Financing in Front Royal>Question Details

Lemmyh2, Home Buyer in Front Royal, VA

I'm a first time buyer looking for a usda mortgage in Front Royal VA, where should I start.

Asked by Lemmyh2, Front Royal, VA Sat Feb 12, 2011

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Your first place to start is with a mortgage banker who is familiar with the USDA guidelines and also is focused on you. The entire process is about you and your family.

It is always wise to "know the money first".... the rest of the process is easier afterwards.

In addition to knowing the USDA guidelines, your lender should also explain other loan programs that might be available to you.

Of particular note, USDA has very specific guidelines about the property you may be considering. The USDA loan program is "geographically" specific as well as household income specific. The household income tolerance can vary from county to county as well.

As with any loan program... there are certain "nuances" to each and the guidelines for all available loan programs are being strictly underwritten.

If you would like to speak with me about your options... feel free to call me at 804-897-1000 or shoot me an email at jamie@villagebankmortgage.net

Good Luck to you and your family.. remember, the entire process is about you... no one else!

Jamie Lee Chafin
Village Bank Mortgage
Richmond, Va.
1 vote Thank Flag Link Sat Feb 12, 2011
The USDA program is a great no money down option that has been around since 1994 but has grown popular in the last few years since most other no money down programs have gone way of the dinosaur. Here are some highlights of the program.

Finance full purchase price plus closing costs up to 103.5% of the appraised value with or without seller concessions
No cap on seller concessions, if seller is not paying closing costs, they can be rolled into the loan amount up to 103.5% of appraised value, not sales price. Great on foreclosures.
One lien, no down payment assistance required
No post-closing reserve requirements
Not limited to first time home buyers
Finance needed property improvements into loan amount up to 103.5% of “After Repaired Value” (case by case, contact me for details)
NO MORTGAGE INSURANCE: That means lower payments than FHA
Full doc only, must have stable work history (2+ years)
Self-Employed borrowers okay with 24 month average income
620 minimum credit score
No open collections, charge offs, judgments or tax liens
No pre-pay penalty
30 year fixed rates
Primary residence only
Available for SFR’s, condos & town-homes only, No mobile homes or multi-family properties

This is also a Moderate Income loan program so there are income limits that are determined by what county you are buying in and how many people will be in your household but the limits are fairly liberal.

I have been closing USDA loans for the last 7 years so if you would like more details on how to qualify for this loan please feel free to contact me at your convenience. Thank you and congratulations on taking your first step to home ownership.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage, LTD.
202.681.1636 direct
eoliva@envoymtg.com
2 votes Thank Flag Link Sun Feb 13, 2011
Hi Lemmyh2, I am an agent in the Front Royal area. Please give me a call and I can refer you to several local lenders that will be able to help you. My number is 660-0965....thanks... Brenda
2 votes Thank Flag Link Sat Feb 12, 2011
My advice would be to contact 2-3 lenders that offer the USDA program. They can tell you if both you and the home qualify, same as any other mortgage for the most part. I included the link though for you to see for yourself if you like. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
There is alot of information but like I said talk to a few lenders, see who you feel comfortable dealing with and also who know how to do USDA loans. Not everyone has. And make sure you ask ALOT of questions. Trust but verify. Hope this helps and contact me if you need more information.
Thanks,
1 vote Thank Flag Link Sat Feb 12, 2011
If you don't have an agent you're working with, I recommend Brenda. I have enjoyed working with her in the past, and she is a very competent agent. She also has many connections and can provide you with excellent loan officers so you can get prequalified for the right loan for you.
1 vote Thank Flag Link Sat Feb 12, 2011
Hi Lemmyh,
if you are familiar with what a usda loan is, then it will be easy for you to move forward from that.
All you will need to do is find an area that allows you to use the loan and go from there.
Usually a usda loan is just a loan that is offered for a lower interest rate and also that the property falls in a rural area. But google it for your area and see what comes up, should be interesting.
Good luck.
1 vote Thank Flag Link Sat Feb 12, 2011
find a loan officer who knows usda program & guidlines and get pre approved. start looking for a home in that area that meet the usda guidelines...
1 vote Thank Flag Link Sat Feb 12, 2011
Reach out to us below, happy to help.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
http://www.UsdaMortgageHub.com
0 votes Thank Flag Link Mon Nov 9, 2015
You have received a lot of great advice so far. My only comment is that the pre-approval should come directly from a Federally Chartered Banks Underwriter as oppose to the Loan Officer. When making an offer on a property and you can show that a Bank has pre-approved you subject to the identification of a subject property your offer carries a lot more credability than just a pre-qualification letter from a Loan Officer. At Flagstar Bank I am able to have a file reviewed and approved by an Underwriter in less than a day. I can be reached at (866) 552-5912 if you have any questions. Check out the attached weblink for more information on the USDA Rural Loan program.
0 votes Thank Flag Link Mon Feb 14, 2011
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