Is the Home I’m Interested in Located in USDA Mortgage Territory?

Is the Home I’m Interested in Located in USDA Mortgage Territory?

If you are looking for a home in Indiana that is eligible for USDA financing, you’re in luck! You will find that most of Indiana is eligible for USDA financing. The USDA provides an interactive map where you can either type in a specific address or view an eligibility map for a general area.  Just a reminder, USDA financing is not only for the purchase of farmland or homes on farms. A USDA home loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to those purchasing a rural property.The United States Department of Agriculture designed to this mortgage option to “improve the economy and quality of life in rural America.” The interactive map below is a little more user friendly than the maps of...

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Are Zero-Down Mortgages a Thing of the Past?

Are Zero-Down Mortgages a Thing of the Past?

“So much has changed” “I miss miss the good old days” “Things aren’t what they used to be” These catch phrases apply to many situations… including mortgages. For those who haven’t gone through the home buying prices for many years, so much  has changed concerning income, assets and credit scoring. One of the things that hasn’t changed is most loan programs require a percentage down to purchase a home. But is there still a  zero-down product out there?  Yes! There are several ways to get a zero-down home loan. USDA Rural Housing programs, VA loans for veterans, and FHA mortgages combined with down payment assistance all achieve the zero-down objective. Here is a rundown of the USDA program and what is...

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What May Stand Between You and Getting a Mortgage

What May Stand Between You and Getting a Mortgage

If you or someone you know has been in the housing market recently, it’s likely you’ve experienced or heard that the process of getting a mortgage can be tough. Since the housing bubble burst (due in large part to just about anyone with a pulse qualifying for loans), the process has become much stricter. There are several things that may stand between you and getting the mortgage you need to buy the house of your dreams. Following are 5 to consider: 1. More Cautious Lenders After endless foreclosures, a recession, and bailouts, the last thing the banks want to do is repeat what happened in the mid-2000’s. As a result, they’re opting on the side of caution when it comes to lending money these days. Today, you’ll discover that lending...

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Is the Home I’m Interested in Located in USDA Mortgage Territory?

Is the Home I’m Interested in Located in USDA Mortgage Territory?

If you are looking for a home in Indiana that is eligible for USDA financing, you’re in luck! You will find that most of Indiana is eligible for USDA financing. The USDA provides an interactive map where you can either type in a specific address or view an eligibility map for a general area.  Just a reminder, USDA financing is not only for the purchase of farmland or homes on farms. A USDA home loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to those purchasing a rural property.The United States Department of Agriculture designed to this mortgage option to “improve the economy and quality of life in rural America.” The interactive map below is a little more user friendly than the maps of...

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What Is The FHA?

FHA stands for federal housing administration. It was originally set up as part of the National Housing Act of 1934. Historically it was set up because of the great depression. Its original goals were to provide financing, improve housing conditions and create a more stable mortgage market.   There is a loan known as a FHA loan which is very popular with first time home buyers as well as buyers who do not have 10-20% down payment. It is also available to those who have a lower credit score. Be sure to check with your lender on what credit score they require. FHA homes are acquired using these loans and they can be used to buy condos, town houses, housing units and single family homes. There are also several different FHA loan products like adjustable rate...

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What Exactly Is Mortgage Insurance?

What Exactly Is Mortgage Insurance?

The definition of mortgage insurance (also known as mortgage guarantee or PMI) is “an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.”   Many people confuse PMI with homeowner’s insurance. These are actually very different!   Homeowner’s insurance insures the property: dwelling, personal property, other structures on the property, etc.  Mortgage insurance still offers protection, but not to you or your home….it’s for the bank who made the loan on your purchase.  In essence, mortgage insurance protects the bank from loss in case you, the new borrower, fails to make your payments, and the...

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