Jul 15

25

FHA, VA, USDA, and Conventional – What are the requirements when qualifying for a mortgage with a private road?

I received such a great response from last week’s post about how to qualify for a USDA loan on a private road, that I wanted to provide additional details for FHA, VA, and Conventional loans.

Remember now, it does not have to be a rural community to have a private road – so this video tip is a great resource for a variety of situations.

FHA, VA, USDA, & Conventional – What are the requirements when qualifying for a mortgage with a private road?

Here is a 1-2-3 formula for situations when the property is located on a private road:

#1. Call your local county roads & bridges department to confirm the exact type of road classification. Do not always assume that it is a private road just because it may be dirt or unpaved. Many counties have a variety of classifications for road types and it is always best to make the extra call and double check.

#2. Once you have confirmed it is a private road, make sure that the lender, bank, or broker handling the mortgage is experienced with private roads so they can properly determine what programs are available.

#3. Follow up with the closing attorney or title company handling the transaction to help determine the following:

A.  Are there recorded easements such as one allowing right of way onto the property.
B.  Is there a recorded private road maintenance agreement, which may be required depending on the type of mortgage.

Here is a tip on conventional loans, Fannie Mae will require a private road maintenance agreement, but Freddie Mac guidelines do not. Check with your lender if they are have ability to work with Freddie Mac programs.

* VA Loans will also require a recorded maintenance agreement
* FHA does not have this requirement
* USDA loans also do not have this requirement, but they have specific guidelines regarding the type of road which must be considered an all weather surface roadway.

Each and every transaction can be different, but this will provide you with a strong overview of the available programs and steps needed to close a successful transaction when the buyer is trying to buy a home located on a private road.

Keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert 2nd opinion.

Whether it be USDA, FHA, Conventional or VA loans, 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

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

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

Jul 15

17

Can you qualify for a USDA loan when the property is located on a private road?

How do you qualify for a USDA loan when the property is located on a private road?

This is one of the most common questions that I receive when working with USDA loans. Private roads can be found in very rural areas, but also in communities controlled by an HOA (Homeowner’s Association).  Don’t be scared when you come across a private road – be aware! In today’s video tip we will cover the USDA qualifying guidelines when dealing with private roads.

USDA loan 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.”

A very key point that has been clarified in the new USDA 3555 guidelines states “A publicly maintained road is automatically assumed to meet this requirement.”

Another important point of clarification is that USDA loan requirements and guidelines do not require a private road maintenance agreement.

qualify for a USDA home loan when the property is located on a private road

Now that we have defined the guidelines, let’s walk through the steps on how to qualify for a USDA loan with a property located on a private road:

Step 1.  It is always a good idea to confirm with your local county roads & bridges department the exact type of road classification.  Just because it may be a dirt road, don’t assume that it is also considered private.  Many counties have different classifications of road types and it is always best to make the call and double check.

Step 2. Once determined that the road or street is private the following USDA private road guidelines are required:

  1. Private streets must have a permanently recorded easement, or
  2. Be owned and maintained by a Homeowner’s Association (HOA)
  3. Don’t forget, the private road must also meet the all-weather surface requirement

If a HOA is responsible for maintaining 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).

qualify for a USDA home loan when the property is located on a private road

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.

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 to staying organized with the steps needed to qualify for a USDA loan when the home is located on a private road.

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

Jul 15

10

Can you buy a condo with a USDA Loan?

How can you buy a condo with a USDA home loan?

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

Are condos eligible for a USDA loan??

When it comes to USDA eligible property types this is a common question for markets where condos are available.

In today’s short video we will discuss what are the requirements needed in order to purchase a condo with a USDA loan.

As a quick reminder, don’t forget to join our USDA Real Estate Network Groups on LinkedIn and Facebook by clicking below. Members can use these groups to market and post new listings, ask questions, and connect with the online UDSA Real Estate community which includes home buyers and agents.

So, How can you buy a condo with a USDA loan??

So, can you buy a condo with a USDA loan? Well yes you can, but remember that Condominiums are a form of ownership and not tied to a specific property style or building type. With that in mind, USDA guidelines have the following definition:

“Condominium projects typically consist of multi-unit buildings governed by an HOA. Each unit is individually owned, and the common areas such as hallways and recreational facilities are owned by all the unit owners.

Although less common, it is possible for condominium projects to consist of detached or attached single family dwellings. In these cases, it is the HOA and not the individual unit owner who is responsible for maintaining the exterior of the dwellings in addition to the common areas.”
Can you buy a condo with a USDA Loan

Additionally:

■ Condominiums are deemed eligible for USDA guaranteed financing if the condominium has been approved by either HUD/FHA, VA, Fannie Mae (FNMA), Freddie Mac (FHLMC).

I have included the approved condo links below as a quick reference. This is a great resource when researching if a condominium project already has existing eligibility by one of these agencies.

■ HOA dues for dwellings in a condominium project must be included in total debt-to- income ratios.
■ Applicants remain responsible to obtain individual homeowners insurance or flood insurance as applicable

Please keep in mind that when dealing with condominiums, additional underwriting guidelines or project eligibility factors may be considered when determining eligibility.

FHA Approved Condo List
VA Approved Condo List
Fannie Mae Approved Condo List

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.
800-806-9836 Ext. 280 SeanS@MPLX.org
Remember to click the links below to become a member of our free USDA Real Estate Network groups

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

Jun 15

26

Are Closing Costs Included With A USDA Loan?

“Will my closing costs be included with a USDA loan?”

This is a very common question that we receive at Metroplex Mortgage Services, and in today’s video tip we will cover the details about how a USDA loan can offer flexibility with closing costs and help reduce out of pocket expenses.

USDA loans offer the benefit of 100% financing, or no Down Payment.  However, that should not be confused with No Money out of pocket.

When you are buying a home, there are customarily 2 sets of out of pocket expenses:  Your Down payment and Settlement Charges otherwise known as closing costs.

With 100% financing, USDA loans eliminate the need for a down payment, but that does not have anything to do with closing costs.

USDA loans provide for the ability to finance closing costs into the loan.  However,  In order to finance closing costs, the home must appraiser for more than the purchase price you have agreed to.  This feature is unique to USDA loans, and not available with conventional, FHA, or VA programs.

Examples of what charges could be financed with a USDA home loan are:

  1. Closing Costs such as Title Charges, Loan Costs, Survey, Recording Fees, etc.)
  2. Pre-Paid Items such as your Escrow Accounts, Homeowner’s Insurance Premium, and Pre-paid Interest.

For example, if your sales price is $100,000 and the appraiser determined the value of the home at $103,000, then the loan amount could increase up to the appraised value and include $3,000 of out of pocket settlement charges.

The one exception to this rule is for the 2% USDA Guarantee fee, which can always be financed into the loan amount regardless of the appraisal.

As always, the buyer can contribute their own funds at closing or if possible can also negotiate for the seller to pay up to 6% of the sales price towards a buyer’s settlement charges.

When trying to finance closing costs, it is important to remember that there is no guarantee of what the home will appraiser for so be sure not to put all of your eggs in one basket and hope for the best.

If you do need assistance with closing costs, it is critical to address this upfront with both your mortgage professional and Realtor – before a sales contract has been written.

As a summary, USDA loans do not automatically include customary out of pocket settlement charges, but through a combination of the buyer’s own funds, possible seller concession, and the ability to finance closing costs it allows for flexibility when budgeting for out of pocket expenses.

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 Loan CLosing Costs

Jun 15

19

Is your lender working with the USDA “GUS” Underwriting System?

Can the USDA “GUS” Underwriting System help you qualify for a USDA home loan?

Whether you are a Home Buyer or a Realtor working with USDA clients, having a lender that properly utilizes “GUS” has a tremendous impact with USDA loan qualifying. This short video tip will provide the necessary details to help give you the advantage when qualifying for a USDA home loan.

And don’t forget to join our USDA Real Estate Network Groups on LinkedIN and Facebook by clicking below. Members can use these groups to market and post new listings, ask questions, and connect with the UDSA Real Estate community which include buyers and agents.

USDA Real Estate Network – LinkedIn Real  USDA Estate Network – Facebook


The Guaranteed Underwriting System also known as “GUS”, was created by USDA Rural Development to serve as their automated underwriting system (AUS). The system’s purpose is to help lenders process Rural Development Guaranteed loan applications.

Authorized lenders can utilize GUS to submit:

- An application for eligibility determination

- Pre qualification, or…

- Final submissions to Rural Development

The Guaranteed Underwriting System is a rules based decision engine and a modified version of the FHA TOTAL scorecard.

With these combined functionalities GUS can indicate recommended levels of underwriting and documentation to determine a USDA loan’s eligibility for the Single Family Housing Guaranteed Loan Program (SFHGLP).

After the loan data is entered, GUS then delivers a recommendation based on a risk evaluation analysis, which can be as follows:

  • Accept
  • Refer, or
  • Refer with Caution.

Important factors that GUS will determine are:

  • Eligibility for:
  1. Income
  2. Credit, or
  3. Property Location
  • Accepted qualifying ratios (For example debt ratio waiver requests are NOT required for GUS Accept files)

Please note, that as with any Automated underwriting system, the findings are only as good as the data entered. This underscores the importance of accuracy at this stage of the process, because although GUS is not a final underwriting stamp of approval, it does provide a roadmap for eligibility and what is needed for approval.

As a USDA approved lender, we utilize the GUS system and are able to maximize the benefits it provides to help both qualify homebuyers and process USDA loans.

We realize that qualifying for a USDA loan may seem overwhelming, but when you are paired with a lender who can maximize the potential of this unique program, it is a match that can help open the door to home ownership.

My team is ready to help with your next pre qualification, or if you happen to need an expert 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.

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 Advantages, USDA Credit Qualifying, USDA FAQs

Jun 15

12

Will your credit score qualify for a USDA home loan?

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

How many credit scores do you need to qualify for a USDA home loan?

When qualifying for a mortgage, everybody knows that your credit scores are critical, but depending on your credit a certain bureau may not even be reporting a score!

In today’s short video we will discuss the USDA qualifying credit requirements along with what solutions are available when credit scores are not reporting.

And don’t forget to join our USDA Real Estate Network Groups on LinkedIN and Facebook by clicking below. Members can use these groups to market and post new listings, ask questions, and connect with the UDSA Real Estate community which include buyers and agents.

USDA Real Estate Network – LinkedIn     Real Estate Network – Facebook

It is important to remember that a certain credit score does not guarantee approval, but achieving a minimum score does open up the range of potential eligible loan programs with higher scores and stronger credit profiles contributing factors. USDA has the following credit score guidance:USDA Florida Credit Qualifications

  1. 640 and above required for automated underwriting eligibility
  2. Manual underwriting guidelines for scores of 581 and above provided a documented credit waiver is submitted when applicable.
  3. Loans with credit scores of 580 or below should not be approved

Also remember that depending on what credit is actually reporting, not all credit bureaus may even be generating a score.  In this case, USDA guidelines state the following:

  1. If the applicant’s credit report has three scores, the middle score should be used as the representative score.
  2. If the applicant has two scores, the lower of the two should be used as the representative score.
  3. If the applicant has a repeating score, that score will be utilized.
  4. If the applicant has one score, a NTMCR must be developed for manually underwritten loans.

Non-Traditional Mortgage Credit Report (also known as Alternative Credit) would consist of verification for accounts such as water, electricity, phone, cable, etc. for at least the past 12 months with an on-time payment history.

While USDA loans offer high credit qualifying flexibility, a minimum credit reputation is required in order to determine eligibility.

Don’t let the details overwhelm you because that is what we are here for! As a USDA approved lender, we can walk you through the qualifying steps and explain the details from A to Z.

Whether it is the doctor or a mechanic, 2nd opinions are always great, and that goes the same with mortgages which is why we have a free 2nd opinion service dedicated to these requests.

800-806-9836 Ext. 280USDA Texas Credit Qualifications
SeanS@MPLX.org

 Whether you are under contract or in the pre-qualification stage, just call or email with your scenario and take advantage of our lending expertise.

I want everyone to make it a great day, and look forward to seeing you right here for our next video quick tip.

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

Jun 15

5

Can a Credit Dispute Affect USDA Loan Qualifying?

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

If you dispute an account on your credit, will that affect USDA loan qualifying?

Disputed accounts can have a major impact on USDA loan eligibility and can also cause a high level of confusion with the home buying process.

In today’s short video we will cover how a disputed account can affect your USDA application, along with potential solutions to help keep your transactions headed to the closing table.

Before we get started, don’t forget to download our USDA Blueprint for success with the link below. This is a great educational resource for the home buying process and designed for both Home Buyers and Realtors.

USDA Guidelines for disputed accounts

USDA qualifying guidelines require that when an applicant’s credit report indicates an account (tradeline) or public record has been disputed, a GUS underwriting recommendation of “Accept” may need to be downgraded by the lender to a “Refer” which would then require more stringent manual underwriting guidelines.

However, a downgrade is not required if any of the following conditions are met in regards to the disputed item listed on the credit report:

1. The account has a zero dollar balance
2. The account is marked “Paid in full” or “resolved”
3. The account has a balance owed of less than $500 and is more than 24 months old

In this anonymous case study for a loan that we successfully closed, they had been previously denied by another lender for a disputed account. However, as you can see this should not have been the case because the disputed account has a zero balance and is less than $500 plus greater than 24 months old.

usda loan fl

This unique portion of the guideline not only causes confusion for the applicant, but as you can see, can also cause confusion for lenders who do not regularly work with the USDA program.

As always, the borrower also has the ability to have the dispute removed and then we can process a new updated credit report for underwriting review.

If you want to qualify for a mortgage but have questions regarding disputed accounts, my team is experienced with this scenario and we can help walk you through the steps on what can be possible, along with how to get the dispute removed if needed.

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.

USDA loan qualifying

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

29

How Rapid Rescoring Can Help Your Credit Score Qualify for a Loan

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

Were you denied for a mortgage because your credit score just missed? Rapid rescoring can help.

While many think this is end of the road, Rapid Rescoring is a powerful tool that can help towards becoming “mortgage ready”– and may be a solution for either USDA, VA, FHA or Conventional loans

Before we get started, don’t forget about our free 2nd opinion service. This can be used for both existing transactions and pre-qualifications, and is a great way to get an expert 2nd opinion about your mortgage qualifying.

Rapid Credit Rescoring

Rapid Rescoring also known as Credit Rescoring, is a great tool which allows for us to identify specific accounts and help maximize the built in potential of a credit score. So what are the steps?

Step One: The credit report is analyzed for any potential improvements through both a manual review and automated credit score simulation software. We can then determine how much of a potential increase in score can be achieved and what actions need to occur.

Step Two: Once the suggested actions have been taken, the customer then calls their credit card or finance company and requests a balance letter or other account documentation. Once this has been received, wqualifying for usda loan fle can then start the final step.

Step Three: We then submit the documentation to our credit vendor who works directly with the credit bureaus to update the account. Once the updates are complete, we are given notification to reprocess a new credit report. The process can take as little as 3-5 business days to complete after receipt of the creditor documentation.

Here are a few helpful reminders about rapid rescoring:

- There is NO additional charge for this service
- This is NOT credit repair and we are NOT a credit repair company
- Results are not guaranteed & can vary based on differences within each credit report
- Works best when paying down credit card account balances, but not limited to that solely
- Depending on the number of accounts, prepare for longer processing times
This can be a great solution for:

• Upfront Pre-Qualifications
• Current transactions already under contract, but are experiencing qualifying problems
• USDA, VA, FHA, or Conventional Loans

rapid rescoring flWe are known for our Government Loan Experience and high customer service levels. As an approved USDA and VA lender Metroplex Mortgage Services is proud to serve both our military and rural communities.

Just call or email if you have any 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.

Comments

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Posted in USDA FAQs

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


Sean Stephens

Metroplex Mortgage Services

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

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USDA Loan Calculator

Use This Calculator To Help Stay Within Your Budget:

Purchase Price
Loan Term 30 Years
Interest Rate
Annual Taxes
Annual Insurance
Financing: 100%
Purchase Price with
2% 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 Good Faith 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

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