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.

Comments

Powered by Facebook Comments

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.

Comments

Powered by Facebook Comments

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.

Comments

Powered by Facebook Comments

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.

Comments

Powered by Facebook Comments

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.

Comments

Powered by Facebook Comments

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.

Comments

Powered by Facebook Comments

Posted in USDA FAQs

Jan 17

13

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

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

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

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

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

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

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

Let’s get started by reviewing rental history first.

Tampa FL USDA Loan Approved Lender

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

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

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

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

USDA Minimum Credit Qualifying Requirements

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

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

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

Tampa FL USDA Loan Approved Lender

USDA Employment History Guidelines

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

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

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

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

Comments

Powered by Facebook Comments

Posted in USDA FAQs

Jan 17

6

Are USDA loans only eligible for First Time Homebuyers?

Are USDA loans only eligible for First Time Homebuyers?

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

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

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

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

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

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

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

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

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

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

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

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

Comments

Powered by Facebook Comments

Posted in USDA FAQs

Dec 16

30

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

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

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

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

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

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

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

Department of Veterans Affairs

What is the VA maximum loan limit?

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

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

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

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

Click Here a short video that further explains VA Bonus Entitlement

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

USDA Single Family Guaranteed Rural Home Loan Program

Do USDA Loans have a maximum loan size?

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

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

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

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

Conventional Loans (Fannie Mae and Freddie Mac Conforming)

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

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

Tampa Florida USDA Approved Lender

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

FHA Loans (Federal Housing Administration)

2017 FHA maximum mortgage amounts have been published!

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

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

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

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

For a list of FHA low cost counties: CLICK HERE

For a list of FHA High cost counties: CLICK HERE

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

Comments

Powered by Facebook Comments

Posted in USDA FAQs

Dec 16

17

How fast can you close a USDA loan?

How fast can you close a USDA loan?

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

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

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

So, How Fast Can You Close a USDA Loan?

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

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

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

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

We are grateful for the feedback and appreciate all of our customers and the Realtors that we  work with on a daily basis and thank you for trusting us with all of your mortgage needs.

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

USDA Blueprint for Success

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

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

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

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

Questions? Contact Us Here.

Toll Free: (800) 806 – 9836 Ext. 280

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

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

Comments

Powered by Facebook Comments

Posted in USDA FAQs


Sean Stephens

Metroplex Mortgage Services

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

Subscribe below to keep getting future updates for free!

 
 
 
 
 
 
captcha
 
* indicates
required
 

Search USDA Loan Pro

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
1024042
"Sean and his staff were easy to work with and they performed above and beyond what was required. Sean got me a loan with the lowest interest rate ... more "
5.0/5.0
by msmith6966
649638
"The team at Metroplex Tampa went above and beyond, locking in a very low rate for us. We shopped the rate around too, and the "big guys" couldn't ... more "
5.0/5.0
by rorschach19

Contact USDA Loan Pro

Fill out my online form.
Become a Fan on Facebook Follow Us on Twitter Pin us on Pinterest View Our YouTube Videos1+ out Google+ page Connect with us on LinkedIn

LinkedIn




Welcome to USDA Loan Pro

Archives

Member of Better Business Bureau in Texas and Florida
Tampa MapDallas Map