Am I eligible for a USDA Approved Steak? What About a USDA Loan?
A steak? Yes! A loan… perhaps. Most people associate USDA with food. You may recognize these 4 letters from the labeling on the meat and veggies you purchase for your family. This is one facet of the USDA. It also pertains to housing. If you qualify, you can purchase a home with little to no money down! USDA loans are offered by the USDA, and they allow you to purchase, refinance, renovate, repair or even relocate a home. The program hasn’t been around forever, though. It began in 1991 in an effort to boost home ownership in rural areas. Unlike conventional mortgages, there’s no down payment required – the loan can even cover closing costs, if the seller doesn’t. The most common reason that people do not pursue home ownership is coming up with...
Read MoreDo Any Loan Programs Offer 100% Financing?
Yes! There are loan programs that offer 100% financing. One such program is a VA mortgage. It is a no-money-down program available to members of the U.S. military and surviving spouses. For those who do not qualify for a VA mortgage, a USDA mortgage may be an option. You will want to make sure the property is in an eligible area. You can do so by clicking here to check the address. USDA Mortgage : 100% Financing As stated above; “No Money Down” options exist for non-military borrowers, too. The U.S. Department of Agriculture offers a 100% mortgage. The program is formally known as a Section 502 mortgage, but, more commonly, it’s called a Rural Housing Loan. The good news about the USDA Rural Housing Loan is that it’s not just a “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 MoreHow To Refinance Your Mortgage Loan
In simple terms, refinancing your home mortgage means paying off your current loan by taking out another loan. Most people decide to refinance if they feel they can get a better rate then what they are currently paying, thus reducing their monthly payments. Another reason to do a home mortgage refinance is to change the terms of your current agreement or to get away from binding restrictions in that loan. For example, you may currently have an adjustable rate mortgage but wish to change it to a 30 yr fixed mortgage. Refinancing would allow you to do this if the proper conditions exist. In order to find out if you are eligible to refinance or if it is beneficial, meet with a lender or bank. You may meet with the current owner of your loan or shop around for another...
Read MoreHow to Qualify For A Home Mortgage
If emotions are involved when buying a home it can cause great trouble. The reason is that there are already so many stressors included when it comes to purchasing a home that when emotions also factor in, things might get out of hand and chances of closing a wrong deal increase. Where emotion is a kind of stress that you can fight back, getting a housing loan on the other hand is a stress which has to be faced by almost everyone who plans on buying a home. Being a first time buyer, you may be unaware of the process that it takes to qualify for a house mortgage and this is what ignites your stress level. To get a mortgage loan you need to remember that financial institutions do not just give loans to everyone, or least they don’t anymore. These lenders...
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