Aug 16

27

Can you include closing costs with a USDA loan?

Can you include closing costs with a USDA loan?

As you can imagine, this is a very common question that I receive and because many assume that 100% Financing also means “No out of pocket” expense, it is important to understand how it can be possible to include closing costs with a USDA loan.

Today’s video tip will cover the details about how you can include closing costs with a USDA loan and  help to further reduce those out of pocket expenses.

Can you include closing costs with a USDA loan?

USDA loans offer the benefit of 100% financing, or no Down Payment. However, many often assumes this means the same as  “No Money out-of-pocket“.Can you include closing costs with a USDA loan

USDA loans eliminate the need for a down payment, but the homebuyer is still responsible for their respective costs. These can be either paid by:

  1. Using their own funds,
  2. Negotiating for the seller to pay through the sales contract, or
  3. In the case of a USDA loan, the ability to finance them into the loan.

When you are buying a home, there are customarily two sets of out of pocket expenses:

  1. Your Down payment,  and
  2. Settlement Charges otherwise known as closing costs.

While a USDA loan does not require a down payment, here are examples of what settlement charges can be financed into a USDA loan:

  • Closing Costs such as title charges, loan costs, survey, recording fees, etc.)
  • Pre-paid Items such as your escrow accounts, homeowner’s and flood insurance premiums, and pre-paid interest.

Remember, the ability to finance closing costs into a USDA loan will rely on the appraised value, because if the appraised value is higher than your sales price, then you have the ability to increase your loan amount to finance your settlement charges.

Also, being able to increase your USDA loan amount to include closing costs is a unique feature for USDA home loans, and is not currently available for Conventional, FHA, or VA programs.Can you include closing costs with a USDA loan

Homebuyers should be cautious if they are solely relying on financing closing costs to cover their out-of-pocket expenses, because that is determined by the final appraised value which happens after the sales contract is agreed upon. 

Financing closing costs should be viewed as a potential advantage, not a guarantee!

 So, yes you can include closing costs with 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 FAQs

Aug 16

19

Can a Credit Dispute affect USDA Loan Qualifying?

What are the unintended consequences of disputing an account on your credit report? Can a disputed account cause your USDA loan application to be denied?

Disputed accounts can have a major impact on USDA loan eligibility and along with it cause a high level of confusion with the USDA qualifying process.

In today’s short video we will cover how a credit dispute can affect USDA loan qualifying, along with potential solutions to help keep your transactions headed to the closing table.

Before we get started, don’t forget to download our USDA Blueprint for success with the link below. This is a great educational resource for the home buying process and designed for both homebuyers and Realtors.

Can a Credit Dispute affect USDA Loan Qualifying?

USDA guidelines require that when an applicant’s credit report indicates an account (tradeline) or public record has been disputed, a GUS underwriting recommendation of “Accept” may need to be downgraded by the lender to a “Refer” which would then require more stringent manual underwriting guidelines.

However, a downgrade is not required if any of the following conditions are met in regards to the disputed item listed on the credit report:

1. The account has a zero dollar balance, or
2. The account is marked “Paid in full” or “resolved”, or
3. The account has a balance owed of less than $500 and is more than 24 months old

In this anonymous case study for a loan that we successfully closed, they had been previously denied by another lender for a disputed account.

However, as you can see this should not have been the case because the disputed account has a zero balance.

Florida USDA Lender

This unique portion of the USDA guidelines involving disputed accounts not only causes confusion for the applicant, but as you can see, can also cause confusion for lenders who do not regularly work with the USDA program.

Remember, the applicant also has the ability to have the dispute removed and then we can process a new updated credit report for underwriting review.

If you want to qualify for a mortgage but have questions regarding disputed accounts, my team is experienced with this scenario and we can help walk you through the steps on what can be possible, along with how to get the dispute removed if needed.

USDA loans are in the blood of my entire team. As an approved USDA Lender Metroplex Mortgage Services is proud to serve our rural communities.

Texas USDA Lender

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

Just call or email if you have any USDA qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions

I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

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

Aug 16

12

Can a credit freeze affect how you qualify for a mortgage?

Can a credit freeze affect how you qualify for a mortgage?

I receive this question often, so wanted to bring the facts to your attention in order to better prepare when starting the home loan journey.

There are times when a customer is starting the qualification process, and they alert us about a credit freeze on their report.  So what is a credit freeze? Generally speaking, this can be looked at as a hold placed on your credit report which restricts access, thus making it more difficult for identity thieves to steal your personal information. 

In today’s video tip, I will explain what a credit freeze is and how you can prepare for the mortgage qualifying process.

Can a credit freeze affect how you qualify for a mortgage?

A credit freeze, also known as a security freeze, does not affect your credit score, nor does it keep you from obtaining your free annual credit report from the three credit reporting agencies at: annualcreditreport.com

Florida USDA Approved LenderIt also doesn’t prevent a thief from making charges to your existing accounts. Remember, it is always good practice to monitor your bank and credit account statements closely.

Also, existing creditors still have access to your credit report along with government agencies who may have access due to an order through the courts, search warrant, or subpoena. 

So, how do you request a credit freeze?  You will need to place a request with each of the credit reporting agencies, Transunion, Experian, and EquifSebring FL USDA Loansax. 

There will be a fee with each agency and once the request is placed you will receive a confirmation of the freeze, in the form of a PIN# or unique identifier.  It is important to keep this secured, as it will be needed when you choose to lift the freeze.  

Now, to remove the freeze, you will have to go back to the credit bureaus and request a temporary removal. If you are attempting to qualify for a mortgage and have a security freeze on your credit, be prepared in advance to have it lifted, because unnecessary delays may slow down how quickly the qualification process can start.

The Federal Trade Commission has more information on credit freezes here.

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 Credit Scores, USDA FAQs

Aug 16

5

What are the USDA and FHA distance requirements for well and septic?

What are the USDA and FHA distance requirements for well and septic?

When working in rural communities, having a property that is on a private well can be common.  However, there are critical measurements that need to be accounted for when determining minimum property requirements.

In today’s video tip I will walk you through the USDA and FHA distance requirements for well and septic along with what to look out for on your next transaction.

USDA and FHA distance requirements for well and septic

As a quick review, USDA loans follow FHA HUD Handbook guidelines for minimum property requirements, so for today’s video the distances and measurements will be applicable to both FHA and USDA home loans.

What are USDA and FHA well and septic distance requirements

Also, our content today will be for existing properties with private wells and not for new construction homes or those that are on a public water system.

HUD Handbook guidelines require the following minimum distance requirements between wells and sources of pollution for existing construction:

1. 10 feet from the property line

2. 50 feet from the septic tank

3. 100 feet from the septic tank drain field, but

4. This may be reduced to 75 feet if allowed by local authority

5.  If the subject Property line is adjacent to residential Property then local well distance requirements prevail.

USDA and FHA distance requirements for well and septicHowever, if the subject Property is adjacent to non-residential Property or roadway, there needs to be a separation distance of at least 10 feet from the property line.

Distance requirements of the local authority will prevail if greater than what is stated in the HUD Handbook.

Now, since these distances are not customarily calculated until the sales contract is received and the loan application is in process, please let us know upfront if you have any concerns so we can review and advise. 

While properties with wells do have extra steps, I always say don’t be scared – be aware, because knowledge is power.

Remember, do not let the USDA and FHA distance requirements for well and septic overwhelm you, because that is what we are here for.   As an approved USDA lender we have the experience and expertise to help open the door to homeownership.

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, USDA Qualifying Property

Jul 16

29

Will your USDA loan be denied because of authorized user accounts?

Will your USDA loan be denied because of authorized user accounts?

Do you know what an authorized user account is and how it can affect the USDA loan approval process?

Now, this may seem trivial to some, at least until a loan closing is cancelled because of this issue.

In today’s video tip, we will explain what an authorized user account is, and how it can affect USDA loan eligibility.

Before we get started, don’t forget to download our USDA blueprint for success with the link below. This free guide is designed to break down the process step by step and is a great educational resource for the Real Estate Community.

USDA Credit Qualifying Questions Answered – Authorized User Accounts

According to Investopedia, a Credit Card Authorized User is defined as “A person who has permission to use and/or carry another person’s credit card, but isn’t legally responsible for paying the bill.” This could be anyone from a dependent on a parent’s account,  possibly a spouse or a fiance, or possibly no relationship at all.

This may sound harmless, but you may be asking yourself  how could a USDA loan be denied because of authorized user accounts? As you have probably guessed by now, USDA loan qualifying has specific guidelines regarding authorized user accounts.

Authorized_Users

It is a critical aspect of any USDA loan approval for the underwriter to have a complete understanding of the credit file in order to determine the borrower’s overall credit reputation.

The following examples require NO further action towards USDA loan approval when an authorized user account is present on a credit report:

  1. Another borrower on the application is the owner of the account, or
  2. Owner of the authorized user account is the applicant’s spouse, or
  3. Borrower has been making payments directly to the creditor of the authorized user account for the past 12 months
  4. There are two or more other tradelines listed on the credit report, which are
    not authorized user accounts, with at least 12 months of payment history listed
    to validate the credit score.

In the event that none of these requirements can be met, the loan can still be approved, but under more stringent USDA Manual Underwriting GuidelinesFlorida USDA Approved Lender.

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.

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, USDA Income Qualifying, USDA Qualifying Property

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.

Comments

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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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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

Reviews on Zillow
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 "
5.0/5.0
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 "
5.0/5.0
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 "
5.0/5.0
by rorschach19

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