Mar 17

25

Do you know the minimum property requirements for a USDA loan?

What are the minimum property requirements for a USDA loan?

The question of USDA minimum property requirements is a common one that I receive, and today we will cover the basics that need to be known for buyers, sellers, and Realtors alike.

However, before we get started please take advantage of our free Second Opinion Service “SOS which is designed to help Realtors and buyers get access to an expert second opinion and is great for both new pre-qualifications and loans that are already in progress.

What are the minimum property requirements for a USDA loan?

USDA loans are covered by FHA HUD Handbook guidelines for minimum property Tampa FL USDA Approved Lenderrequirements (MPRs).

An FHA roster appraiser may certify compliance to the handbooks when inspecting the property

However, it is not acceptable for an appraiser to simply comment that the property “appears to meet” or “seems to meet” HUD Handbook requirements.

So what are some red flags to look out for?

While there can be any number of issues that may require repairs, a good rule of thumb is to observe the following:Tampa FL USDA Approved Lender

  • Safety,
  • Sanitary, and
  • Structurally Sound

If your concerns impact any one of these aspects of the home, then it may very well need to be corrected prior to closing.

Remember that today’s topic covered USDA minimum propertyTampa FL USDA Approved Lender requirements, but understand that additional conditions can be requested by the underwriter or appraiser that go above and beyond depending on the circumstances of the situation.

Now, if you have a loan in process and a transaction underway, it would be best to discuss any specific property related concerns with your lender and Realtor.

Additional resources on HUD Minimum Property Requirements can be found at:

https://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh

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

Mar 17

17

How soon can you qualify for a mortgage after a Chapter 7 Bankruptcy?

What are the bankruptcy waiting periods for USDA, FHA, VA, and Conventional?

With USDA, FHA, VA, or Conventional loan programs, Chapter 7 Bankruptcy waiting periods are different and in today’s video I will explain how soon you can qualify for a mortgage after a Chapter 7 Bankruptcy and compare the programs side by side.

Remember, if you need help or a have question that is what we are here for, so just call or email to discuss your scenario because we are known for returning calls, replying to emails, and responding to your messages. Now, wouldn’t it be nice if everyone did that!

How soon can you qualify for a mortgage after a Chapter 7 Bankruptcy?

In many cases a Chapter 7 bankruptcy does not occur due to financial mismanagement, but instead due to third party events and circumstances that are outside of the homeowner’s control.

How soon can you qualify for a mortgage after a Chapter 7 Bankruptcy in Florida

With that being said, once a Chapter 7 Bankruptcy has been discharged, waiting periods will apply which will determine how quickly you can qualify for a mortgage.

Currently, here are the published Chapter 7 Bankruptcy standard qualifying guidelines for USDA, FHA, VA, and conventional:

VA Loans
VA Loans are the most lenient and allow for 2 years after bankruptcy discharge;

USDA Loans
While USDA Loans require 3 years after bankruptcy discharge, exceptions can be possible which my office has successfully processed and closed;

Conventional Loans
Conventional Loans under Fannie Mae and Freddie Mac have a 4 year waiting period for mortgage qualifying after bankruptcy discharge; and

FHA Loans
While FHA Loans have a 2 year waiting period after bankruptcy discharge, be extremely cautious when a mortgage was included in the bankruptcy.

If there was a mortgage discharged through bankruptcy, it is important to find out when the deed to the property actually transferred out of your name, because while FHA guidelines only have a two year waiting period after a Chapter 7 Bankruptcy discharge, FHA will then restart their three year foreclosure waiting period from the date the deed officially transfers out of the homeowner’s name!

How soon can you qualify for a mortgage after a Chapter 7 Bankruptcy in Florida

Thankfully, USDA, VA, and Fannie Mae guidelines are more lenient when a mortgage was included with a Chapter 7 Bankruptcy and do not restart the foreclosure waiting period based on the deed transfer date.

My office has been able to successfully process USDA loan exceptions after a Chapter 7 Bankruptcy depending on the factors involved.

However, remember that any exceptions would be looked at on a case by case scenario based on the facts and circumstances of that individual situation.

If you are trying to qualify for a mortgage and have recently been denied because of a previous Chapter 7 Bankruptcy, please take advantage of our free Second Opinion Service (SOS) which is great for both new pre-qualifications and existing transactions.

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

Mar 17

11

What are USDA loan credit score requirements?

What are the minimum credit requirements for a USDA loan?

With so much emphasis on credit scores, it is important to remember that while a certain credit score can open the door to USDA loan eligibility, a certain score on its own will not guarantee an approval. 

Today’s video tip will discuss USDA loan credit score requirements and other USDA minimum credit qualifications.

Also, don’t forget to download our USDA blueprint for success with the link below. It is designed to walk you through the USDA loan process, step-by-step, and is great to share with clients, friends, and co-workers as an educational resource.

What are USDA loan credit score requirements?

While a 640 qualifying credit score can open the door to improved USDA qualifying ability through the GUS automated underwriting system, that in itself does not guarantee USDA loan approval.Tampa FL USDA Loan Approved Lender

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.

As mentioned above, the ability to received automated eligibility for a more streamlined approval process through the GUS underwriting system begins with a minimum qualifying score of 640, but USDA manual underwriting is available for credit scores below that mark.

However, USDA guidelines further state that “Loans with credit scores of 580 or below should not be approved” and certain lenders may not even offer manual underwriting or have the necessary experience to approve USDA loans with scores below 640.

While higher scores will be a contributing factor towards USDA loan approval, we will take the merits of each individual situation into consideration during the qualification process.

Tampa FL USDA Loan Approved Lender

In addition to meeting a minimum credit score, USDA Guidelines state the following:

“To be eligible for a guaranteed loan, an applicant must have a credit history that demonstrates that they are reasonably able and willing to repay the loan and meet obligations in a manner that enables the lender to draw a logical conclusion about the applicant’s commitment to the indebtedness.”

Further review and analysis will be taken in the case where the following are present on the credit report:

  • Collections
  • Judgments
  • Liens
  • Late payments
  • Previous foreclosures, bankruptcies, and short sales

In summary, meeting a certain credit score will help you down the path to USDA eligibility, but to gain USDA loan approval, potential applicants will be required to meet USDA credit reputation requirements.

If you are having trouble with another lender, please take advantage of the Metroplex Mortgage Services USDA Approved Lender 2nd opinion service, where you can get access to an expert 2nd opinion which is great for both pre-qualifications and those loans that are currently in progress.

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

Mar 17

3

Do USDA loans have an acreage limit?

Is there an acreage limit with a USDA Rural Home loan?

When working rural areas, it is common to ask how many acres can you buy with a USDA loan? Thankfully due to updated guidelines, it is now a more simplified process when it comes to reviewing USDA Home Loan acreage requirements.  

With the improved guidelines, it has opened up USDA 100% financing flexibility for properties with increased acreage and also allow for a wider variety of property types to be eligible for USDA loan eligibility.  

Today’s video tip will shed light on how many acres can are allowed with a USDA Rural Home Loan.

So, how many acres can you finance with a USDA Rural Home Loan?

Tampa FL USDA Home Loan Approved Lender

While it is true that there are numerous programs under the USDA umbrella and it may seem natural to connect the words USDA with acreage, when dealing with the USDA Single Family Housing Guaranteed Loan Program there are important facts to understand.

As a point of clarification, the USDA program is designed for Single Family Housing and is not a solution for working farms or income producing properties.  With that being said recent improvements have been made to the guidelines covering allowable land value.

USDA Guidelines previously had the following guidelines when the site value exceeded 30% of the total overall appraised value:

1) The value of the site must be typical for the area, as evidenced by the appraisal; and

2) The parcel cannot be subdivided into two or more sites.

For example, if you had a property that appraised for $100,000 and the appraiser noted that the site value of the appraisal was at $35,000, then that portion would be at 35% of the appraised value thus exceeding the guideline.  This would then have required both of the mentioned steps to be met in order to proceed.

However, a very key point that has been clarified in the new USDA 3555 guidelines.  It simply states the following under the site size guideline requirements: 

“The site size must be typical for the area.”

This simple clarification clearly opens up the potential for larger acreage properties without the further burden required to document if the property could be subdivided.

Tampa FL USDA Home Loan Approved Lender

In summary, do not assume in cases of acreage that it may or may not be eligible for a USDA loan.  Comparable sales in the area will help to justify if the site value is typical for the area.    

When determining how many acres may qualify with a USDA loan, remember that increased acreage can require additional review upfront, so if you have any questions contact my dedicated team so we can help determine how many acres may be eligible with your next USDA loan. 

Remember, if you need help or a have question that is what we are here for, so just call or email to discuss your scenario because we are known for returning calls, replying to emails, and responding to your messages. Now, wouldn’t it be nice if everyone did that!

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

Feb 17

25

What inspections are required for a USDA loan?

What inspections are required for a USDA loan?

Once a sales contract has been signed, ordering inspections may be one of the next steps, but what inspections are required for a USDA loan?

With so many types of inspections to choose from, this can be a common question, and having this information at the beginning of the process can help you stay organized and not get overwhelmed.

As a quick reminder, in addition to our USDA expertise, we are also a VA approved lender and work daily with low down payment conventional and the FHA program.  Realtors and buyers refer to us for our overall Government loan experience, so keep us in mind for your next referral or when you need that expert 2nd opinion.

What inspections are required for a USDA loan?

As a starting point, remember that home inspections are not required for USDA loan qualifying.  However, with that being said, they are highly encouraged for a buyer’s best interest.

Tampa FL USDA Approved Lender

Another point of confusion is what importance does the appraisal have with regards to inspections?  Remember, an appraisal will provide an overview of the property with determination of value and that it meets minimum property conditions as outlined per USDA and HUD Handbook guidelines.  – This should not be treated as a substitute for a home inspection

It is important to remember that if the appraisal recommends any additional specific inspections such as for the roof, foundation, plumbing, septic tank, etc., then those would also be required for review.

However, in the case of private wells or individual water systems owned and maintained by the homeowner, there will need to be a water test completed that meets either state or local requirements.

Tampa FL USDA Approved Lender

This test must be completed through either the local health authority or a state certified laboratory.  If no specific quality requirements exist, levels established by the EPA will apply.

In summary, when questions arise about what type of inspections are required for a USDA loan remember the following key points:

  • While home inspections are highly encouraged, they are not required
  • After appraisal has been completed, additional inspections may be necessary
  • Private Wells and individual water system will require a water quality test
  • No septic tank inspections, unless otherwise required by the appraisal

If you have any questions about what inspections are required for a USDA loan, just call or email to discuss your scenario and let us show you the “Metroplex” difference”!

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

Feb 17

17

Can you qualify for a USDA loan if your credit score is below 640?

Can you qualify for a USDA loan if your credit score is below 640?

While many lenders will only offer USDA loans if your credit score is 640 or above, it can still be possible to qualify for a USDA loan when your score is below that mark.

In today’s video, I will walk you through the qualifying steps on how it can be possible to qualify for a USDA loan if your credit score is below 640.

but before we get started, for those that have been denied by another lender or bank please take advantage of our free second opinion service “SOS” which is a resource designed to help Realtors and Buyers get access to an expert second opinion and is great for both new pre-qualifications and loans that are already in progress.

As a starting point, by having a 640 qualifying credit score, it allows access to the USDA automated Guaranteed Underwriting System (GUS) which can allow for a more streamlined approval process.

Tampa FL USDA Approved Lender

Also, USDA guidelines state that loans with credit scores of 580 or below should not be approved.  However, while a certain credit score can help open the door to available loan programs, it is important to understand that a credit score does not guarantee an approval.

In cases when your credit score is below 640, it is still possible to qualify for a USDA loan under more stringent underwriting guidelines.  If you are not familiar with the term, it is exactly how it sounds, a more manual process to qualify for a USDA loan.  For example, we may need to verify rental payment history, or require more explanations for any collections, charge-offs, or previous negative credit history.

Tampa FL USDA Approved Lender

It is always important for a potential applicant to show their intent for good credit through proper explanations and documenting any adverse credit which includes evidence to support that the negative event was:

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

Once this evidence has been provided, a properly documented credit waiver will be created to explain the details surrounding the adverse credit, thus supporting the underwriter’s rationale for initially approving the loan.

While the steps seem overwhelming, through proper planning and guidance, USDA loan qualifying can be possible with credit scores below 640.

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

Feb 17

10

How soon can you qualify for a mortgage after foreclosure?

What are the foreclosure waiting periods for mortgage qualifying?

With USDA, FHA, VA, or Conventional loans, foreclosure waiting periods are different and in today’s video I will explain how soon you can qualify for a mortgage after foreclosure and compare the programs side by side. 

Remember, if you need help or a have question that is what we are here for, so just call or email to discuss your scenario because we are known for returning calls, replying to emails, and responding to your messages. Now, wouldn’t it be nice if everyone did that!

If you have recently been denied for a mortgage because of a previous foreclosure, please take advantage of our free Second Opinion Service (SOS) which is great for both new pre-qualifications and existing transactions.

How soon can you qualify for a mortgage after foreclosure?

Tampa FL USDA Loan Approved Lender

In many cases a foreclosure does not occur due to financial mismanagement, but instead due to third party events and circumstances that are outside of the homeowner’s control.

Now, with that being said, once a foreclosure has been completed, waiting periods will apply with how quickly you can be able to qualify for a mortgage.

Presently, here are the published foreclosure guidelines for VA, USDA, FHA, & Conventional:

  • VA Loans: 2 years after foreclosure
  • USDA Loans: 3 years after foreclosure (Exceptions can be possible!!!)
  • FHA Loans: 3 years after foreclosure
  • Conventional (Fannie Mae and Freddie Mac): 7 years after foreclosure

As noted, we have been able to successfully process USDA loan exceptions after a foreclosure depending on the factors involved.

However, remember the any exceptions would be looked at on a case by case scenario.

Now, while it may be possible to get exceptions on the other programs we mentioned today, please make sure the lender you are working with has a history of getting the exceptions approved.

Additionally, when you have had a previous foreclosure on a government loan such as VA, USDA, or FHA it is important for your lender to check the CAIVRS database, because you may have an outstanding claim that could stop your loan application from proceeding.

Tampa FL USDA Loan Approved Lender

CAIVRS is a Federal government database of delinquent Federal debtors that allows federal agencies to reduce the risk to federal loan and loan guarantee programs.  If there is a claim reporting from a previous foreclosure, be prepared to wait for that to be cleared prior to qualifying for another government 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

Feb 17

3

Do USDA loans require an earnest money deposit?

Do USDA loans require an earnest money deposit?

Many think that 100% financing means the same as “no money out of pocket”, but just because there is not a down payment involved, there are still minimum expenses required.

In today’s short video, I will discuss what expenses to be prepared for even when you are qualifying for USDA 100% Financing.

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 step-by-step and is ideal for both homebuyers and Realtors alike.

It is common for a buyer to prepare for two out of pocket expenses, which include their down payment and settlement charges. 

When getting a USDA 100% financing loan, the down payment requirement is eliminated, but additional out of pocket expenses may still apply such as:

Earnest Money Deposit (EMD)

Earnest money is a deposit on the house you want to buy. It helps to show sellers that you are earnest, or very serious, about buying their home.Tampa FL USDA Approved Lender

While USDA loans do not require an earnest money deposit, the amount of any deposit would be decided upon between the buyer and seller and listed on the sales contract.

With a USDA loan it is possible to receive all or a portion of the EMD back at closing, but this is dependent on what the home appraises and not a guarantee.

Please remember that as part of the approval process, we will always need to verify this very important deposit. 

Tampa FL USDA Approved Lender


Appraisal Fees & Inspections:

These are customary out of pocket expenses that should be paid by either check or credit card when the option is available.  Both of these forms of payment will allow for verification if needed.

Closing Costs & Pre-Paid Items can be financed into a USDA loan only when the appraisal is high enough to allow for the increased loan amount. 

Another option to help reduce this out of pocket expense is to negotiate for the seller to pay all or a portion of the buyer’s settlement charge. 

As a reminder, if any funds are owed by the buyer at time of closing, the Earnest Money Deposit will be credited towards that amount. 

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

27

Does a private or public road make a difference on a USDA loan?

Do you ever check if a road is public or private for loan qualifying?

This topic is often a point of confusion, and in today’s video I will explain why it is more important to know if a road is classified as public or private than if it is dirt, gravel, or paved.

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 step-by-step and is ideal for both homebuyers and Realtors alike.

USDA Guidelines require that streets and roads must be hard surfaced or all-weather surfaced.  They define an “all-weather surface as a road surface over which emergency and the area’s typical passenger vehicles can pass at all times.”

Tampa FL USDA Approved Lender

USDA guidelines also provide that “A publicly maintained road is automatically assumed to meet this requirement.”

Another important point of clarification is that USDA guidelines do not always require a private road maintenance agreement when a property is located on a private road.

Now that we have reviewed the guidelines, let’s discuss how a private or public road makes a difference on a USDA loan:

Tampa Florida USDA Approved Lender

Step 1.  It is always recommended to contact your local county roads and bridges department go confirm the exact type of road classification.

It is important to remember that even if the property is located on a dirt road, don’t assume that it is also considered a private road.  Many counties have different road type classifications and it is always best to make the call and double check.

Step 2. Next, if it is determined that the road or street is private, then the following USDA guidelines are required for private roads or streets:

  1. Either must be protected by a permanently recorded easement, or
    • All recorded easements must be reviewed and approved by the approved USDA lender’s underwriter and documented
    • All recorded easements must be reviewed and approved prior to closing.  Your title company or attorney handling the closing can help with easement questions.
    • For further understanding, here is a definition of an Easement from Wikipedia.
  2. Be maintained by a Homeowner’s Association (HOA)
    • If a Homeowner’s Association (HOA) is responsible for maintaining the streets and roads, it must meet the criteria set forth by Fannie Mae, Freddie Mac, the U.S. Department of Housing and Urban Development (HUD), or U.S. Department of Veterans Affairs (VA).

In summary, do not always assume just by the road type that it may be a private road.  Always check with the county where the property is located to get proper street classification on whether it is actually public or private.

As we all know, different factors can evolve on each transaction, but this will give you a great start towards understand why a private or public road makes a difference on 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

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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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
1% 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 "
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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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