Jan 17

20

How long does a sales contract date need to be for on a USDA loan?

How long should a contract date be for on a USDA loan?

As you can imagine this is a common question, whose 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.

As a USDA Approved Lender, we have the ability to work directly with Realtors, Homebuyers, and the USDA field offices when submitting the file for their approval.

Many banks, lenders, or credit unions are not USDA approved, therefore they must submit to a 3rd party UDSA lender to handle the approval process.

This bring to mind the old saying “too many cooks in the kitchen”

Tampa FL USDA Approved Lender

When it comes to USDA loan processing times, many are under the impression that it has to take 60 days, but just recently we were able to process and close a USDA loan in only 27 days!

As many of you know, we have established a team philosophy at my office that allows us to coordinate the USDA loan qualifying process efficiently from pre-qualification through closing.

While it is good practice to customarily plan for a USDA closing date of 45 days or less, we will do our best to close a USDA loan as fast as possible as noted above with the recent USDA 27 day closing we experienced.

Now, that is definitely on the shorter end of the closing window, because we are always on the lookout for variables such as potential appraisal delays, re-inspections, well testing, and any other unforeseeable circumstances that would be accounted for in the customary 45 day or less time frame.

However, through proper planning, preparation, and experience Metroplex Mortgage is built to close loans as quickly as possible.

Tampa FL USDA Approved Lender

It is important to remember, that while many offer the USDA program, it is important to find out who has the required experience to help navigate the USDA loan approval process successfully. It may sound funny, but we truly eat, breathe, and sleep USDA Loans each and every day because this is a program that is there to benefit our rural communities.

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

Jan 17

13

Steps on how to buy the house you rent with a USDA loan

Steps on how to buy the house you rent with a USDA loan…….

Today’s topic is especially important for property managers, listing agents with properties that have tenants, and any homebuyers that want to purchase the home they are renting.

As more and more renters transition into homeownership, this is becoming a common question and today’s short video tip will walk you through the steps on how to buy the house you are renting with a USDA loan. 

By the way, don’t forget to download our USDA Blueprint for Success with the link below, this complimentary guide is designed to walk you through the USDA qualifying process and is ideal for both homebuyers and Realtors alike.

So, what are the steps to buy the house you rent with a USDA loan?

With this type of scenario, the nice part is that since you are purchasing the home you already live in, we can now focus on the qualifying aspect.

Let’s get started by reviewing rental history first.

Tampa FL USDA Loan Approved Lender

Is your landlord a private owner, property management company, or Real Estate brokerage?

This is important, because when verification of rental history is required, documentation from a company managing the rent will customarily hold more weight and strength with the USDA approval process when compared to a private landlord verification.

Do you pay rent by check, cash, or money order?

I know you have heard me say this many time in the past, but paying by check is by far and away the most concrete form of rental verification – especially when paying to a private landlord. 

USDA Minimum Credit Qualifying Requirements

 While minimum credit scores will allow you to get your foot in the door for initial eligibility, remember that the overall credit history will be taken into consideration which includes any previous short sales, bankruptcies, and foreclosures.

However,  we are also looking for established payment histories to document the overall credit reputation of the buyer.  In this case, we are looking for how many accounts have been open, active, and paid on time for at least 12 months.

Remember, in cases where accounts are not reporting on the credit report, USDA guidelines will also permit verification of non-traditional account references such as Cable, Electric, Water, and Phone bills for example.

Tampa FL USDA Loan Approved Lender

USDA Employment History Guidelines

USDA Guidelines will require earnings to be adequate and dependable and we will need to document a 2 year work history to support qualifying. 

Please remember that while at least 2 years on the same job is preferred, it is not a requirement. 

Documenting a stable 2 year work history will take into consideration any job gaps of over 30 days, trends of having inconsistent job history, or short term employment in various fields.  If inconsistent job history is the case, be prepared to build towards the future once an established dependable work history has been earned.

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

Jan 17

6

Are USDA loans only eligible for First Time Homebuyers?

Are USDA loans only eligible for First Time Homebuyers?

While it is true that USDA Home Loans are sought after by First Time Home Buyers, can previous homeowners also qualify for a USDA loan?

While many may think that USDA loans are only eligible for First Time Homebuyers, in today’s video tip will keep you in the know about key points on who can be eligible for a USDA loan.

And if you have not yet done so, remember to download our USDA Blueprint for Success with the link below, this complimentary guide is designed to walk you through the USDA qualifying process step-by-step and is ideal for both homebuyers and Realtors alike.

So, are USDA loans only eligible for First Time Homebuyers?

While many commonly associate the USDA Rural Home Loan Program with First Time Home Buyers, it is true that previous homeowners may also be eligible for a USTampa Florida USDA Approved LenderDA loan.

For example, after a home is sold and the previous homeowner now wants to look to purchase again and provided it is a primary residence, a USDA loan may be an extremely attractive option because of the many benefits such as:

  • 100% Financing
    • Remember that USDA Loans allow for No Down Payment
    • This can help to save as much of their proceeds as possible from the previous sale
  • The ability to finance closing costs up to the appraised value
    • USDA Loans allow you to finance closing costs if the appraised value exceeds the purchase price
  • USDA Loans allow for credit qualifying flexibility which can help with:
    • Previous short sales, Bankruptcies, and Foreclosures

Now, if an applicant wants to purchase their next home with a USDA Guaranteed loan prior to selling their existing property, they can still be eligible if the following are met:

  • The current home is not financed by a USDA Rural Development Loan
    • Basically, you are not able to have two USDA loans at the same time
    • (Section 502 or 504 loan, or active grant)
  • The homeowner is able to qualify to own more than one house
    • An applicant is limited to owning one single family property other than the one being purchase with the USDA loan
  • Homeowner will occupy the home financed with the USDA loan as their primary residence through the term of the loan, and
  • The current home no longer adequately meets the applicants’ needs such as in the following examples:
    • Manufactured homes that are not fixed on a permanent foundation
    • Applicant has relocated to a new employer, or is being transferred by the current employer to an area not within a reasonable local commuting distanceTampa Florida USDA Approved Lender

In summary, while the USDA Rural loan program is a fantastic option for First Time Home Buyers, previous homeowners are also eligible to take advantage of the many qualifying benefits that a USDA loan offers.

Remember that minimum credit conditions will apply and sufficient equity may be required on all programs.

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

Dec 16

30

Happy New Year! Do you know what the maximum loan limits are for 2017?

So, do you know what the maximum loan limits are for 2017?

With 2017 here to stay, I wanted to dedicate this week’s blog to highlight the maximum VA, USDA, FHA, and Conventional loan limits that have been set for 2017 and keep you in the know to start off the year in style!Tampa Florida USDA Approved Lender

And remember, if you ever need assistance  or have any financing questions please use my team as a resource – that is what we are here for!

Whether it is for a new pre-qualification or to help with an existing transaction that may be experiencing financing difficulties, just call or email to discuss your scenario so we can go to work for you!

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

What are the USDA, VA, FHA, and Conventional maximum loan limits for 2017?

Department of Veterans Affairs

What is the VA maximum loan limit?

With VA’s recent announcement of their updated maximum guarantee limits which are effective January 1, 2017, they mirror the loan limits of the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac’s maximum conforming loan limits which is now $424,100 for a single family residence (see below under the 2017 conventional loan limits).

Per VA: ” VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location.”

Remember, the basic entitlement for each eligible Veteran is $36,000 and VA approved lenders such as Metroplex Mortgage Services will generally lend up to 4 times a Veteran’s entitlement without requiring a down payment.Tampa FL VA Approved Lender

Moreover, if a Veteran has previously lost a VA loan through bankruptcy, foreclosure, or a short sale they may still be eligible for another VA loan by determining any remaining “bonus entitlement“.  While this can be complicated, please call my team to discuss your scenario so we can try to help.

Click Here a short video that further explains VA Bonus Entitlement

Remember, minimum income and credit conditions will apply along with meeting sufficient equity requirements in some situations.

USDA Single Family Guaranteed Rural Home Loan Program

Do USDA Loans have a maximum loan size?

In case you did not know, it is true that USDA loans actually have NO loan limits! Since there is not a maximum set sales price for a USDA loan, this can be a powerful option that sometimes gets overlookedTampa FL USDA Approved Lender

Because USDA loans do not have set loan limits, they can be a great option when compared to either conventional or FHA loans, which both require a minimum required down payment.

While there is no maximum USDA loan amount, a USDA maximum loan is amount is calculated on the applicant’s ability to qualify.  Thankfully, there are healthy income limits which are based on family household size and even those can be increased if the property is located in a USDA high cost county.

Here is a short video which covers how to qualify for a USDA maximum sales price:

Conventional Loans (Fannie Mae and Freddie Mac Conforming)

What are the 2017 Fannie Mae and Freddie Mac conforming loan limits?

An increase in the 2017 Fannie Mae and Freddie Mac loan limits  was recently announced by FHFA (Federal Housing Finance Agency) which increased loan limits for both Fannie Mae (FNMA) and Freddie Mac (FHLMC) and are scheduled to take effect on January 1, 2017.

Tampa Florida USDA Approved Lender

Also, you can click on the links for the related Fannie Mae conforming loan limit and Freddie Mac conforming loan limit announcements for more details which include the increased loan limits that are found in the higher cost areas.

FHA Loans (Federal Housing Administration)

2017 FHA maximum mortgage amounts have been published!

The FHA has published their 2017 maximum mortgage amounts (remember this is the loan amount financed, not the sales price) for both low and high cost areas which become effective for case numbers assigned on or after January 1, 2017.Sebring FL USDA Approved Lender

The maximum FHA loan amount for a single family residence (SFR) in a low cost county area has increased to $275,665 and those that purchase a SFR in a high cost area have seen their maximum FHA mortgage amount rise to $636,150.

Additionally, the respective loan amounts have also increased for 2,3, and 4 unit properties that are eligible for FHA financing.  Additional details can be found in the full FHA announcement here.

While the majority of our customers and Realtors work in low cost counties, I have included links to both for your reference:

For a list of FHA low cost counties: CLICK HERE

For a list of FHA High cost counties: CLICK 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 USDA FAQs

Dec 16

17

How fast can you close a USDA loan?

How fast can you close a USDA loan?

When it comes to USDA loan processing times, many are under the impression that it has to take 60 days, but  in today’s post I will show the steps we took to recently close a USDA loan in only 27 days!

As many of you know, we have established a team philosophy at our office that is able to coordinate the USDA loan qualifying process efficiently from pre-qualification through closing.

Also, don’t forget to take advantage of our complimentary Second Opinion Service (SOS).  This is great for both new pre-qualifications and loans already in process so you can get access to an expert second opinion and help keep your closing on track!

So, How Fast Can You Close a USDA Loan?

While it is good practice to customarily plan for a USDA closing date of 45 days or less (some lenders may ask for more time, but that is not necessary in my opinion), we will do our best to close a USDA loan as fast as possible as noted above with the recent USDA 27 day closing we experienced.

Now, that is definitely on the shorter end of the closing window, but we are always on the lookout for variables  such as any appraisal delays, re-inspections, well testing, and other unforeseeable circumstances that would be accounted for in the customary 45 day or less time frame.

However, as you can see,  team is built to close loans as quickly as possible!Punta Gorda FL USDA Lender

Further, because of our dedicated service and effective USDA processing systems that are in place, we are receiving great feedback from our customers and now have received the following posted review:

We are grateful for the feedback and appreciate all of our customers and the Realtors that we  work with on a daily basis and thank you for 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

Dec 16

9

What type of house qualifies for a USDA loan?

What type of house qualifies for a USDA loan?

When you hear about USDA Home loan benefits such 100% financing or the ability to finance closing costs, it can be easy to focus on the financial advantages and then forget about what kind of property is actually eligible for a USDA loan .

A key step is to first understand what type of house qualifies for a USDA loan and then also be aware of what of properties are considered ineligible for USDA financing.

Also, I want to thank everyone who’s already downloaded our USDA Blueprint for succss. We are getting great feedback on it, and if you have not yet done so just simply click the link below.

So, what type of house qualifies for a USDA loan?

First off, remember that the USDA Rural Home Loan Program does NOT have set loan limits like FHA or Conventional loans. The maximum loan amount is based on the applicant’s qualifying ability.

Although many may automatically assume that higher priced homes Florida USDA Approved Lenderare not eligible, that is simply false! Homes that are in subdivisions, gated communities, and even townhomes could all be considered a type of house that qualifies for a USDA loan, pending they are in a USDA eligible area.

While it is common to view a traditional single family residence as a type of house that qualifies for a USDA loan, a condominium may also be eligible pending the project itself can be approved or already has an existing type of approval from another agency such as FHA, VA, Fannie Mae, or Freddie Mac. USDA eligibility for condominiums can be on a case by case basis, so contact my team for assistance on your next condo scenario.Florida USDA Approved Lender

As of December 1st 2014 USDA guidelines changed and homes with in-ground pools are now a type of house that qualifies for a USDA loan! As you may remember, previous USDA guidelines made it challenging for this type of house to qualify for a USDA loan, but thankfully that is long gone!

Now, let’s quickly  review what properties are NOT considered eligible for a USDA loan:

  • Existing Manufactured Homes,
  • Investment Properties or 2nd Homes,
    (USDA Loans are only eligible for primary residences)
  • Properties that include buildings which are designed to be used principally for income-producing purposes such as a barn, silo, or other type of commercial operation for example.

While this is not an all inclusive list, it is important to remember that the type of house that qualifies for a USDA loan must be predominantly residential in use, character, and appearance.

As you can see, the USDA loan program can be extremely powerful, however be careful you are working with a lender who has a proven track record of success under this unique program.

As a USDA approved lender, we are here to help. Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

Let’s make it a great day, and I 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 Property Eligiblity Requirements

Dec 16

2

How do you find homes eligible for a USDA loan?

How do you find homes eligible for a USDA Loan?

This is a critical part to the foundation of USDA eligibility, because first you must be able to find a home that is in a USDA eligible area.

In today’s video, I will walk you through the process of how to search for homes that are in a USDA eligible area.

Not all lenders specialize in USDA loans, so if you have been previously denied, feel free to take advantage of our free 2nd opinion service (SOS). This is a great way to get a complimentary expert 2nd opinion and see if we can keep your financing on track.

How do you find a home that is eligible for a USDA loan?

OK, so now let’s walk through the steps of how to search for a USDA eligible property:

First off, go to the USDA eligibility homepage to start you search on how to fLand O Lakes USDA Loansind a home that is eligible for a USDA loan. (I have included a link below for your convenience)

Then, on the left hand side, click on the Single Family housing Guaranteed tab.

After that click the Property Eligibility option.

Next, you will accept, which is under the property eligibility disclaimer to the right and now, you can either type in a specific address or be more broad in your search by including a city, state, and zip code, or just use the map to search an area

Wow, just see how close a property could be for either an eligible or ineligible areaTampa FL USDA Loans!

Once the search is completed, you will then be able to confirm if a property is currently eligible for a USDA Loan.

USDA ELIGIBILITY HOME PAGE

Now, I realize that many areas may already be completely eligible, but for those who are working in markets which contain ineligible portions, it is critical to know how find a home that is eligible for a USDA loan .

We understand that the USDA qualifying process can be confusing, but don’t let the details overwhelm you, because that is where we step in to help.

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

Whether you are trying to find a home that is eligible for a USDA loan in Florida, Texas, Tennessee, or Alabama, just 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.

Remember, finding a home that is eligible for a USDA loan is a critical part to the USDA loan qualifying process and we are here to help!

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

Nov 16

24

Did you know this about Thanksgiving?

Happy Thanksgiving from our team at Metroplex!

There is so much to be thankful for as we come to this time of the season. Below are some interesting Thanksgiving facts that we wanted to share with you.

THANKSGIVING’S ANCIENT ORIGINS
Although the American concept of Thanksgiving developed in the colonies of New England, its roots can be traced back to the other side of the Atlantic. Both the Separatists who came over on the Mayflower and the Puritans who arrived soon after brought with them a tradition of providential holidays—days of fasting during difficult or pivotal moments and days of feasting and celebration to thank God in times of plenty.

beautifulthanksgivingAs an annual celebration of the harvest and its bounty, moreover, Thanksgiving falls under a category of festivals that spans cultures, continents and millennia. In ancient times, the Egyptians, Greeks and Romans feasted and paid tribute to their gods after the fall harvest. Also, historians have noted that Native Americans had a rich tradition of commemorating the fall harvest with feasting and merrymaking long before Europeans set foot on their shores.

THANKSGIVING AT PLYMOUTH
In September 1620, a small ship called the Mayflower left Plymouth, England, carrying 102 passengers—an assortment of religious separatists seeking a new home where they could freely practice their faith and other individuals lured by the promise of prosperity and land ownership in the New World. After a treacherous and uncomfortable crossing that lasted 66 days, they dropped anchor near the tip of Cape Cod and began the work of establishing a village at Plymouth.

In November 1621, after the Pilgrims’ first corn harvest proved successful, Governor William Bradford organized a celebratory feast and invited a group of the fledgling colony’s Native American allies, including the Wampanoag chief Massasoit. Now remembered as American’s “first Thanksgiving”— the festival lasted for three days. Historians have suggested that many of the dishes were likely prepared using traditional Native American spices and cooking methods. Also, you probably didn’t know this but lobster, seal and swans were on the Pilgrims’ menu.

THANKSGIVING BECOMES AN OFFICIAL HOLIDAY
In 1789 George Washington issued the first Thanksgiving proclamation by the national government of the United States. He called upon Americans to express their gratitude for the happy conclusion to the country’s war of independence and the successful ratification of the U.S. Constitution. His successors John Adams and James Madison also designated days of thanks during their presidencies.

In 1817, New York became the first of several states to officially adopt an annual Thanksgiving holiday.  Later, at the height of the Civil War, in a proclamation entreating all Americans to ask God to “commend to his tender care all those who have become widows, orphans, mourners or sufferers in the lamentable civil strife” and to “heal the wounds of the nation,” Abraham Lincoln scheduled Thanksgiving for the final Thursday in November, and it was celebrated on that day every year until 1939, when Franklin D. Roosevelt moved the holiday up a week in an attempt to spur retail sales during the Great Depression.

OTHER INTERESTING FACTS

  • Benjamin Franklin wanted the national bird to be a turkey.
  • Turkey is the traditional dish for the Thanksgiving feast. In the US, about 280 million turkeys are sold for the Thanksgiving celebrations. There is no official reason or declaration for the use of turkey. They just happened to be the most plentiful meat available at the time of the first Thanksgiving in 1621, starting the tradition.
  • The ‘wishbone’ of the turkey is used in a good luck ritual on Thanksgiving Day.
  • Turducken, a turkey stuffed with a duck stuffed with a chicken, is becoming more popular in Thanksgiving (originated in Louisiana). A turducken is a de-boned turkey stuffed with a de-boned duck, which itself is stuffed with a small de-boned chicken. The cavity of the chicken and the rest of the gaps are filled with, at the very least, a highly seasoned breadcrumb mixture (although some versions have a different stuffing for each bird).

Again, we hope you all have a safe and happy Thanksgiving, and we’ll see you right here for the next tip of the week!

happy_thanks_giving

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

Nov 16

18

Will a USDA loan allow you to repair a roof?

If a home needs roof repairs, how do you qualify for a USDA loan?

Thankfully, we have encountered this scenario multiple times and have put together a successful formula and today I will walk you through the process step-by-step on how to qualify for a USDA loan if a home needs roof repairs.

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 already in progress.

So, will a USDA loan allow you to repair a roof?  The short answer is no, because updated USDA guidelines now specifically list roof repairs as an ineligible repair to be financed.

Florida USDA Approved Lender

However, through proper planning and communication, my office has successfully navigated this situation in the past, so let’s now go over a recommended game plan.

  1. In many cases if a Realtor, Seller, or Buyer knows that repairs or replacement of the roof will be needed, it may be listed on the sales contract as a condition.
  2. Once identified, a roofing estimate or contractor’s invoice is obtained for the work to be done.
  3. The appraisal would be completed subject to completion of the roof repairs. This means that the value would be determined subject to the completed repairs.
  4. We approve the loan, submit to USDA, and wait for their commitment to return
  5. After that is received, we then update the parties and roof repairs may begin
  6. After completion, appraiser re-inspects property to certify completion of the repairs
  7. Appraisal certification is received, and once approved, the closing process beginsTexas USDA Approved Lender

Now, that we understand the process, here are additional key factors:

  • Customarily the roofer or contractor would agree to accept payment at closing
  • Since we are the approving lender, it allows us to control and manage the process which minimizes the risk involved because we already have loan approval and the USDA commitment before any repairs would be started.
  • Communication is key between parties
  • It may sound complicated, but we have handled many transactions with repair issues that needed to be done, and this has been a successful formula and while we specifically discussed roof repairs today, this could also be a possible solution for other repair types that are ineligible to be financed for completion after closing.
  • As a final reminder, there is risk involved in every transaction, and other lenders may not have systems in place which can allow this type of flexibility. If you have a unique scenario, please use my team as a resource and we can then advise of the potential options.

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

Nov 16

11

How do you finance home repairs with a USDA loan?

Can you finance home repairs with a USDA loan?

What happens if you have found that perfect property, but there are required repairs that need to be completed?  What if you could still purchase the home and then have the repairs done after closing?  Well this is exactly where a USDA loan can step in.

Before we get started, I just wanted to remind everyone to download our USDA Blueprint for Success with the link below. This is a great educational resource that breaks down the USDA Loan process and is a must have for Realtors and Homebuyers alike.

So, what are the steps to finance home repairs with a USDA loan?

Just to be clear, we are not talking about the FHA 203K program or any type of full blown renovation loan.  Instead, through the ability to finance home repairs with a USDA loan, it allows for an escrow repair option which can pinpoint specific repair items and allow them to be financed into a USDA loan.

Can you finance home repairs with a USDA loan

As a starting point, allowable repair examples may be the replacement an air conditioning unit, flooring, or other repair that would not affect the livability or safety of the home.

Additionally, here are examples that are not eligible to be financed after closing:

  • Roof or Foundation repairs,
  • Repairs to the home’s basic structure,
  • Electrical System, or
  • Plumbing,

While this is not an inclusive list, please check with my team as early in the process as possible so we can discuss any repair questions and overall eligibility.

Now let’s walk through the required steps:

  1. Repair Costs are not allowed to exceed 10% of the final loan amount.
  2. Contractor agreement and invoice required for all repairs
  3. Repairs ideally to be completed within 30 days
  4. Repair funds are placed into escrow at closing with the title company or attorney
  5. The financed amount of repairs may not exceed the appraised value

There will be a required 50% deposit of the total repair cost due at time of closing.  This is allotted to cover any potential cost overruns and can be from either the buyer or seller.  However, this amount may not be financed.

Can you finance home repairs with a USDA loan

After successful completion of the required repairs are documented by a final inspection and approved, release of funding from the title company for contractor funds and the 50% deposit occurs.

As you can see, it is possible to finance home repairs with a USDA loan and this can be a great loan option for REOs, Short Sales, & Distressed properties that are in need of manageable repairs to make the home eligible for financing.

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


Sean Stephens

Metroplex Mortgage Services

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

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