Feb 16

5

Does your income qualify for a USDA loan?

Does your income qualify for a USDA Loan?

So, does your income qualify for a USDA loan? Not everyone is paid the same way – some have commissions, bonuses, and even part-time employment. How do these various types of income get calculated and what can be eligible for USDA qualifying?

As you can imagine, this is critical when calculating maximum budget and could mean the difference between a USDA approval or denial.

So, how does your income qualify for a USDA loan? 

does your income qualify for a USDA loan

As a quick review:

  • Annual income is the term used when calculating USDA Income Eligibility Limits.
  • Repayment income is for calculating debt ratios and the all important qualifying price range.

USDA Guidelines require that when attempting to qualify with income from sources such as Bonus, Commission, Overtime, Part-Time, Second Jobs, or Seasonal Employment, that the applicant have a two year history of receiving these income types (ideally from the same employer).

For overtime and bonus income specifically:

  • The employer must indicate if it is likely to continue, and
  • If the earnings trend is declining from year-to-year, additional review will be necessary.

Applicants with a sole source of unemployment benefits are not eligible.

On a side note, as discussed in a previous video tip, if you claim unreimbursed business expenses on your tax returns (Form 2106) then this amount will be deducted from both your repayment income and annual income.

When asking the question, how does your income qualify for a USDA loan, hopefully this video will help get started, but please be sure to call us for any specific qualifying questions.

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

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Posted in USDA Income Qualifying

Jan 16

29

Do conventional loans have 3% down payment programs?

Do conventional loans have 3% down payment programs?

For those of you who have not yet heard, both Fannie Mae and Freddie Mac conventional loans have 3% down payment programs available.

If you have not yet done so, don’t forget to take advantage of our Free 2nd opinion service, which is great for both existing transactions and any pre-qualifications who want an expert 2nd opinion.

With recent down payment reductions by both Fannie Mae and Freddie Mac, conventional loan programs have become more affordable.

Do conventional loans have 3% down payment programs?

It is common to associate 20% as the required down payment, but many do not realize that conventional loans have 3% down payment programs as well.conventional loans have 3% down payment programs

Fannie Mae (FNMA):

In addition to their traditional 3% down payment option, Fannie Mae has added another feature under their HomeReady™  program which is designed for creditworthy, low to moderate income borrowers, with expanded eligibility in designated areas.

Here are key highlights:

  1. Removal of any First Time Home Buyer requirement
  2. Income limits are applicable for certain areas
  3. Homeownership education is required through Framework, an online program approved by Fannie Mae.
  4. Gift funds allowed

Improved interest rate and mortgage insurance (PMI) adjustments are available with the HomeReady™ program, and while this does fall under the Fannie Mae conventional umbrella, there are more requirements involved -  so if you have questions call us for details.

conventional loans have 3% down payment programs

Freddie Mac (FHLMC):

Also don’t forget about the As of 3/23/15, Freddie Mac allows for a conventional 3% down payment through their Home Possible® Advantage Mortgages.  

  • While there is NO First Time Home Buyer Requirement, applicants may not have any other ownership interest in other residential properties at time of closing.
  • If applicants are considered a First Time Home Buyer, homebuyer education will be required which include Freddie Mac’s Credit Smart online training
  • Gift Funds are allowed – this is a new Freddie Mac improvement specific to Home Possible Advantage mortgages
  • Income Limits will apply 

Please remember that conventional loans have 3% down payment programs, but that minimum credit conditions will apply and sufficient equity will be required as 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

Jan 16

22

What happens to your sales contract deposit with a USDA loan?

What happens to your sales contract deposit with a USDA loan?

Due to the fact USDA loans are known for 100% Financing, I am commonly asked what happens to your sales contract deposit with a USDA loan?  In today’s video tip, I will cover this detail, but also expand on what minimum out of pocket expenses a buyer should expect.

If you have not yet done so, please take advantage of our free Second Opinion Service (SOS).  This is a great option for any transactions that may have hit a financing hurdle or if you just want an expert opinion on how to maximize your loan qualifying.

What happens to your sales contract depoWhat happens to your sales contract deposit with a USDA loansit with a USDA loan?

Typical Out of Pocket Expenses for Homebuyers

Typically, when purchasing a home, a buyer will have two sets of out of pocket expenses, a down payment and settlement charges. With a USDA 100% financing home loan, the down payment requirement is eliminated. However, 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 is used to show sellers that you are earnest, or very serious, about buying their home. So, what happens to your sales contract deposit with a USDA loan? While it is possible for this to be refunded at closing, this is dependent on several factors and is not guaranteed.
  • Appraisal Fees and Inspections: These are customary out of pocket expenses that should be paid for by check or credit card when the option is available. Both forms of payments will allow for verification if needed.
  • Closing Costs and Pre-Paid Items: These can be financed through a USDA loan only when the appraisal is high enough to allow for the increased loan amount. Buyers can also negotiate with the seller to pay all or a portion of closing costs to help reduce this expense. Remember, if any funds are needed from the buyer at closing that the EMD will be credited towards this amount.What happens to your sales contract deposit with a USDA loan

Just to summarize, while it is possible to receive back your sales contract deposit with a USDA loan, this is not a guarantee and it will depend on other factors such as the appraised value and if the seller is paying towards any of the buyer’s settlement charges.

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 16

15

What are the Minimum Property Requirements for a USDA Loan?

What are the Minimum Property Requirements for a USDA Loan? 

Understanding the minimum property requirements for a USDA loan is a frequent topic of discussion and one that I receive many questions on. In today’s video tip, we will get started with the basics and cover the details that you need to know!

However, if you have not yet done, so please take advantage of our free Second Opinion Service (SOS).  This is ideal for both existing transactions or pre-qualifications and is a great way to double check your options with an expert second opinion.


What are the Minimum Property Requirements for a USDA Loan

What are the Minimum Property Requirements for a USDA Loan?

USDA loans are covered by HUD Handbook guidelines for minimum property requirements (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:

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 addressed prior to closing.

So, when asked what are the minimum property requirements for a USDA loan, use this information as a starting point when reviewing potential red flags.what are the minimum property requirements for a USDA loan

It is also important to remember that while today’s topic covered the minimum property requirements for a USDA loan, understand that additional conditions can be requested by the underwriter or appraiser that go above and beyond depending on the circumstances of the situation.

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 Underwriting Guidelines

Jan 16

9

What are the differences between FHA and USDA loans?

What are the differences between FHA and USDA Loans?

Welcome back everyone, Sean Stephens here again with Metroplex Mortgage Services and another USDA Loan Pro video quick tip.

What are the differences between FHA and USDA loans?  This is a common
question that my team receives, so in today’s video tip I wanted to break down the differences between FHA and USDA loans and explain the benefits.

Also, if you have not yet done, so please take advantage of our free second opinion service which is great for both pre-qualifications or for loans currently in progress.  This is a great way to double-check where you stand and make sure your financing is on track!

So, what are the differences between FHA and USDA Loans?

As a starting point, although FHA and USDA loans are both thought of as first-time homebuyer programs, they are also eligible for previous homeowners.  Provided it is a primary residence, this can be a great option for a buyer looking to sell and move up to another property.

Remember though, both FHA and USDA loans only allow for primary residences, so no investment properties or second homes.  

Let’s take a look at the following example to show you the key differences between FHA and USDA loans.  Any figures in this example are dependent on the amount financeWhat are the differences between FHA and USDA loans?d and for this scenario we are using a $100,000 loan amount.

$100,000 Loan / 30 year term

FHA Loan

  • 3.5% down payment
  • .85% Monthly MIP (Mortgage Insurance Premium)
  • Equals a $70.83 monthly MIP payment
  • One time up-front financed mortgage insurance is currently 1.75%, or $1,750 in this example.
  • NOT able to  finance closing costs

USDA Loan

  • USDA loans allow for NO DOWN PAYMENT (100% Financing)
  • .50% monthly premium
  • Equals a $41.67 monthly payment
  • One time financed Guarantee Fee is currently 2.75%, or $2,750 in this example.
  • You can finance closing costs with a USDA loan

Remember, USDA Loans allow for the ability to finance closing costs when the appraised value is higher than the contract sales price.   What are the differences between FHA and USDA loans?

Understanding the differences between FHA and USDA loans is important, because since many banks and lenders do not specialize in the USDA program, we commonly see homebuyers only offered FHA or Conventional loans. 

When it comes to government loan programs I always say, don’t be scared – be aware!

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 15

24

Merry Christmas from Metroplex Mortgage Services!

christmas tree

Merry Christmas!

Most people know me as being very buttoned down and serious, but I know how to have fun too! Take a look at this video and post your comment below.

Also check out these helpful links regarding traveling, Christmas, and last minute gift ideas for your clients.

A Realtor’s guide to buying a gift for your customers.

7 Last minute holiday shopping tips!

Photo Credit: www.freedigitalphotos.net

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

Dec 15

18

How do You Qualify for a USDA Loan after a Short Sale?

Can you qualify for a USDA loan after a short sale?

If you, or one of your clients, made the difficult decision to opt for a short sale on a previous mortgage, it has been a challenging process but hopefully the time has come to start rebuilding.  With the numerous short sales that were finalized in recent years, we have had many inquiries asking: How do you qualify for a USDA loan after a short sale?

USDA guidelines have specific eligibility requirements with regards to short sales, so this week we are breaking down the details along with exemptions that can apply if the waiting period has not yet elapsed.

If you are thinking about a USDA loan with a previous short sale in Florida, Alabama, Tennessee and Texas, understanding how to qualify for a USDA loan after a short sale is critical!

how-do-you-qualify-for-a-USDA-loan-after-a-short-sale

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

As a point of clarification, prior to 12/1/14 USDA loan requirements and guidelines did not specifically mention qualifying criteria when previous short sales were involved.  Instead they were considered under their general adverse credit guidelines.

However, the updated guidelines within the 3555 Handbook state the following when evaluating credit qualifying which involve short sales:

  • A short sale is considered a pre-foreclosure activity or event
  • An applicant is ineligible for a mortgage loan if they pursued a short sale agreement on their principal residence to take advantage of declining market conditions and purchases at a reduced price a similar or superior property within a reasonable commuting distance.
  • An applicant in default on their mortgage at the time of the short sale (or pre-foreclosure sale) is not eligible for a new mortgage loan for three years from the date of pre-foreclosure sale.

how-do-you-qualify-for-a-USDA-loan-after-a-short-sale

Exceptions are possible when trying to qualify for a USDA loan after a short sale:

If an applicant was current at the time of short sale, they may be eligible for a new mortgage loan. The prior mortgage payment history must reflect all mortgage payments due were made on time for the 12 month period preceding the short sale and all instalment debt payments for the same period were also made within the month due.

As many of us know, having a mortgage current at time of a short sale being finalized may be a very difficult task.

This guidance on how to qualify for a USDA loan after a short sale is very specific and leaves little room for exception.  However, if your situation dictates further review and may possibly meet the exception criteria provided, please contact my office so we can discuss in detail.


Remember, not all lenders have experience with processing and closing USDA loans.  As an approved USDA loan program lender, we are known for our program expertise and have specific systems in place to process USDA loans from pre-qualification to closing.


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 15

12

What type of inspections are required for a USDA loan?

Are inspections required for USDA qualifying?

Today’s topic is important because once a sales contract has been signed, the next common question is what type of inspections are required for a USDA loan? 

Having this inforWhat type of inspections are required for a UDSA loanmation upfront can help reduce unnecessary stress and be better prepared for the
loan process.

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! 

So, what type of 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.

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

However, if the appraisal recommends any additional specific inspections such as for the roof, foundation, plumbing, septic tank, etc., then those would be required for review.

Now, 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.  

This test must be completed through either the local health authority or a state certified laboratory.  If no such requirements exist, levels established by the EPA will apply.What type of inspections are required for a USDA loan

As noted above, there are no specific septic tank testing requirements unless otherwise noted by the appraiser.

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

  • While home inspections are highly encouraged, they are not required
  • After appraisal is completed, additional inspections may be required
  • Private Wells and individual water sources will require a water quality test
  • No specific septic tank inspections, unless required from the appraisal

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. 

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 both existing transactions & pre-qualifications

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

Dec 15

4

2015 Florida USDA Lender Rankings

Metroplex Mortgage Services ranked as #7 Florida USDA Lender!

The USDA Rural Development of Florida recently issued their 2015 USDA lender rankings and we have some great news!  Out of the 204 approved Florida USDA lenders, we are proud to announce that  Metroplex Mortgage Services was ranked #7!

We take great pride in our USDA expertise, but also in keeping service at the forefront and not letting our customers be just another number.  In today’s video, I will discuss why it is important to work with a USDA approved lender and how it can help your transaction be successful.

Florida USDA Lender

Now as we all know, Second 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 second opinion.

So, when going through the USDA loan process what should you look out for?

Remember, USDA loans are very unique, and having an experienced USDA lender is critical to success.

First off, is your lender actually approved by USDA?

While many banks, credit unions, brokers, and lenders may offer the program – very few have dedicated resources set aside specifically for processing UDSA Rural Home Loans. 

With that being said, if they are not USDA approved, then they will have to submit through an actual approved USDA Lender for underwriting, approval, and in order to work with the USDA field offices.  Obviously, this just creates another part of the chain along with additional steps needing more time and as the old saying goes “Too many cooks in the kitchen!”.

Secondly, USDA approved lenders have the required knowledge to maximize the program’s benefit through experience with:

  • Debt Ratio Waivers
  • Credit Waivers
  • Manual Underwriting for scores below 640
  • Possible exceptions for bankruptcies and foreclosures
  • Home Repair Financing

Last but not least, by working with an actual USDA approved lender, you can have one point of contact responsible for:

  • Upfront Pre-Qualifications
  • USDA Processing and Underwriting
  • Expediting conditions so the file can be shipped to USDA
  • Direct communication with USDA field offices for handling of the USDA commitment
  • Ability to provide specific updates on status, without having to call an outside lender for updates

In summary, it is good practice to ask if your current lender is actually USDA approved Florida USDA Lenderand how many USDA loans your loan officer has actually closed.  These two questions can at least shed some light into how experienced they may be before you get tangled into a web with an unfortunate outcome. 

Now before I go, I just want to thank everyone for helping Metroplex Mortgage Services be the #7 ranked Florida USDA lender!  We appreciate the continued referrals and trusting us with all of your mortgage needs. Whether it be FHA, USDA, VA, or Conventional Loans –  Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

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

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.

Comments

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Posted in USDA FAQs

Nov 15

27

Happy Thanksgiving From Metroplex!

What is the minimum credit score for USDA loans?

Greetings from the Metroplex team! We just wanted to reach out and wish everyone a Happy Thanksgiving, and to share a few key USDA loan reminders that can help during the home search.

What is the minimum credit score for USDA loans?

1.) How Do You Calculate A USDA Monthly Payment?

This blog was created in response to one of the most common questions we receive, and will walk you through using our USDA Loan Calculator!

2.)  How do Credit Inquiries affect your USDA loan application?

This blog goes into more detail on what you can expect for USDA loan qualifying if you have credit inquiries and how it can affect the USDA loan process. We recommend reading this so you can have a basic understanding of how credit inquiries will influence and impact USDA home loan qualifying.

3.)  How do you qualify for a USDA loan after a Chapter 7 bankruptcy?

This blog goes into more detail on what you can expect for USDA loan qualifying after a Chapter 7 bankruptcy has occurred. We recommend reading this so you can have a basic understanding of what flexible options are available and how bankruptcies will impact USDA home loan qualifying.

4.)  How do you qualify for a USDA loan after a foreclosure?

So, can it be possible to qualify for a USDA loan after a foreclosure? Bouncing back after a foreclosure takes time, but the USDA loan program offers qualifying flexibility which means that you could be back in a home again… and sooner than you might think.

Before we say goodbye, we have one more small tip:

What is the minimum credit score for USDA loans?

Don’t forget to add sugar to your pumpkin pie recipe! It’s critical for the success of any family gathering!

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!

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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