Home Buying in Melissa>Question Details

Dawn, Home Buyer in Melissa, TX

Which would be better for the Melissa area FHA or USDA. We have some credit card debit, little to no down payment, and a credit score around 690.

Asked by Dawn, Melissa, TX Thu Aug 30, 2012

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Great Question Dawn! You need to speak with a mortgage lender.
3 votes Thank Flag Link Fri Aug 31, 2012
I would speak to a professional. Or see what your agent sugguests.
Flag Wed Oct 17, 2012
Our agent suggested to speak with at least two mortgage brokers to see what was the best program which would fit our needs. With the interest rates so low. It is a great time to buy.
Flag Sun Oct 14, 2012
I heard it was possible. We inquired when we were purchasing though it worked to our advantage to put money down.
Flag Fri Oct 12, 2012
You have gotten some good answers here. I just closed a home that was a USDA loan and it went smoothly and took about 45 days to close. The key is to make sure you find a lender who knows the ins and outs of USDA loans, an experienced lender is key. Good luck to you.
0 votes Thank Flag Link Sat Sep 1, 2012
Difficult to render an opinion not part of the transaction recommend refer to CPA which would be to your advantage and your financial annual income coupled with long term planning

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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0 votes Thank Flag Link Thu Aug 30, 2012
As others have said, a good mortgage broker is your best source of information about this. There are pros and cons to both, and as pointed out by others....USDA is 100% financing which is great. I would check with your lender to see what USDA current processing times are running, last month I had a client closing with a USDA loan and we had to extend the closing date multiple times due to USDA delays. I have been told they have hired additional staff and therefore may have reduced the delays but it's important for you to know that if you're on a strict timeline.

Congratulations! And if you need help I'm available, too!

Sandy Setliff
0 votes Thank Flag Link Thu Aug 30, 2012
I agree with Don below. The USDA option lets you buy the home with no money down, so it will be a 100% financing loan. The FHA option will require a down-payment of 3.5% of the sales price (at a minimum). Your best bet is to talk to a mortgage professional that can give you both options on paper so that you can see the amount of money needed to purchase, and what your payments will be.

Our agents work in the Melissa area, and we would be happy to assist you if you are not already working with another Realtor.


Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors

0 votes Thank Flag Link Thu Aug 30, 2012
USDA will allow you to not put any money down. I would have your lender work up both options for you. The problem with USDA right now is that it takes a lot longer to close. This is because the file needs to be fully approved by the lender and then is sent to USDA for approval. That process is taking several weeks so it really ads time to get the loan clear to close.

Both loans have upfront and monthly MI now but USDA is about ready to have the fees increase so have a lender take a look at both options for you so you can see which is best for you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Thu Aug 30, 2012
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