Do Zero-Down Mortgages Still Exist?
It’s just not like it used to be! That applies to many situations… include mortgages. There is so much talk these days concerning income, assets and higher credit score it takes to qualify for a mortgage. Perhaps one of the most misunderstood conceptions out there today suggests homebuyers will always need at least 20 percent down to qualify for a mortgage. That could not be further from the truth. The truth is, home loans are still available with no money down. 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 required. USDA Rural Development Home...
Read MoreChanges Set to Take Effect on USDA Mortgage Program
Several changes within the USDA mortgage program are in the works to take effect September 1st, 2014. The U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced a series of changes to a popular loan program for rural homebuyers recently. The changes are part of an extensive overhaul intended to strengthen rural housing markets, increase the availability of rural home loans and spur the construction of new homes in rural areas. “These improvements will help create jobs and enable more people to participate in the rural home loan guarantee program,” says a state director for USDA Rural Development, said. “Since the inception of the program, more than 54,000 rural residents in Illinois have received mortgages guaranteed by USDA Rural...
Read MoreFederal USDA Home Mortgage Loans Being Processed Again
The federal government shutdown made it difficult for some real estate agents to close deals on certain properties, especially in rural areas. The shutdown lasted more than two weeks, causing delays for real estate agens across the country, whose clients are seeking federal loans. Unfortunately, the longer the federal government remained shut down, the more difficult it was to get certain paperwork and funding processed. During the government shutdown, United States Department of Agriculture (USDA) employees, which process loans for some rural real estate purchases, were furloughed without pay. It caused the agency’s loan processing to come to a near standstill. The shutdown kept the USDA from accepting new loans, and slowed the process to disburse...
Read MoreWhat Will Mortgage Rates Do In 2013?
No one knows for certain what rates will do day to day. We can, however, make educated predictions based on the history of rates. We all know rates have been low; historically low, even! Not all good things last forever though. Don’t panic! While we expect these historically low rates to come up some; we do not expect to see the 7%+ rates to return any time soon. Whether you are a homeowner seeking to refinance, a home buyer or a renter, we should plan for slightly higher housing costs this winter. Certain mortgage fees are rising, especially for those with small down payments. Luckily for borrowers, low mortgage rates are still around, but they only have one way to go this year, and that’s up. This isn’t the time to wait for a better deal....
Read MoreWith No Money Down
With no money down, you can still buy a home in Indiana! USDA rural home loans are perfect…. There are several types of home loans available in today’s mortgage market. USDA home loans are just one option available to consumers. They are also among the most popular, especially due to their 100% LTV financing and the fact that they can be done with no money down! This is a perfect match for consumers who CAN afford a monthly house payment but do not have 20% down sitting in the bank. USDA stands for United states Department of Agriculture, but USDA loans can be used for purposes other than just farming. This is an option to consider for home buyers who want to purchase with no money down. Types of the USDA home...
Read MoreThe Low Down On USDA Home Loans
There are several types of home loans available in today’s mortgage market. USDA home loans are just one option available to consumers. They are also among the most popular, especially due to their 100% LTV financing and the fact that they don’t require a down payment. USDA stands for United states Department of Agriculture, but USDA loans can be used for purposes other than just farming. This is an option to consider for home buyers who do not want to pay a down payment. Types of the USDA home loans Following are some of the more common types available for the home buyer. They include: USDA Guaranteed Loan Program: This is the most popular type of USDA home loan, since it enables the borrower to purchase their homes with up to...
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