDA Loan Calculator

Use This Calculator To Help Stay Within Your Budget:

Purchase Price
Loan Term 30 Years
Interest Rate
Annual Taxes
Annual Insurance
Financing: 100%
Purchase Price with
2.75% Guarantee Fee
Principal & Interest
USDA Premium
Total Estimate

*Taxes and Insurance can vary from property to property.

Note: This USDA Loan calculator is for estimating purposes only and is neither a Loan Estimate or Commitment to Lend.

Minimum credit conditions will apply on all loans.

Zillow Testimonials

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1156328
"Sean Stephens and his staff over were extremely helpful and knowledgeable regarding the process for buying a USDA property. The experience so far has ... more "
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by ehowden
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"Sean and his staff were easy to work with and they performed above and beyond what was required. Sean got me a loan with the lowest interest rate ... more "
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by msmith6966
649638
"The team at Metroplex Tampa went above and beyond, locking in a very low rate for us. We shopped the rate around too, and the "big guys" couldn't ... more "
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by rorschach19

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