May 15

22

Memorial Day: Remembering Our Fallen

While Memorial Day often evokes thoughts of cookouts and great sales, it’s important to reflect on, and respect all those who have lost their lives in service to our country. Falling on the last Monday of every May, Memorial Day became a Federal Holiday in 1971 and is celebrated by loved ones and families that visit graves, memorials, or simply remember those they have lost.

In todays short video, courtesy of History.com, we learn about Memorial Day and how it came to be.

Here are some facts about Memorial day you may not know about (courtesy of History.com):

  • It was originally known as Decoration Day
  • It is believed to have started in towns during the Civil War, their residents decorating graves with flowers and reciting prayers
  • It is often regarded as marking the beginning of summer
  • There is a national moment of silence every Memorial Day at 3:00PM local time
  • Many Southern states honored their dead on separate days from the rest of the country until after WWI

memorial day 2015Even though the Civil War saw more American casualties than any other U.S. conflict, people gather every year to honor not only their fallen, but opposition as well, a tradition that has continued since the late 1800’s.

We here at Metroplex Mortgage Services will be closed on Monday in observance of Memorial Day and all those who paid the ultimate price for the freedom of America. We ask that you join us at 3:00PM local time in a moment of silence in remembrance.

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

May 15

15

Did You Know That There Are NO USDA Loan Limits?

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

Did you know that there are NO USDA loan limits?

Yes, that is correct! There are NO loan limits with the USDA Guaranteed Loan Program.

Today’s video is great for any Realtor or Homebuyer looking to expand their home search and open up a wider range of properties to consider.

Remember that we are known for our USDA experience, so please keep us in mind for your next referral, new scenario, or any file that may just need an expert 2nd opinion.

USDA Loans have NO Loan Limits

Many in the Real Estate community automatically assume that USDA loans are only available for smaller loan sizes, but that is simply not true.

Because USDA loans do not have loan limits, it can be a great alternative to conventional and FHA loans, which both can have potentially larger monthly payments due to higher mortgage insurance costs.

usda loan limitWhile USDA loans do not have loan size restrictions, they do have healthy income limits based on family household sizes, which were recently increased for the majority of counties. USDA qualifying will be based on the buyer’s ability to repay the loan.

USDA loans can help open up additional property types such as homes located in subdivisions, gated communities, and townhomes, provided they are in a USDA eligible area.

In summary, the USDA loans program offers high flexibility due to the following:

• 100% financing
• Ability to finance closing costs
• More flexible credit guidelines than conventional loans
• And as discussed today – NO Loan Limits!

While many may offer the USDA program, it is important to find out who has the
necessary experience to navigate the USDA loan approval process successfully.

USDA loans are in the blood of my entire team. As an approved USDA lender Metroplex Mortgage Services is proud to serve our rual communities.usda loan limit fl

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

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

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

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

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Posted in USDA FAQs

May 15

8

How Long Does it Take to Process a USDA Loan?

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

How long does it take to process a USDA loan?

This is a question that I receive on a daily basis, and although the answer can vary from state to state, how the file is prepared and processed has a major impact on timing.

In today’s short video, I will share with you the specific systems we have in place to process USDA loans from pre-qualification through closing. This is a must see video for any Realtor or Home Buyer involved with a USDA loan approval. Did you know that, when possible, most of my customers prefer the option of scheduling a call back after 5:00? We have found that this is the most convenient time and just another service we offer to help expedite the process and keep transactions on schedule.

How long does it take to process a USDA loan?usda loan process fl

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”

Being a USDA loan program approved lender provides us the ability to handle the loan process from A to Z with the following:

• GUS Underwriting System: As an approved USDA Lender, Metroplex Mortgage Services has access to the “GUS” Underwriting system. This is a great tool during the pre-qualification process to help determine the all important price range and budget.
• On site underwriting and processing allows for direct communication with the consumer and at the USDA level. For example, when there is a complicated loan and questions arise, we can respond quickly with further explanation or documentation as needed to the USDA office.
• The ability to prioritize processing in order to submit the loan to USDA.
• Are you working with an actual USDA Approved Lender – here is a link to find out:

SFHGLD Approved Lenders List

process a usda loan

In Summary, while many may 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.

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

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

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

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

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Posted in USDA FAQs

May 15

1

Can Authorized User Accounts impact your USDA loan approval?

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

Is an authorized user report on your credit affecting your USDA loan approval?

While credit scores are important to opening potential program options, the entire credit profile must be taken into consideration for USDA loan approval. In today’s video we will pinpoint a specific part of USDA loan eligibility and review how Authorized User accounts can impact the eligibility process and your loan approval. Before we get started, don’t forget to take advantage of our free USDA 2nd opinion service. This is great for both pre-qualifications and existing transactions who are looking for an expert 2nd opinion.

How can Authorized User Accounts affect USDA qualifying?

A Credit Card Authorized User is “A person who has permission to use and/or carry another person’s credit card, but isn’t legally responsible for paying the bill.” – (Investopedia) An example of an Authorized User could be a dependent that is listed on the account of a parent. They are able to use that account, but are not legally liable for any balance owed. USDA Loans have specific guidelines with regards to authorized user accounts, the overall goal being to obtain an accurate reflection of the applicant’s credit history. In cases where an applicant has authorized user account(s) listed on their credit report, the following will not require a manual downgrade:

*Another borrower on the application owns the account in question
*Owner of the trade line is the applicant’s spouse
*Evidence the applicant has been making payments on the account for the last 12 months

USDA Loans and Authorized User Accounts FloridaRemember, when receiving an Accept response through the GUS underwriting system it allows for streamlined processing with Automated Underwriting Guidelines. However, if any of these are not able to be met, then the loan file will be downgraded and require the need to process under USDA manual underwriting guidelines which is a more intensive review of the qualifying process. If you have a USDA loan in progress and are experiencing an issue due to an authorized user account, contact my team today so we can review and determine what options are available to secure your USDA loan approval. Remember, not all lenders have experience with processing and closing USDA loans. I see this each and every day on the 2nd opinions that come across my desk. As an approved USDA lender, we are known for our program expertise and have specific systems in place to process USDA loans from pre-qualification to closing.

usda loan approval

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

Just call or email if you have any USDA qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

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Posted in USDA FAQs

Apr 15

24

Can a USDA Credit Waiver help you qualify with credit scores below 640?

How can you qualify for a USDA loan with credit scores under 640?

Welcome back everyone, Sean Stephens here again with Metroplex Mortgage Services and another USDA Loan Pro Video Quick Tip.

* Who can qualify for a USDA Credit Waiver?
* How can a Credit Waiver help you qualify for a USDA Loan?
* What compensating factors are considered with a USDA home loan credit waiver?

Today’s short video tip will cover these key questions and walk you through the steps about how a USDA credit waiver may be able to help when loans are not eligible for USDA automated underwriting approvals.

However, before we get started, don’t forget to download a copy of our USDA blueprint for success with the link below. This free guide will walk you through the USDA qualifying process step by step and is a great educational guide for anyone interested in a USDA home loan.

As a quick review, remember that many lenders only process USDA loans that received automated “Accept” eligibility findings received from the GUS underwriting system. As you will see, it is important to work with lenders that understand USDA manual underwriting guidelines and how to properly process a loan file and the documentation required. Because of this, understanding how a USDA credit waiver works is a critical part of approving a USDA Loan that may normally be denied.  USDA Credit Waiver eligibility for credit scores under 640

USDA Credit Waivers are applicable for manually underwritten loans with the following:

• Have received a GUS response of Refer or Refer with Caution, or
• Any loan that had to be manually downgraded for reasons such as:
o Lack of Established Traditional Credit History
o Authorized Users
o Disputed Accounts

USDA guidelines require applicants to have a credit history which indicates a reasonable ability and willingness to meet obligations as they become due.

Credit waivers will be needed on files which have been approved by underwriting, and have indicators of negative (adverse) credit.

In situations where the borrower(s) have negative credit, USDA Loan approval can still be achieved provided the lender can document the borrower’s intent for overall good credit. USDA approved lenders may document this via a USDA Credit Waiver which would need to support that the adverse credit was:

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

USDA Lenders may take into consideration mitigating circumstances which provide evidence to support the overall intent for good credit. However, lenders must conclude the applicant did not disregard their financial obligations. Possible examples of outside factors which may have contributed to the negative credit are, but not limited to:

• Dispute over defective goods
• Illness or medical conditionFlorida USDA Approved Lender
• Temporary loss of employment

As you can see, understanding how to process a successful USDA Credit Waiver can provide the opportunity of homeownership.

Remember, not all lenders have experience with processing and closing USDA loans. I see this each and every day on the 2nd opinions that come across my desk.

As an approved USDA lender, we are known for our program expertise and have specific systems in place to process USDA loans from pre-qualification to closing.

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

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

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

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

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Posted in USDA FAQs

Apr 15

17

Do you know about the Updated USDA Income Limits?

USDA Income Limits have been Updated!

On April 1st, 2015 USDA published updated income limits for the Single Family Guaranteed Loan Program.

Today’s video tip will cover the details and discuss how the recent changes could help more buyers qualify for a USDA rural housing loan.

We have received positive feedback on our USDA Blueprint for Success which can be downloaded with the link below. This free guide breaks down the USDA process step by step, and is a great educational resource for the home buying process!

What are the USDA income limits for your county?

A  key part of USDA Loan eligibility involves determining if your household income will meet  the USDA income limits which is also known as “Annual Income”. This will include all household members – NOT just those who are on the loan. Understanding your applicable county income limit is a critical step towards USDA qualifying.

As an example, we will use Florida and the Virgin Islands as an example to show how the recent USDA income limits have changed.  Effective 4/1/15 the following will apply:

Florida USDA Income Limits

Previously the majority of Florida counties had USDA income limits of $74,750 for a family of 1-4 people and $98,650 for a 5 to 8 person household. Those have been increased respectively to $75,650 and $99,850.

Now that may not seem like very much, but just remember that these income limits apply even if you are just $1 over the limit. Just think of how many potential buyers that were on the verge of qualifying, will now be able to proceed with a USDA loan.

It is important to remember that USDA guidelines also permit for deductions to household income which can include, but are not limited to:

• $480 for each dependent,
• Child care expenses when applicable
• Unreimbursed business expenses

When deductions are applied, this will reduce a household’s annual income, thus allowing for the potential to then qualify for a USDA loan.

Florida USDA Income Limits

Also, I have included the following link below to check for USDA income limits in all states.

Previously the majority of Florida counties were capped at $74,750 for a family of 1-4 people and $98,650 for a 5 to 8 person household. Those have been increased respectively to $75,650 and $99,850.

Now that may not seem like very much, but just remember that these income limits apply even if you are just $1 over the limit. Just think of how many potential buyers that were on the verge of qualifying, will now be able to proceed with a USDA loan.

It is important to remember that USDA guidelines also permit for deductions to household income which can include, but are not limited to:

• $480 for each dependent,
• Child care expenses when applicable
• Unreimbursed business expenses

When deductions are applied, this will reduce a household’s annual income, thus allowing for the potential to then qualify for a USDA loan.

Also, I have included the following link below to check for USDA income limits in all states.

USDA Income Limits – All States

In Summary:

  1. Never assume that your income is either eligible or ineligible for a USDA loan
  2. Additional factors may apply, and as your USDA mortgage professional we are here to help with the calculations
  3. If you are a Realtor or a Home Buyer who had a previous situation where a loan was denied due to the income limitations in place, contact us today so we can put the pen to the paper and start reviewing

Remember, not all lenders have experience with processing and closing USDA loans. I see this each and every day on the 2nd opinions that come across my desk.

As an approved USDA lender, we are known for our program expertise and have specific systems in place to process USDA loans from pre-qualification to closing.

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

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

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

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

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Posted in USDA FAQs

Apr 15

10

Fannie Mae vs. Freddie Mac 3% Down

Thanks to recent changes, both Fannie Mae and Freddie Mac mortgage lending programs now offer a 3% down conventional loan option. In today’s video, we will discuss key differences in the Fannie Mae vs. Freddie Mac 3% Down payment program options.

If you are thinking about utilizing the Fannie Mae or Freddie Mac 3% down payment programs, and you live in Florida, Texas, Tennessee, or Alabama, this short video will cover the details on how you may be able to save money on your next conventional loan.

Recent program changes that resulted in down payment reductions by both Fannie Mae and Freddie Mac, have made conventional loan programs more affordable.

Fannie Mae:
As a quick review from a previous post, effective December, 2014 Fannie Mae now allows 3% for a down payment.

One of the more notable stipulations of this program is that at least one borrower on the application must be considered a first-time homebuyer.

Fannie Mae defines First-Time Home Buyer as someone that:

  1. Will reside in the property as a principle residence, and
  2. Has had no ownership interest (solely or jointly) in a residential property during the three-year period preceding the date of the purchase.
  3. There are also additional criteria that may apply. See here for more information Fannie Mae First Time Home Buyer definition.

Improved interest rates and mortgage insurance (PMI) are available under the MyCommunityMortgage® feature. While this does fall under the Fannie Mae umprella, there are additional requirement involved. If you have questions regarding this, please call or email.

Freddie Mac Fannie Mae 3 Down Florida

Freddie Mac:

As of 3/23/15, Freddie Mac allows for 3% down payment through their Home Possible Advantage® mortgages.

  • While there is no first-time homebuyer requirement, applicants may not have any ownership interest in other residential properties at the time of closing.
  • If applicants are considered a first-time homebuyer, homebuyer education and counseling will be required which includes the 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 – read more about these here.

As always, remember that minimum credit conditions will apply and sufficient equity will be required on all programs.

While we usually cover USDA home loan topics, I did want to keep you in the know about additional financing options, in case a USDA loan may not apply.

Whether it be USDA, FHA, VA, or Conventional loan programs we appreciate you trusting us for all of your financing needs.

We thank you for reading and encourage you to leave a comment below or send us a question via email.

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

Apr 15

3

Most Viewed USDA Loan Video Quick Tips

The team at Metroplex would like to wish all of you a very Happy Easter weekend, and share with you our 2015 (Year-So-Far) top three Most Viewed USDA Loan Video Quick Tips Countdown.

USDA Loan Mortgage Florida Happy Easter

3. Can You Qualify for a USDA Loan After Bankruptcy and Prior Mortgage Debt?

Chapter 7 bankruptcies generate a lot of questions when it comes to USDA loan applications. In one of our most watched Video Quick Tips, Sean Stephens breaks down exactly how your USDA loan program application will be affected by prior mortgage debt absolved by a Chapter 7 bankruptcy. USDA qualifying guidelines differ from FHA loans when it comes to Chapter 7 bankruptcies and recent deed transfers, so it’s important for you to know how this potentially affects you.

2. How Many Acres Can You Finance with a USDA Rural Home Loan?

Another popular topic in 2015 has been the recent changes to the USDA guidelines and how these have impacted acreage limits on rural loans. In this Video Quick Tip, Sean walked us through how you could potentially increase the amount of acres you can finance with a USDA mortgage loan.

 1. What Credit Score Qualifies For A USDA Loan?

In this year’s most popular Video Quick Tip, Sean Stephens shared his expert advice on the credit scores needed to qualify for a USDA home loan in order to receive automatic approval and some options regarding manual underwriting.

The USDA home loan program does have minimum credit score requirements.


That’s our countdown; we thank you for continuing to watch our Weekly Video Quick Tips. We love getting your questions each week – you can continue to send those to us via email or leave a comment below!

Again, we hope that you and your families have a safe and Happy Easter, and we will see you right here next week’s for another Video Quick Tip!


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

Get connected with USDA Real Estate Network on LinkedIn and feel free to join our discussions and/or post your listings to the group.


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

Mar 15

27

How Long Does It Take to Save for a House?

Do you know how long it will take to save for a home?  What about how much money will you need to buy a house?  As you can imagine, these questions are surrounded by both myth and fact.

If you are trying to save for a down payment on a house right now, and you live in Florida, Texas, Tennessee, Alabama, today’s topic will help explain and compare current available USDA home loan programs.

Over a decade to save for a down payment?

A recent article by Marketwatch.com indicates that it would take on average 12.5 years in order to save up for a 20% down payment.  Yes, that is over a decade!

Thankfully, affordable mortgage programs do exist, but as I talk to more and more potential homebuyers, many are just not aware of the available options.

USDA loan steps to closing florida

Affordable Mortgage Program Comparison

If you are buying a primary residence, the following programs are available:

  • USDA Rural Housing Loans:

USDA Loans offer 100% financing (No Down Payment) and the ability to finance closing costs into the loan when the appraised value is higher than the sales price.  This is only eligible for designated rural areas and household income limits will apply.

  • VA Loans:

VA Loans allow for 100% financing (No Down Payment) and are restricted to eligible service members.  VA Loans can provide for qualifying flexibility with previous short sales, foreclosure, and/or bankruptcy.

  • FHA Loans:

FHA Loans have a minimum down payment requirement of only 3.5% and allow for credit qualifying flexibility.

Florida USDA mortgage save

Common traits for all of these programs are:

  • Full Income and Asset verification
  • Sufficient equity and minimum credit qualifying conditions are required
  • Primary residences only
  • Credit qualifying flexibility
  • Gift Funds are allowed

So while it could take over a decade to save for a house, thankfully there are some great flexible loans that could mean that you, or your client’s, dream of owning your own home is closer than you think!

It doesn’t have to take over 12 years to save for a home. The Metroplex Mortgage team are experts in the USDA, VA and FHA programs. Call or email us to discuss your situation today, or take advantage of our free second opinion service! 


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

Mar 15

20

Are Your Debt Ratios Too High for a USDA Loan?

It is true that USDA loans offer a high amount of qualifying flexibility, and it is also possible to qualify even when debt ratios exceed USDA published guidelines. With proper documentation, USDA rural housing loans will allow for debt ratios waivers to be approved.

How do you qualify for a USDA Debt Ratio Waiver?

If you are thinking about a USDA loan in Florida, Alabama, Tennessee or Texas but you have been told that your debt ratios are too high,  don’t lose hope, because as an approved USDA lender – Metroplex Mortgage Services may be able to help!

USDA loans with high debt ratio in Texas

USDA Guidelines on High Debt Ratios

USDA published guidelines for debt ratios are 29% for housing and 41% for total overall expenses. 

For housing and debt ratios higher than 29/41, debt ratio waivers may be approved pending the following USDA eligibility criteria:

First off, a minimum qualifying credit score of 680 or higher will be required; and at least one of the following compensating factors:

1. Proposed PITI (housing expense) is equal to or less than the applicant’s current verified housing expense for past 12 mos. (Documentation will be required)

2. Accumulated savings of liquid assets available post loan closing of at least 3 mos. or greater (PITI payments after closing)

3. All employed applicants have been continuously employed with their current primary employer for a minimum of 2 years.
  Not Applicable for Self Employed Applicants

Remember, USDA debt ratio waivers do not apply to GUS files that receive an “Accept” underwriting recommendation.  The Guaranteed Underwriting System or “GUS” is the specific USDA automated underwriting system used to assist lenders in processing USDA Rural Home Loans.

USDA-debt-ratio-USDA-loan-florida

In addition to a USDA debt ratio waiver,  USDA eligibility guidelines will also permit for installment accounts with 10 months (or less) remaining to be taken out of the qualifying ratio calculation. This does not include revolving accounts (credit cards). 

So, if you have found the perfect home and have had issues with high debt ratios, a USDA home loan may be able to help. Call us for a free USDA Home Loan second opinion! 


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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

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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

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