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 email@example.com
Good Luck to you and your family.. remember, the entire process is about you... no one else!
Jamie Lee Chafin
Village Bank Mortgage
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 â€œAfter Repaired Valueâ€ (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 SFRâ€™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
Envoy Mortgage, LTD.
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.
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.