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Five things “To Do” for a successful USDA applicationQualifying for a mortgage, looking at properties, and preparing an offer are all steps that require professional guidance. However, with all of the information available, it can be hard to know what is right and wrong during the USDA application process.

In today’s short video tip, I’ll review five important things “TO DO” for your USDA application in order to keep your dream of homeownership on the right track. Plus, go here and download all of our FREE USDA Resources to help each step of the way!

5 Things “To Do” for a Successful USDA Application

1. Stay current on your existing accounts

If there are late payments on your existing mortgage, car payment, or any other loans that report to the credit bureaus, it could dramatically drop your credit score. This can eliminate your ability to purchase a home.

Just one 30-day late payment has the ability to quickly and drastically reduce your credit score.

Tampa FL USDA Approved Lender List2. Maintain appropriate credit card balances

It is very important to make sure that your credit card balances are low in comparison to your credit card limit. In fact, it isn’t the balance that counts, but the ratio of your balance in comparison to your credit limit.

Having credit cards that are at or near their limit can greatly damage your credit score.

3. Make sure medical collections are taken care of

Often, I see a small medical collection that was a result of miscommunication between the insurance company, doctor’s office, and the patient. This can rapidly decrease your credit scores and in some cases can be a reason for loan denial.

Sebring, Avon Park, Lake Placid USDA Loans in Highlands County4. Gather proof of Rental History

When rental history is required, paying by check is a clear way to verify your payment history. While paying by cash or money order may seem convenient, it will not always be an acceptable form of verification by underwriting.

5. Don’t be afraid to ask for advice

As an approved USDA mortgage lender, we are your best resource for details about what actions can help or hinder your loan approval.

If you have any questions or concerns about a financial event you are considering during the loan process, please let us know prior to taking action.

We are here to help you navigate the USDA process and make it as smooth as possible. In fact, we have created several free USDA resources to help you along the way. Plus, you can always call or email to discuss your scenario and let us show you the Metroplex difference!

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

 

Who pays for a termite inspection on a VA loan in Florida, Alabama, or TexasUnlike USDA loans, a termite inspection for a VA loan is generally required by the guidelines. In today’s video, I will discuss the payment options for termite inspections and also explain what exceptions exist.

Plus, download our FREE Loan Comparison chart and see the features of USDA, VA, FHA, and Conventional loans compared to each other in one simple chart. In it, you’ll discover maximum financing amounts, fees, waiting periods, and more. Download it now!

Who pays for a termite inspection on a VA loan in Florida, Alabama, or Texas

Unlike USDA loans, which state that “termite/pest inspections are not required unless the lender, appraiser, inspector or
State law requires the inspection to confirm the property is free of active infestation“, VA loans generally require a termite inspection. Further, while the VA program prohibits the veteran from paying certain charges, this does not mean that the seller automatically has to pay for a termite inspection or any other prohibited charges.

Many times we hear that sellers are resistant to the VA loan programs because of the concern that they will be required to pay additional fees. However, the seller will only pay for what they have agreed upon as part of the sales contract.

VA guidelines state that the termite inspection has to be paid for by “some party other than the veteran.” This could be the lender, realtor, or even the seller if so negotiated.

Can a veteran pay for a termite inspection in Florida, Alabama, or Texas?

Who pays for a termite inspection on a VA loan in Florida, Alabama, or TexasWhile a majority of states prohibit a veteran from paying for a termite inspection, the VA has identified certain states where exceptions apply.

Florida, Alabama, and Texas are among the states that currently allow the veteran to pay for the termite inspection.

While the list of exceptions does vary from the type of fee and state or territory, please consult with your local VA Regional Loan Center for any further questions.

VA Loan Summary

In summary, remember the following:

  • A veteran can pay for a termite inspection in some states.
  • There are certain charges that a veteran may not pay.
  • The seller is only required to pay for what has been agreed upon as part of the sales contract.

With VA in-house underwriting and upfront systems in place, my team can review and assist you with:

  • VA Certificates of Eligibility
  • Calculating the VA entitlement
  • Determining VA income eligibility
  • VA Minimum credit qualifying questions

Who pays for a termite inspection on a VA loan in Florida, Alabama, or TexasQualifying for a home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the loan process, it is a match that can open the door to homeownership.

Remember, as a VA approved lender, we are here to help! Download our FREE Loan Comparison chart and dig into the difference between each loan type.

Finally, if you have any qualifying scenarios or need help with a new pre-qualification, simply call or email to discuss your scenario. Let us show you the “Metroplex” difference!

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

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

In today’s video, I will explain how child support income can be used to qualify for a USDA loan and also discuss the most recent updates for the required documentation.How can child support income help you qualify for a USDA loan in FL

Now, before we get started, don’t forget to take advantage and download our USDA Blueprint for Success. This free guide is designed to help walk you through the USDA qualifying process step-by-step and is a great tool for both homebuyers and Realtors alike!

Qualifying for a USDA loan

In order to use child support income to qualify for a USDA loan, we will first need to review whether it is court-ordered or paid through a voluntary payment agreement.

Court Ordered Child SupportTampa FL #1 USDA Approved Lender List

USDA guidelines require the following when there is court-ordered child support payments used for qualifying income:

  • The payment has been received consistently for at least the past six months; and
  • Proof that the child support income will continue for a minimum of three years into the mortgage.

Further, this will then need to be documented either through the divorce decree, legal separation, or court order.

Voluntary Payment Agreements

However, in order to use child support income received through a voluntary payment agreement towards USDA qualifying, the following is required:

  • The payment has been received consistently for at least the past year; and
  • Proof that the child support income will continue a minimum of three years into the mortgage.

Additionally, evidence of timely and consistent receipt of the payment history would need to be documented through bank statements, canceled checks, deposit slips, tax returns, etc.

Qualifying Reminders

USDA guidelines also state the following for child support that has been inconsistently received:

Child support that meets the minimum history, but the payment amounts are not consistent, must average the amounts received over the time of receipt. Payments received for 6 months or less with zero received for any month must use zero.”

Sebring, Avon Park, Lake Placid USDA Loans

Also, for child support that is not taxable, USDA guidelines state:

“If the income is tax-exempt, it may be grossed up 25 percent” which refers to the ability to increase the gross amount of income received due to the type of income being tax-exempt.

For example, if someone receives $500 in child support, you could “gross-up” that income by 25% and use $625 for USDA qualifying purposes.

In summary, guidelines have become more flexible over the years for those using child support income to qualify for a USDA loan.

Whether it be FHA, VA, USDA, or Conventional – Just call or email to discuss your scenario and let us show you the “Metroplex” difference.

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

Simply 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!

P.S. – You can download our USDA Blueprint for Success by CLICKING HERE.

Tampa FL USDA Approved Lender List

 

What are USDA Flood Zone Requirements in Florida?In today’s video, I will share with you the details regarding USDA flood zone requirements and how to navigate the qualifying process.

However, before we get started, don’t forget to take advantage of our FREE download, USDA Blueprint for Success. This free guide is designed to walk you through the USDA process step-by-step and is a great resource for both homebuyers and realtors alike.

How do FEMA Flood Maps impact USDA loan eligibility?

USDA flood zone requirements for properties located in a Special Flood Hazard Area (SFHA) are different for existing dwellings versus new or proposed construction properties.

Today, I will only be covering USDA flood zone requirements for existing dwellings. If you do have any USDA new construction questions, please call my team so we can assist!

Existing dwellings are eligible under the USDA single-family housing guaranteed loan program only if:

  • Flood insurance, through FEMA’s National Flood Insurance Program (NFIP), is available for the community; and
  • Flood insurance whether NFIP, “write your own,” or private flood insurance, as approved by the lender, is purchased by the borrower.

Remember, it is important to note that USDA guidelines also provide flexibility for other structures and state the following:

flood insurance is not required for any additional structures that are located on the property but are detached from the primary residential structure and do not serve as a residence, such as sheds, garages, or other ancillary structures.”

USDA Flood Insurance Coverage Requirements

What are USDA Flood zone requirements in Tampa FLUSDA flood zone guidelines require that “flood insurance must cover the lesser of the outstanding principal balance of the loan or the maximum amount of coverage allowed under FEMA’s National Flood Insurance Program (NFIP).”

Further, certain deductibles must also be met:

“unless a higher amount is allowed by state or federal law (which includes FEMA policies), the maximum deductible clause for a flood insurance policy should not exceed the greater of $1,000, or one percent of the face amount of the policy, or the minimum deductible offered by the borrower’s chosen insurance carrier. Existing dwellings for the SFHGLP are eligible if flood insurance is available.”

Key Points

In summary, while today’s topic can be confusing, don’t let the details overwhelm you! Just remember that USDA flood zone guidelines have greatly improved over the years and while it is possible to qualify for a USDA loan with a property located in a flood zone, insurance coverage requirements must be met along with obtaining certain deductibles.

As a USDA approved lender, we are here to help walk you through the process step by step. Just call or email to discuss your scenario and let us show you the “Metroplex” difference.

USDA Flood Zone qualifying in Florida800-806-9836 Ext. 280
SeanS@MPLX.org

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

P.S. – You can download our “USDA Blueprint for Success” by CLICKING HERE.

 

A common question that I receive is whether you can “roll-in” your closing costs with a USDA loan because many have heard through second hand sources that closing costs are automatically included with your USDA loan.

However, in today’s short video I will discuss what USDA closing costs can be included in your loan and further explain this unique feature of the USDA loan program.

Before we get started, please download our USDA Blueprint for Success. This free guide breaks down the USDA mortgage process step by step. It’s a great educational resource for both realtors and home buyers!

What USDA closing costs can be included in your loan?

Customarily, a home buyer has to prepare for two types of out-of-pocket expenses:

  1. Down Payment;
  2. Settlement charges (also known as closing costs and pre-paid items).

While a USDA loan eliminates the need for a down payment, remember that the homebuyer is still responsible for the other respective costs. This can be either paid by using their own funds, eligible gift funds, negotiated for the seller to pay through the sales contract, or in the case of a USDA home loan, the possibility to finance those costs into the loan.

USDA Closing Costs

Tampa FL USDA LoansUSDA loans are sought after by homebuyers for their qualifying flexibility and no down payment feature.

Additionally, because USDA loans permit financing up to the appraised value, this will allow for USDA closing costs to be  included within your loan, but only in those cases where the appraised value is higher than the agreed-upon sales price.

When the appraised value is higher than the sales price these settlement charges can be financed into a USDA loan:

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

The key point to remember is that the appraised value must be higher than the sales price for this feature to be available.

If the home doesn’t appraise for more than the sales price and the buyer is counting on financing in their closing costs, then the buyer will either:

  • Have to pay for the costs out of pocket; and/or
  • Renegotiate with the seller to pay for their cost

A Word of Caution

Include USDA closing costs in FloridaHomebuyers should proceed with caution if they are solely relying on financing closing costs to cover their out-of-pocket expenses. Instead, financing closing costs should be viewed as a potential advantage, not a guarantee! This is because the final appraised value happens after the sales contract is agreed upon.

Remember, the home must appraise for more than the sales price in order to take advantage of the ability to finance USDA closing costs.

Questions?

USDA guidelines can feel overwhelming, but that is why you have the Metroplex team in your corner. Our USDA experience and knowledge are available to answer your questions about USDA closing costs or any other loan questions.

Plus, use our free Second Opinion Service (SOS) for an expert opinion which can be especially helpful for those with recent loan denials or if you need guidance on how to make the most of your USDA home loan qualification.

Three ways to improve USDA Debt to Income Ratios and Increase your Sales Price!What are three ways to improve USDA Debt to Income Ratios and also increase your sales price?

Unfortunately, many of today’s lenders do not fully understand the USDA program or how to maximize its benefits, which can leave homebuyers extremely frustrated with the amount they have been approved for.

However, in today’s short video I will discuss three ways to improve your USDA debt ratios, which in turn can increase your qualifying ability and overall sales price!

Now, before we get started, don’t forget to take advantage and download our USDA Blueprint for Success with the link below. This free guide is designed to walk you through the process step-by-step and is a great tool for both homebuyers and Realtors alike.

Three ways to improve USDA Debt to Income Ratios!

As a starting point, your total debt-to-income ratio is a percentagTampa FL USDA Approved Lendere of your gross monthly income and is calculated by dividing monthly obligations by your gross monthly income.

Monthly obligations could include items such as car loans, credit cards, as well as the principal, interest, taxes, and insurance payments on the new mortgage.

Here are three ways to reduce USDA debt to income ratios in order to increase your qualifying ability:

  1. Installment accounts

Per USDA, “accounts that will be paid in full through a specified number of fixed payments such as auto, personal, secured/unsecured, etc. must have the monthly payment included.”

However, “if ten or less months of repayment remains per the credit report, creditor verification, etc., the monthly debt may be excluded if the payment does not exceed five percent of the monthly repayment income.”

Also, “installment debt may be paid down to ten months or less of remaining debt” in order to meet this guideline.”

  1. Co-signed obligationsUSDA Loans Sebring, Avon Park, Lake Placid, Highlands County FL

“Co-signed debts refer to a debt where the applicant may be a co-borrower, joint obligor, co-signer, guarantor, etc.”

“Co-signed debts must be included in the monthly debts unless the applicant provides evidence another obligor (party to the debt) has successfully made the payment for the previous 12 months prior to loan application.”

In order to prove that the other party is paying the debt, “acceptable evidence includes but is not limited to: canceled checks, money order receipts and/or bank statements of the co-obligor.”

However, any “late payments reported in the previous 12 months prior to application will require the monthly liability to be included in the monthly debts.”

Additionally, debts that are listed as individual on the credit report “must be included in the debt ratio regardless of who is making the monthly payment.”

  1. Business DebtsFlorida USDA Debt to Income Ratio

Business debts that are reporting on the applicant’s personal credit report, such as an auto loan,  may also be “excluded from the monthly debt if there is evidence the debt is paid through a business account.”

However, this must be proven through supporting documentation such as “canceled checks or bank statements from a business account for the previous 12 months.”

Summary

In summary, all three of the options we discussed today can help reduce USDA debt ratios while at the same time increase your qualifying ability!

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

800-806-9836 Ext. 280

SeanS@MPLX.org

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

How do you qualify for a USDA mortgage if self-employed in Florida, Alabama, Tennessee, or Texas?Qualifying for a USDA mortgage when you are self-employed can be both confusing and frustrating.

However, in today’s video, I will review a three-step qualifying approach which can help to both relieve anxiety and further explain the process.

Before we get started, please take advantage of our FREE tax return review service. This is a great way to have your self-employment income reviewed at the preliminary stages of the USDA qualifying process and is just another free resource we offer to help keep your financing headed in the right direction!

Qualifying for a USDA mortgage when self-employed

1. Know what self-employment documentation will be required

Per USDA guidelines…

“an applicant or household member is considered self-employed when they have a 25 percent or greater ownership interest in a business.”

How do you qualify for a USDA mortgage in Florida if self-employed?dFurther, when ownership is 25 percent or greater the following will be required:

  • Federal Income Tax Returns (filed and signed) for the most recent two consecutive years with all schedules. Plus, any applicable W2 forms.
  • If required for the ownership interest/business type, Federal Income Tax Returns for the business (filed and signed) for the most recent two consecutive years with all schedules.
  • Recent profit and loss statement (not required to be audited)
  • Confirmation that the business is operationally obtained within 30 days of loan closing.

2. Calculation of USDA self-employment income

As the USDA approved lender, we will be analyzing “the most recent two-year history of the business earnings.”

An additional review will be required for any drastic increase or decrease in self-employed income. This is defined as…

20 percent or greater variance for income earnings from the previous 12 months.”

While this is the general rule, please remember that different types of business structures will also require separate analyses. Such as those for Sole Proprietors, S Corporations, Partnerships, etc.

3. Can Business debts be excluded from your USDA debt ratios?

Per USDA, “Business debts (i.e. car loan) reported on the applicant’s personal credit report may be excluded from your USDA debt ratio if there is evidence that the debt is paid by a business account.”

“Acceptable evidence includes canceled checks or bank statements from the previous 12 months from a business account.”

Since we don’t have to count certain business paid debts against your USDA debt ratios, this has the ability to increase both your loan amount and what you can qualify for.

We Are Here to Help!

How do you qualify for a USDA mortgage in Sebring, Avon Park, Lake Placid FLIn summary, if you are self-employed and trying to qualify for a USDA loan do not let the paperwork overwhelm you!

We will help walk you through the qualifying process step-by-step.

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

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

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

USDA Single Family Housing Guaranteed vs DirectUSDA Rural Development offers single family housing loans under two similar, but at the same time very different programs.

While this can lead to confusion among homebuyers and Realtors,  today’s video will break down differences between the USDA Single Family Housing Guaranteed Loan Program and the Section 502 Direct Loan Program!

Plus, you should click here and access our FREE USDA Resources, including our USDA Blueprint for Success. These are valuable tools to help walk you through the all important USDA qualifying process step by step.

USDA Single Family Housing Guaranteed vs Direct Loan Program

Tampa FL USDA Approved Lender ListAs a starting point, USDA Rural Development offers single family housing loans under both the Guaranteed Loan Program (“Guaranteed”) and the 502 Direct Loan Program (“Direct”).

Both programs require that the home being purchased is the primary residence, but they are still very different.

Here are 4 key differences between a USDA Guaranteed Loan and a Direct loan.

Income Limits

Term Length

  • Guaranteed loans only offer a 30 year term while the standard term for a Direct loan is for 33 years, with others terms applying based on varying situations.

In-Ground Pools

  • Sebring, Avon Park, Lake Placid USDA LoansFurther, while the Direct program does not permit in-ground swimming pools, the Single Family Housing Guaranteed Loan Program does allow for in-ground pools.

Funding

  • Lastly, and possibly the biggest difference, is that Direct loans are subsidized and funded by the government. They are then serviced by Rural Development’s customer service center.
  • On the other hand, Guaranteed loans are not subsidized and instead are funded by approved USDA lenders such as Metroplex Mortgage Services who handle the underwriting review, approval of the file, and loan closing.

USDA Approved Lender

As many of you already know, we have specific systems in place that have helped us be a top ranked USDA Approved Lender year after year. We are able to handle the USDA qualification process from pre-qualification to closing with the added benefit of in-house underwriting and one easy point of contact.

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

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

Make it a great week, download some of our FREE resources below, and I’ll see you next time!

USDA Student Loan Guidelines Have Improved!

As we all know, student loan debt can have a majoImproved USDA Student Loan Guidelinesr impact on mortgage qualifying!

In today’s topic, I’ll explain how improved USDA guidelines on student loans have led to qualifying improvements.

Understanding the details can mean the difference between homeownership or a missed opportunity!

As we all know, 2nd opinions are always important, so if you have financing questions and are working with another lender, we offer this free service so you can get access to an expert 2nd opinion.

Student Loan Debt

Improved USDA Guidelines on Student LoansUnfortunately, qualifying to buy a home with student loan debt is becoming a bigger challenge each and every day, and this is not just a problem for First-Time Homebuyers.

As we dig into the actual details, the actual numbers are somewhat staggering. In fact, recent data shows that the US has more than 42.8 million borrowers with $1.64 trillion in student loan debt.

Now, after we all have taken a deep breath, let’s get into the details of current USDA guidelines on student loans.

USDA Guidelines on Student Loans

USDA student loan guidelines have improved by reducing the amount needed for qualifying on certain student loans. This provides the ability to increase your overall budget and price range.

Fixed-Payment Student Loans

A fixed-rate loan has an interest rate that remains the same for the life of the loan.

For fixed payment loans, “A permanent amortized, fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed. The fixed payment will fully amortize/pay in full the debt at the end of the term.”

Non-Fixed Rate Payment Student Loans

USDA Guidelines on Student Loans in FL, AL, TN, TXA non-fixed rate loan has a variable interest rate that varies as market interest rates change.

For non-fixed payment loans, “payments for deferred loans, Income-Based Repayment (IBR), Income-Contingent (IC), Graduated, Adjustable, and other types of repayment agreements which are not fixed must use the greater of the following”:

  1. “One half (.50) percent of the outstanding loan balance documented on the credit report or creditor verification”, or
  2. “The current documented payment under the approved repayment plan with the creditor.”

Unlike prior USDA guidelines which required taking a full one percent (1%) of the balance on non-fixed payment loans,  current USDA student loan guidelines have improved by reducing the minimum payment to one-half percent (.50%) of the balance.

Additional USDA Student Loan Guidelines

USDA student loan guidelines provide for the following:

  • Student loans in the applicant’s name alone but paid by another party remain the legal responsibility of the applicant. The applicable payment must be included in the monthly debts.
  • Student loans in a “forgiveness” plan/program remain the legal responsibility of the applicant until they are released of liability from the creditor. The applicable payment must be included in the monthly debts

Summary

In summary, USDA guidelines on student loans have improved by reducing the amount needed for qualifying on certain student loans. This means you have the ability to increase your overall budget and price range.

How to qualify for a USDA loan with student loans in Florida, Texas, Tennessee, and AlabamaRemember, we are unique because as a USDA approved lender, we have dedicated systems in place for USDA processing. From pre-qualification through closing our high-level experience is your advantage.

Simply call 800-806-9836 Ext. 280 or email SeanS@MPLX.org to discuss your scenario, and let us show you the “Metroplex” difference!

Lastly, download any of our FREE USDA Resources here! These complimentary USDA guides and fact sheets are helpful resources that are always available for you.

Thanks for continuing to recommend us for all of your mortgage needs, and I look forward to seeing you right here next week!

Tampa FL USDA Approved Lender ListI know that many of you are thinking that an IRS tax lien will automatically put a stop to the USDA loan process.

However, USDA guidelines offer qualifying flexibility in cases of delinquent Federal tax debt. In today’s short video, I’ll review the details of qualifying for a USDA mortgage with a tax lien.

Please also take advantage of our FREE download, “USDA Blueprint for Success.” This is a great educational resource that breaks down the USDA loan process step by step. It’s a must-have for realtors and home buyers alike.

Please Note: Today’s topic deals specifically with IRS repayment plans as it pertains to USDA loan qualifying. This is not tax advice.  For any further IRS related questions, please consult with your tax professional.

Tax Liens and Repayment Plans

Tax Lien: Per the IRS, “A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a debt.” Additionally, when you do not fully pay the debt, the IRS will file a Notice of Federal Tax Lien in order “to alert creditors that the government has a legal right to your property”.

Repayment Plans: Depending on the specific tax situation, different types of IRS installment repayment plans may be available. This allows the balance to be paid over an extended amount of time.

Can you qualify for a USDA mortgage with a tax lien or repayment plan?

You can qualify for a USDA mortgage with Federal tax liens when all of these conditions are met:

  1. Sebring, Avon Park, Highlands County USDA LoansThey are in an approved repayment plan.
    • USDA guidelines specifically state: “An applicant with delinquent Federal tax debt is ineligible unless they have a repayment plan approved by the IRS.”
  2. They have made a minimum of 3 timely payments to their repayment plan.
    • USDA guidelines specifically state: “A minimum of three timely payments must have been made.  Timely is defined as payments that coincide with the approved IRS repayment agreement.”
  3. The 3 minimum payments cannot be prepaid in a lump sum.
    • USDA guidelines additionally state: “the applicant may not prepay a lump sum at one time to equal three monthly payments to meet this requirement.”

Documentation needed will be items such as the IRS installment repayment agreement and relevant payment history to reference the terms have been met which could be evidenced through bank statements or cancelled checks.

Lastly, don’t forget that your monthly repayment plan installments are also included within your USDA debt ratios.

Yes, You Can Qualify

Can you qualify for a USDA mortgage with a tax lien or repayment plan?

In summary, qualifying for a USDA loan with an outstanding IRS tax lien is possible with proof of an approved repayment plan as discussed above.

As an approved USDA lender, we are here for your unique qualifying situation. We have dedicated systems in place from pre-qualification to closing. Simply call or email to discuss your scenario or if would just like to take advantage of our free 2nd opinion service.

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

Make it a great day and I look forward to seeing you for the next tip of the week!

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