Mortgage Lender Hamilton OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Hamilton? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Hamilton.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Refinancing Your Home

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Hamilton is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Mortgage Rates Florida

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Mortgage Solutions
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Second Mortgage

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Hamilton.

It has to be a Single Family home in the Hamilton area, without a barn structure on the property.

Then it also has some home price limitations.

Mortgage Services

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Jumbo Mortgage

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Mortgage Solutions

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Hamilton – Do You Pre-Qualify?

No Down Payment

Hi, I'm Carl with Home.

Loans and I'm farming peppermint out of a mug.

I bet you're wondering,what is a USDA home loan? Designed with the residentsof more rural areas in mind, the United States Departmentof Agriculture designed its loan program toenrich rural communities by providing affordable home loan options to low-income householdsthat may not be able to secure home financingthrough other means.

Who has time to stop and smell the roses? You don't, and this isn't even a rose.

For more quick tips likethe one you just watched, visit Home.

Loans, no.

Com or.

Net, and you don't even need the w's.

It's simply Home.

Loans.

Search smarter, learnfaster, visit Home.

Loans.

USDA opening Ohio offices during shutdown to help with farm loans

Mortgage Principal

Are you aware of boththe pros and the cons of VA home loans? (upbeat music) Hey everybody, I'm Nick Steffl with the Whissel Realty Group and today, I'm here to talk to you about both the pros and thecons of VA home loans.

VA of course stands for Veterans Affairs as in the Department of Veterans Affairs and the VA loan is oneof the best benefits when it comes to having the GI bill which has been around ever since 1944 for our active suit duty service members and our veterans.

So when it comes to the VA loans, let's talk about boththe pros and the cons when it comes to using your VA loan.

First of all, when itcomes to the VA loan, let's talk about the 0% that you can put down on a home.

A lot of home buyers are frustrated when it comes to the down payment that they have to put on a home but with the VA loan, you can put down 0% and get into that home that you love.

Secondly when it comes to your VA loan, you're able to get typicallymuch easier qualifications when it comes to getting prequalified.

Usually in your conventional loans, they have higher standards.

With the VA loan, it's abit easier to get qualified.

And also, you're going tohave a lower interest rate on your VA loan than you typically would on a conventional loan.

Thirdly, when it comes to your VA loan, one of the benefits is going to be private mortgage insurance.

Private mortgage insurance is something that you typically have to pay if you put less than 20%down on a conventional loan.

But with the VA loan, it doesn't matter what amount that you put down, it could be 20, 19, 15, 0% down, and you never have to worryabout private mortgage insurance which saves you hundreds ofdollars every single month.

So let's talk about the disadvantages when it comes to using your VA loan.

First of all, with your lower down payment that you're going to have, you're also going to havetypically a higher principal on that loan as well and with that, you're going to have alittle bit more interest over the life of that loan.

Secondly, when it comesto the disadvantages of your VA loan, you have a funding fee, a one time funding feethat you have to pay for this VA loan andthat's usually going to go from zero to 3% of the value of the loan depending on your military service history and the size of your down payment.

Finally, when it comesto the disadvantages of using your VA loan,you're going to have a limit on how much you can borrow.

So if you're trying to purchasea 5 million dollar mansion here in San Diego, that'susually not going to work with the VA loan.

But, if you're looking for a home that you and your familydo need at a lower price, that's something that we can use and get you into thathome that you do need.

So if you have anyquestions about the VA loan or any kind of other loan types, give me a call 619-933-7155.

I would love to connect you with one of the lenders that we work with.

Have them get you approved and once we do that, youand I will go searching for that perfect home and getyou the home of your dreams.

(upbeat music fades).

Subprime Lending

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

USDA Pre-Approval Dublin OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Dublin? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Dublin.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Average Mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Dublin is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

American Home Mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Usda Financing
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Fha Mortgage Rates

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Dublin.

It has to be a Single Family home in the Dublin area, without a barn structure on the property.

Then it also has some home price limitations.

Home Loan Rates

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Usda Guaranteed Loan

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Home Equity Loan Interest Rates

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Dublin – Do You Pre-Qualify?

Refi

So Steve, What are the requirements for the USDA program? So USDA has a few interesting requirements First of all, you'll need to have at least a 580 credit score Some lenders require a 620 credit score Your household income has to be under the county maximum Like a lot of down payment assistance programs This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying What's unique about this one is the home has to be within a designated area.

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don't qualify But we only need to go 10 miles away to where there's an open area where there's Several homes that qualify.

USDA stands for United States Dept of Agriculture But it's NOT a farm loan.

Specifically, they don't finance this program for farms.

It has to be a Single Family home without a barn structure on the property.

and then it also has some home price limitations.

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs? So it's different because it's not really a down payment program but it allows financing up to a 100% of the purchase price And it's interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what's unique it's a 100% Financing So you don't need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower Than if you combine it with a down payment assistance programs And you don't have to repay any down payment assistance It has a monthly factor It's like mortgage insurance upfront It's financed at a monthly component Much less than FHA So if you can qualify for this program It's better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Great! And on average How much does the home buyer have to come in with out-of-pocket? So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price We can finance the closing costs Up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

on that type of loan What type of home buyer is this program ideal for? So certainly those that don't have access to money for a down payment Anyone that wants to live that doesn't have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area It's also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They'll do manufactured homes They'll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There's a couple little quirky things That you don't run into very often Like you can't actually have a barn on the property It definitely can't be for agricultural purposes It has to be for residential purposes Ok Great! Thanks Steve.

How to buy a home with no money down - USDA Home Loan Program

Private Mortgage Lenders

[MUSIC PLAYING] Hello, and welcome toCalHFA's lender training.

My name is Molly Ellis.

Our focus in this videois our FHA first mortgage programs, basic guidelines,and the common ways to layer closing costs and downpayment assistance programs to benefit your borrower.

First let's talk aboutour CalHFA FHA program.

This is a standardFHA first mortgage.

It has a maximumloan-to-value of 96 and 1/2%, and a maximum combinedloan-to-value of 105%, with a minimumcredit score of 640, and a maximumdebt-to-income ratio of 45.

Technically, CalHFA doesn'thave a loan amount limit.

However, we do chargea high balance fee for any loan over $484,350.

This would only beapplicable if the FHA loan limit in the countythe property is located allows you to exceed $484,350.

Otherwise, you'd have toadhere to the FHA loan limit.

For the highbalance fees, please check out the rate pageon CalHFA's website.

Next is our CalPLUS FHA program.

CalPLUS FHA is also anFHA-insured first mortgage.

But it comes with built-inclosing cost assistance called Zero Interest Program, or ZIP.

CalHFA offers ZIPwith a loan amount at 2% of the totalfirst mortgage, or ZIP with the loan amount at3% of the total first mortgage.

Please check out ourrate page for pricing.

Although ZIP has a zero interestrate with deferred payments, it is a loan andmust be paid off when the borrowersells, refinances, or at the end ofthe 30-year term.

The borrower must be afirst-time homebuyer.

And remember, the definitionof a first-time homebuyer is someone who is not owned andoccupied a principal residence in the past three years.

The third FHA-insuredfirst mortgage we'll cover is our Cal-EEMplus Grant Program.

This is an FHA-insuredenergy efficient mortgage with an additional4% grant from CalHFA.

The borrower mustuse the EEM grant towards energyefficient upgrades.

In order for thegrant to be forgiven, the borrower must occupy theresidence for three years.

Then we'll release the lien,and the grant will be forgiven.

You can find a listof facilitators by clicking on CalHFA'sLenders/Real Estate Agents section of the website, choosethe Loan Program HandBooks tab, then choose the EEMplus grant program.

It is not mandatory thatyou use a facilitator, but CalHFA does recommend it.

The energy efficientimprovements are finished afterthe close of escrow, so it doesn'tdelay your closing.

Your lender just has to beOK with managing the escrow holdback.

Next up is the Limited 203Koption on our FHA programs.

What a great way toaffordably finance minor repairs for yourborrower up to $35,000.

Follow all FHA guidelinesas to eligible improvements, completion times,and disbursements.

Just like the EEM,your lender has to be OK with managing thepost-closing documentation.

For all CalHFA FHA programswhere the borrower is required to be a first-time homebuyer,homebuyer education is required for at leastone borrower on the loan.

CalHFA allows for amanually underwritten loan with some overlays.

The minimum credit scorewould need to be 660, and the maximum DTI is at 43.

Remember, that's onlyon a manual underwrite.

If the loan has anautomated approval, the minimum FICO is still640, and the max DTI is 45%.

What makes our program so greatis our down payment assistance and closing cost assistance.

Layer these programswith our first mortgages to increase affordabilityfor your home buyers.

For example, if yourborrower is employed in a K through 12 publicschool in California, they would be eligible forCalHFA's School Teacher and Employee Assistance Program.

This mortgageassistance will lend 4% in down payment or closing costsat a very affordable 3 and 1/4 simple interest rate.

Or if your client doesn't workin California's public schools, they can use our MyHomeAssistance Program.

MyHome is 3 and 1/2% of thesales price or the appraised value, whichever is less,which could get your borrower almost 6% or 7% in mortgageassistance when you layer it with CalPLUS and ZIP.

The interest rate is only3 and 1/4 simple interest with deferred payments.

And whether you'reusing the school program or theMyHome program, it does need to be insecond lien position, and your borrower needs tobe a first-time homebuyer.

That covers our FHAfirst mortgage programs and the mortgage assistancethat can be layered with them.

Now let's move on to propertyrequirements and maximum lender origination fees.

The property requirementsfor these programs, for the most part,follow FHA guidelines.

Also make sure you adhere toany lender or investor overlays.

The sales price ofthe property must be within CalHFA's publishedsales price limits.

A one-year homewarranty is required for first-time homebuyersunless they are purchasing new construction.

Manufactured homesare only allowed with a minimum credit score of660 and an automated approval.

There is no manual underwritingon manufactured homes.

Also, we don't allowthe Limited 203K option on a manufactured home.

The property cannotexceed five acres.

And lastly, if the propertymeets FHA guidelines for an accessory dwellingunit, then, as allowed, you can count the rental income.

Now let's talkabout lender fees.

First, to originateCalHFA loans, you must be aCalHFA-approved lender.

The maximum a lender cancharge in lender fees on the first mortgage is 3%.

This includes origination,processing, and underwriting.

It does not includeany third party fees.

Our rates are at par, so youhave to charge origination on these loans.

But with the closing costand down payment assistance from ZIP andMyHome, the borrower will still have very littleout-of-pocket expenses.

CalHFA will allow you to chargean additional subordinate processing fee of $250 forMyHome or the school program, and an additional $50 dollarsprocessing fee for ZIP.

Also, you may not chargeany additional fees, like origination,per diem interest, on the subordinate loans.

We want to help make this easy,so we have provided some tools to help you process loanswith CalHFA programs.

The Loan Program HandBookfor each one of our programs includes all the detailsabout the program in one easy handbook.

The Loan Program Matrixprovides a quick reference of terms and requirementsfor all CalHFA programs.

The very popular LoanScenario Calculator will help you calculateloan amounts and print results for your borrowers.

You can find these toolsunder Lenders/Real Estate Agents on our website.

Click on Loan Program HandBooksfor the program handbooks, the calculator icon for theLoan Scenario Calculator, and the Tools, Affidavits, &Docs tab for the Loan Program Matrix.

Now let's look at the funstuff before we close.

Our single familylender training team offers in-person trainingclasses every month across the state.

Attend a four-hourworkshop to learn all about CalHFA's programs.

Classes are announcedeach month on our website and through our monthlyeNews announcements.

To sign up for a class,visit CalHFA's website, choose the Training Calendarlink under Lenders/Real Estate Agents, and sign up for a classthat will work best for you.

We also provide customizedmarketing materials that can be downloadedfrom our website by clicking on theLenders/Real Estate Agent section of the website,choose the Loan Officers tab, then choose the Sales, Tools,& Marketing Materials link.

For any questions you may have,contact Single Family Lending at 916-326-8033.

Or you can email ourlender services division at LenderTraining@calhfa.

Ca.

Gov.

Thank you so much for your time.

Now get out there andhelp more Californians have a place to call home.

Refinancing Your Home

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

USDA Pre-Approval Grove City OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Grove City? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Grove City.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Refinance House

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Grove City is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Usda Guaranteed Loan

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Applying For A Mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Private Mortgage Lenders

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Grove City.

It has to be a Single Family home in the Grove City area, without a barn structure on the property.

Then it also has some home price limitations.

Best Home Equity Loans

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Interest Only Mortgage

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Average Mortgage Rates

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Grove City – Do You Pre-Qualify?

Usda Guaranteed Loan

What is a VA Home Loan? Hello, and thank you for your service.

A VA home loan is a great benefit to the militarypersonnel, either during or after their service.

My name is Fawn Bertram with Homes by Fawn.

What is a VA home loan? Well, it's loan that is guaranteed by theUS Department of Veterans Affairs, and it provides great benefits to those of you whoqualify.

For example, no down payment, no private mortgageinsurance, no prepayment penalty and higher loan value.

For the county of Honolulu, the maximum VAloan limit is $726,525.

Anything over that would be considereda VA Jumbo loan.

My name is Fawn Bertram with Homes by Fawnin Oahu.

If you're interested in learning more, clickand comment below or give me call.

As always, make it a great home buying andselling day.

Your Local Mortgage Lender | Total Mortgage Minute

Countrywide Mortgage

Jason what are the requirements forthe USDA program? so that's going to be looking at a 640 minimum credit score requirement.

there is a income requirement too.

So basically the incomerequirement is about 78,000 if you're in a family of 1 to 4 if you're in a family of 5+ that's gonna go up to about $103,000 on the income limit.

The big requirement for USDA is that it's property specific.

so it's got to be in a USDA Approved Zone Ok, and How much down payment doesthis program require? so it's actually 0% down payment which is Great! Ok Awesome, and how much does the average home buyer come in with out-of-pocket? So because your down payment is covered you're just gonna have to come in withagain your prepaid and closing cost So if it was a $300,000 purchase.

you'd be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA program Ideal for? So this is going to be ideal for the home buyer that's looking for a property in those specific areas.

Ideally it's properties that are going to be rural zones.

So not right in the middle of the city, but maybe if it's more on the outskirts, on a little bit ofland, lower tax rate areas that's probably going to be a property that's eligible and that would be ideal because that one would probably qualify OK, Fantastic.

Thank you Jason No Problem.

Mortgage Broker License

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

USDA Loan Hilliard OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Hilliard? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Hilliard.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Usda Land Loans

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Hilliard is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

2nd Mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Second Mortgage Rates
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Mortgage Broker License

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Hilliard.

It has to be a Single Family home in the Hilliard area, without a barn structure on the property.

Then it also has some home price limitations.

No Down Payment

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Usda Income Limits

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Fixed Rate

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Hilliard – Do You Pre-Qualify?

Usda Financing

hey this is Chris the mortgage pro todayI'm gonna teach you how to qualify for a mortgage well there's a lot of thingsobviously that a lender has to look at so let's go through each and every oneof them the first one that stops everybody and they get all nervous iscredit now some people have outstanding credit and some people hey they havechallenges maybe they had late pays you know bad things happen to good peopleall the time and sometimes that's the reason for a low credit score sometimesit's you don't even have enough credit so let me give you a way to think abouthow the lender will look at your credit they say to themselves hey if this guycan't pay a $25 a month credit card are we gonna lend them three hundredthousand dollars it's a small way of thinking don't think fold up thinkbigger think I'm not gonna go out to dinner I'm gonna pay my bills first youpay your bills this is what my mama taught me first you pay your bills youpay the mortgage you pay all your other debts then you figure out a wheat andsteak over eaten beans it's just a way to think if you think like that in ashort period of time your credits gonna be good enough to fire your landlordokay next thing lender needs to know income well do you have job stabilityhow long you been on your job look you could get a job and get approved thenext day you really can but if you change jobs every three months well thatjob stability isn't there they want to see some kind of stability do they wantto see income of course how do they know that you can afford to make that paymentthey need to know that you have the income they expect it to continue forusually three years is what they're looking for obviously you can get fireyou can get laid off things could change but they have a reasonable expectationof three years going forward that the income will continue so they want to seethat they'd love to see a history the stronger the history the stronger thecase you could fire your landlord okay next thing they want to seedownpayment they call this skin in the game if you put up your own money thatyou worked hard for for a down payment they say hey they got some skin in thegame they're serious they're committed now if you put a zero down program andwe have these zero down programs they work great for some people but it makesa little bit tougher for the underwriter to say yeah they're worth taking a shoton so we want to see a down payment sometimes people put $200,000 on a downon a four hundred thousand dollar house do they have some skin in the gameit makes the underwriters decision way easier doesn't it and if a person can'tput a thousand or two thousand dollars down it makes the underwriter a littlenervous so take advantage of the programs save some money but be surethat you're ready to show you're committed to this transaction okaysomething else obviously the underwriter wants to seewe need an appraisal of the property we have to know the lender needs to knowthat if it's a four hundred thousand dollar loan that the house isn't worththree hundred and fifty thousand dollars so the collateral is the last piece ofthe puzzle that they have to make sure it's worth it but that also protects youas the borrower why because if you commit to buying a house for $400,000and it appraises at three hundred and eighty thousand is that something youreally want to do so this is designed to protect you and protect the lenderthat's a big deal okay not only do they want to see your credit but on thecredit report it's a list of debts what do you mean well you have your carpayment on there you have your credit cards you may have child support alimonywe have to look at all the debts if you make $5,000 a month but you have $2,000a month in debt doesn't leave a whole lot for a house payment so we have tolook at all the numbers versus your income so that's the last thing thatthey're gonna want to see how much is going out already because you're gonnaadd on this new house payment okay so those are the five things that alender needs to see they want to see your credit are youresponsible do you pay your bills on time or do you make excuses for notpaying them do you have crazy debt that's out of control that you can'thandle when you add on house payment do you have income and job stabilityhow's that going do you have five new jobs or one new jobit doesn't really matter if you have two or three jobs but if you change your jobon a regular basis not gonna work what else they want to see how much moneyyou've saved what's in your 401k what's in your IRA what is in your bank do yousave money do you have a financial responsibility that you are showing youare a responsible borrower those are the key things they want to see andobviously the appraisal they want to make sure the collateral is solid itprotects the lender and protects you so this is Chris Trapani call me I'll helpyou figure it out and together we're going to fire your landlord!.

What is the VA Loan Limit in Ohio

Balloon Mortgage

- Hey guys, Austin Schneider here, and today we're gonna gothrough the pros and cons of a USDA loan.

(jazzy music) Pro number one is that there is an option for no down payments.

Con number one is that there's some geographical restrictions.

Because this program is meant to support purchasing a home in rural areas, there are geographical restrictions that could cause quite a long commute if you are working in the city.

Pro number two, there's someflexible credit guidelines.

There's the 640 minimum, andif you do have a few dings, you're probably gonna still be okay.

Con number two is thatthere's some income limits.

You do have to meet income limits that are based off of the median income in the area you're living in.

Pro number three isthat the interest rates are typically lower than yourstandard conventional loan.

Con number three is that you can't get out of the mortgage insurance.

While it is a little bitlower with the USDA loan, it's still gonna addto your overall costs.

Thanks so much for watching.

For more on USDA loans,for the pros and cons, check out our blog atTheMortgageReports.

Com.

Thanks so much for watching,we'll see you on the next one.

Home Loan Rates

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

Best Mortgage Lender Avon Lake OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Avon Lake? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Avon Lake.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Fixed Rate

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Avon Lake is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Home Loan App

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Jumbo Mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Mortgage Principal

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Avon Lake.

It has to be a Single Family home in the Avon Lake area, without a barn structure on the property.

Then it also has some home price limitations.

Home Loan App

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Home Loan Rates

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Subprime Lending

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Avon Lake – Do You Pre-Qualify?

Home Loan Rates

Remember that time you had to do a deal where the lender's telephone number had a seven digit extension at the end? That was no fun.

So, let's make sure that you never have to go through that again.

And I understand the scenario.

You've got that new referral.

You wanted to make sure that everything was just perfect so you send them on over to your trusty mortgage lender.

That's been doing deals for you consistently, since back when mortgages were actually hard.

But that all got derailed when your new client, they shopped online and found a lender with a much much, much lower rate.

They went to Nerd Wallet or Bank Rate or something and they clicked on that person with a lower rate.

And they got routed to somebody with a seven digit extension.

You know the rest from here.

That a horrible transaction.

Let's make sure that never happens again.

Instead, have your client #SHOPME.

let's make sure that they get those low rates that they're craving.

But you don't have to deal with that seven digit extension person.

In fact, when they call me, no extra extensions required.

Rings right through my personal cellphone here.

We make sure they're taken care of.

And not to toot my own horn, but I actually know how to fill out at AAR ppre-qual! Give me a call.

We'll talk to you soon!.

How to buy a home with no money down - USDA Home Loan Program

American Home Mortgage

Hi, this is Steve Bray with today's Lone StarLending Star Bits.

The USDA Rural Development loan is a greatoption for homebuyers in rural locations.

It requires no down payment and has lowermonthly mortgage insurance than an FHA loan.

The loan is only available in areas that USDAconsiders "rural," but USDA's rural includes some areas you might not expect.

USDA provides an eligibility map you can useto determine if a particular property is eligible, and a new map went into effect on Jun 4th,which narrowed the eligible area just a bit.

The biggest changes I noticed in the map arearound Austin.

Most of the fast-growing suburbs of Hutto,Buda, Kyle, and Leander were eligible under the previous map.

Now, they're ineligible.

However, more distant suburbs, like DrippingSprings, Liberty Hill, Bastrop, and Taylor remain eligible.

In the Houston area, the expansion of theineligible areas occurred mainly to the south and southwest and around Conroe.

The I-10 corridor to the west and east, andthe I-69 corridor to the northeast appear unaffected.

Around the Dallas-Ft.

Worth area, more of the fast-growing 380 corridoris now ineligible, but otherwise the metro escaped mostly unaffected.

In the San Antonio area, more of the 281 andI-35 corridors are ineligible as is the suburb of Boerne.

However, the boundary to the west appearsunchanged.

We've got a link to the eligibility map onour Web site or in the text version of our blog.

That's Star Bits for today.

Please comment below and follow us daily onour Texas Lone Star Lending Web site.

Home Loan Interest Rates Today

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

Best USDA Loan Oregon OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Oregon? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Oregon.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Home Equity Line

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Oregon is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Loan Interest Rates

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

First Time Home Buyer Mortgage
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Mortgage Down Payment

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Oregon.

It has to be a Single Family home in the Oregon area, without a barn structure on the property.

Then it also has some home price limitations.

Mortgage Services

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Best Home Equity Loan Rates

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Refinance House

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Oregon – Do You Pre-Qualify?

Average Mortgage Rates

- Hey, it's Austin Schneiderhere and today we're gonna give you the pros andthe cons of a VA Loan.

So a VA Loan is set upfor active and non-active military members as a perk for those who served in our military.

Pro number one of a VA Loan is that there is no down payment required.

Forget that 20%, forget that 3.

5%, you don't have to put anything down.

Con number one is there's a VA funding fee which typically comes out to around 2% of the purchase price.

Pro number two is you'regonna be saving money on Private Mortgage Insurance.

You will not have to paythe up to a couple hundred dollars a month in thisMortgage Insurance.

Con number two is thatthe VA Loan is intended for primary residence,meaning you need to be living in this home.

Pro number three is that there's a higher debt to income ratio, meaningthat you can get a loan for a larger amount thanyou probably would be able to with a conventional loan.

Con number three of a VALoan, it could be a turnoff to sellers, the 0% downsometimes makes them shake a little bit in their shoes, especially if it is acompetitive situation.

Alright, guys, for moreon VA Loans pros and cons, visit us online at TheMortgageReports.

Com.

Thanks so much for watching, we'll see you on the next one.

(upbeat music).

Home buyers seeking USDA loan 'on hold' during government shutdown

Fixed Rate Mortgage

Hi, this is Steve Bray with today's Lone StarLending Star Bits.

The USDA Rural Development loan is a greatoption for homebuyers in rural locations.

It requires no down payment and has lowermonthly mortgage insurance than an FHA loan.

The loan is only available in areas that USDAconsiders "rural," but USDA's rural includes some areas you might not expect.

USDA provides an eligibility map you can useto determine if a particular property is eligible, and a new map went into effect on Jun 4th,which narrowed the eligible area just a bit.

The biggest changes I noticed in the map arearound Austin.

Most of the fast-growing suburbs of Hutto,Buda, Kyle, and Leander were eligible under the previous map.

Now, they're ineligible.

However, more distant suburbs, like DrippingSprings, Liberty Hill, Bastrop, and Taylor remain eligible.

In the Houston area, the expansion of theineligible areas occurred mainly to the south and southwest and around Conroe.

The I-10 corridor to the west and east, andthe I-69 corridor to the northeast appear unaffected.

Around the Dallas-Ft.

Worth area, more of the fast-growing 380 corridoris now ineligible, but otherwise the metro escaped mostly unaffected.

In the San Antonio area, more of the 281 andI-35 corridors are ineligible as is the suburb of Boerne.

However, the boundary to the west appearsunchanged.

We've got a link to the eligibility map onour Web site or in the text version of our blog.

That's Star Bits for today.

Please comment below and follow us daily onour Texas Lone Star Lending Web site.

2nd Mortgage

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

USDA Pre-Approval Steubenville OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Steubenville? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Steubenville.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Second Mortgage Rates

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Steubenville is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Second Mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Equity Loan Rates
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Rd Loan

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Steubenville.

It has to be a Single Family home in the Steubenville area, without a barn structure on the property.

Then it also has some home price limitations.

Balloon Mortgage

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Usda Eligibility Map

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Mortgage Down Payment

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Steubenville – Do You Pre-Qualify?

Property Loan

♪♪♪ So my name is Danielle Johnson.

I work in our Washington location and I am a mortgage lender.

My husband and I, Kyle, we live in Kalona with our two children, Faye and Weston.

In our free time, I spend a lot of time with family.

So thankfully, we both have a lot of family in Washington County, so we get to spend a lot of time with them.

And then I also love to garden.

I love to be in the flower beds and the vegetable garden.

Just spending a lot of time outdoors.

So right now, I'm actually teaching a Junior Achievement class at Mid-Prairie Elementary.

I'm also part of the Mid-Prairie Alumni Association.

I'm graduate from there.

And then I also participate at our church.

I started in 2012 with Hills Bank.

Previously I was at our Kalona location as a personal banker and now in Washington as a mortgage lender.

My favorite part about my job is helping people be successful.

That's the best thing, if someone can come back to me and say that because we did this or we did that that they were financially successful, that's my favorite part.

If you have questions, if you just want an update on where you're at in the process I'm available in person, by phone, email.

Just want to make sure that you're in the loop and that you now what's going on.

♪♪♪.

Working With the Right Lender | Total Mortgage Minute

Best Mortgage Lenders

Benefits of a VA Loan The following are benefits that you can enjoy from a VA Loan that you can avail from Fairway Independent Mortgage Corporation 0% Down Payment Conventional loans generally require up to 20% down payment in order to secure a home loan.

But for those who are qualified, the 0% down of VA Loans is a lifeline.

No PMI Private Mortgage Insurance (PMI) is a requirement for borrowers who finance more than 80% of their home's value.

It results in an additional monthly expense.

Since VA Loans are government backed, banks do not require you to buy PMI anymore.

Competitive Interest Rates Conventional loans without government backing have less competitive interest rates because banks are taking on more risk.

The VA guaranty is advantageous since it gives lenders a greater degree of safety and flexibility.

This means that the borrower gets more competitive rates than non-VA loans.

This, along with no PMI, can substantially lower your monthly payment.

Call Fairway Mortgage at 843-757-7552 NOW! Easier to Qualify VA Loans are easier to qualify for because the loan is backed by the government.

Therefore, banks assume less risk and have less stringent qualification standards for applications under VA Loans.

On the other hand, non-VA loans hold stricter qualification procedures which makes it harder for prospective homebuyers to qualify.

Basic Allowance for Housing Basic Allowance for Housing (BAH) is a significant benefit for qualified active military members.

Lenders can count your Basic Allowance for Housing as effective income.

This allows borrowers to use BAH to pay some or all of their monthly mortgage costs.

BAH varies based on the borrowers: Pay grade, Geographic location, Number of dependents No Pre-Payment Penalty The pre-payment penalty is the result of paying off a home loan before it matures.

It is a way for financial institutions to recoup some of the interest payments that lenders miss to collect.

The VA Loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty.

With the absence of a pre-payment penalty, borrowers are free to consider future home purchases and refinancing options.

Call Fairway Mortgage at 843-757-7552 NOW!.

Mortgage Payment

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

Best Mortgage Lender Fremont OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Fremont? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Fremont.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

First Time Home Buyer Mortgage

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Fremont is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Second Mortgage

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Home Loan Interest Rates Today
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Usda Income Limits

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Fremont.

It has to be a Single Family home in the Fremont area, without a barn structure on the property.

Then it also has some home price limitations.

Balloon Mortgage

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

No Down Payment Mortgage

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Countrywide Mortgage

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Fremont – Do You Pre-Qualify?

Mortgage Loan Rates

The USDA Guaranteed Home Loan Program is backedby the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan.

Many people who take advantage of this programare able to get into their homes with little to no money out of their pocket.

BUT, there are several eligibility requirementsthat you need to meet in order to take advantage of this home loan program.

The first requirement is that you cannot bea current homeowner.

If you already own your home but are planningto sell it, then you are still eligible! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annualhousehold income cannot exceed the limits set by the USDA.

These income limits are based on market areaand family size.

Another requirement is that you cannot havedefaulted on a USDA loan in the past.

This means that if you’ve had a past USDAloan that has gone in to foreclosure, you unfortunately aren’t eligible.

To take adavantage of this program, the homehas to be located in an eligible rural area.

But guess what, rural does not necessarilyequal country! Homes do not have to be in a country setting.

In fact, there are many areas where entirecounties and cities qualify for this program.

The property has to meet minimum propertystandards.

The home must be in satisfactory condition,and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties withfarm acreage are not eligible.

Do you want to find out if you qualify? We make it EASY! Just give us a call at 937-548-8222 in Ohioor 765-273-4711 in Indiana, And make sure to ask to speak to a member of Your Expert Mortgage Team! Or text the word EASY to 48421 to apply today! We’re here to make your dreams of homeownershipcome true.

How Does A Veteran Or Non-Veteran Applicant Affect A VA Loan?

Mortgage Broker License

♪♪♪ So my name is Danielle Johnson.

I work in our Washington location and I am a mortgage lender.

My husband and I, Kyle, we live in Kalona with our two children, Faye and Weston.

In our free time, I spend a lot of time with family.

So thankfully, we both have a lot of family in Washington County, so we get to spend a lot of time with them.

And then I also love to garden.

I love to be in the flower beds and the vegetable garden.

Just spending a lot of time outdoors.

So right now, I'm actually teaching a Junior Achievement class at Mid-Prairie Elementary.

I'm also part of the Mid-Prairie Alumni Association.

I'm graduate from there.

And then I also participate at our church.

I started in 2012 with Hills Bank.

Previously I was at our Kalona location as a personal banker and now in Washington as a mortgage lender.

My favorite part about my job is helping people be successful.

That's the best thing, if someone can come back to me and say that because we did this or we did that that they were financially successful, that's my favorite part.

If you have questions, if you just want an update on where you're at in the process I'm available in person, by phone, email.

Just want to make sure that you're in the loop and that you now what's going on.

♪♪♪.

Mortgage Rates Florida

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

USDA Loan Springfield OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Springfield? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Springfield.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

Refinance House

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Springfield is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

Mortgage Loan Interest Rates

you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Fixed Rate
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

No Down Payment Mortgage

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Springfield.

It has to be a Single Family home in the Springfield area, without a barn structure on the property.

Then it also has some home price limitations.

Mortgage Loan Interest Rates

The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Fixed Rate

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

Refinance Loan

It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Springfield – Do You Pre-Qualify?

2nd Mortgage Rates

[MUSIC PLAYING] Hello, and welcome toCalHFA's lender training.

My name is Molly Ellis.

Our focus in this videois our FHA first mortgage programs, basic guidelines,and the common ways to layer closing costs and downpayment assistance programs to benefit your borrower.

First let's talk aboutour CalHFA FHA program.

This is a standardFHA first mortgage.

It has a maximumloan-to-value of 96 and 1/2%, and a maximum combinedloan-to-value of 105%, with a minimumcredit score of 640, and a maximumdebt-to-income ratio of 45.

Technically, CalHFA doesn'thave a loan amount limit.

However, we do chargea high balance fee for any loan over $484,350.

This would only beapplicable if the FHA loan limit in the countythe property is located allows you to exceed $484,350.

Otherwise, you'd have toadhere to the FHA loan limit.

For the highbalance fees, please check out the rate pageon CalHFA's website.

Next is our CalPLUS FHA program.

CalPLUS FHA is also anFHA-insured first mortgage.

But it comes with built-inclosing cost assistance called Zero Interest Program, or ZIP.

CalHFA offers ZIPwith a loan amount at 2% of the totalfirst mortgage, or ZIP with the loan amount at3% of the total first mortgage.

Please check out ourrate page for pricing.

Although ZIP has a zero interestrate with deferred payments, it is a loan andmust be paid off when the borrowersells, refinances, or at the end ofthe 30-year term.

The borrower must be afirst-time homebuyer.

And remember, the definitionof a first-time homebuyer is someone who is not owned andoccupied a principal residence in the past three years.

The third FHA-insuredfirst mortgage we'll cover is our Cal-EEMplus Grant Program.

This is an FHA-insuredenergy efficient mortgage with an additional4% grant from CalHFA.

The borrower mustuse the EEM grant towards energyefficient upgrades.

In order for thegrant to be forgiven, the borrower must occupy theresidence for three years.

Then we'll release the lien,and the grant will be forgiven.

You can find a listof facilitators by clicking on CalHFA'sLenders/Real Estate Agents section of the website, choosethe Loan Program HandBooks tab, then choose the EEMplus grant program.

It is not mandatory thatyou use a facilitator, but CalHFA does recommend it.

The energy efficientimprovements are finished afterthe close of escrow, so it doesn'tdelay your closing.

Your lender just has to beOK with managing the escrow holdback.

Next up is the Limited 203Koption on our FHA programs.

What a great way toaffordably finance minor repairs for yourborrower up to $35,000.

Follow all FHA guidelinesas to eligible improvements, completion times,and disbursements.

Just like the EEM,your lender has to be OK with managing thepost-closing documentation.

For all CalHFA FHA programswhere the borrower is required to be a first-time homebuyer,homebuyer education is required for at leastone borrower on the loan.

CalHFA allows for amanually underwritten loan with some overlays.

The minimum credit scorewould need to be 660, and the maximum DTI is at 43.

Remember, that's onlyon a manual underwrite.

If the loan has anautomated approval, the minimum FICO is still640, and the max DTI is 45%.

What makes our program so greatis our down payment assistance and closing cost assistance.

Layer these programswith our first mortgages to increase affordabilityfor your home buyers.

For example, if yourborrower is employed in a K through 12 publicschool in California, they would be eligible forCalHFA's School Teacher and Employee Assistance Program.

This mortgageassistance will lend 4% in down payment or closing costsat a very affordable 3 and 1/4 simple interest rate.

Or if your client doesn't workin California's public schools, they can use our MyHomeAssistance Program.

MyHome is 3 and 1/2% of thesales price or the appraised value, whichever is less,which could get your borrower almost 6% or 7% in mortgageassistance when you layer it with CalPLUS and ZIP.

The interest rate is only3 and 1/4 simple interest with deferred payments.

And whether you'reusing the school program or theMyHome program, it does need to be insecond lien position, and your borrower needs tobe a first-time homebuyer.

That covers our FHAfirst mortgage programs and the mortgage assistancethat can be layered with them.

Now let's move on to propertyrequirements and maximum lender origination fees.

The property requirementsfor these programs, for the most part,follow FHA guidelines.

Also make sure you adhere toany lender or investor overlays.

The sales price ofthe property must be within CalHFA's publishedsales price limits.

A one-year homewarranty is required for first-time homebuyersunless they are purchasing new construction.

Manufactured homesare only allowed with a minimum credit score of660 and an automated approval.

There is no manual underwritingon manufactured homes.

Also, we don't allowthe Limited 203K option on a manufactured home.

The property cannotexceed five acres.

And lastly, if the propertymeets FHA guidelines for an accessory dwellingunit, then, as allowed, you can count the rental income.

Now let's talkabout lender fees.

First, to originateCalHFA loans, you must be aCalHFA-approved lender.

The maximum a lender cancharge in lender fees on the first mortgage is 3%.

This includes origination,processing, and underwriting.

It does not includeany third party fees.

Our rates are at par, so youhave to charge origination on these loans.

But with the closing costand down payment assistance from ZIP andMyHome, the borrower will still have very littleout-of-pocket expenses.

CalHFA will allow you to chargean additional subordinate processing fee of $250 forMyHome or the school program, and an additional $50 dollarsprocessing fee for ZIP.

Also, you may not chargeany additional fees, like origination,per diem interest, on the subordinate loans.

We want to help make this easy,so we have provided some tools to help you process loanswith CalHFA programs.

The Loan Program HandBookfor each one of our programs includes all the detailsabout the program in one easy handbook.

The Loan Program Matrixprovides a quick reference of terms and requirementsfor all CalHFA programs.

The very popular LoanScenario Calculator will help you calculateloan amounts and print results for your borrowers.

You can find these toolsunder Lenders/Real Estate Agents on our website.

Click on Loan Program HandBooksfor the program handbooks, the calculator icon for theLoan Scenario Calculator, and the Tools, Affidavits, &Docs tab for the Loan Program Matrix.

Now let's look at the funstuff before we close.

Our single familylender training team offers in-person trainingclasses every month across the state.

Attend a four-hourworkshop to learn all about CalHFA's programs.

Classes are announcedeach month on our website and through our monthlyeNews announcements.

To sign up for a class,visit CalHFA's website, choose the Training Calendarlink under Lenders/Real Estate Agents, and sign up for a classthat will work best for you.

We also provide customizedmarketing materials that can be downloadedfrom our website by clicking on theLenders/Real Estate Agent section of the website,choose the Loan Officers tab, then choose the Sales, Tools,& Marketing Materials link.

For any questions you may have,contact Single Family Lending at 916-326-8033.

Or you can email ourlender services division at LenderTraining@calhfa.

Ca.

Gov.

Thank you so much for your time.

Now get out there andhelp more Californians have a place to call home.

Rubicon Mortgage Fund | Ohio Bridge Lender

Average Mortgage

Hi, this is Steve Bray with today's Lone StarLending Star Bits.

The USDA Rural Development loan is a greatoption for homebuyers in rural locations.

It requires no down payment and has lowermonthly mortgage insurance than an FHA loan.

The loan is only available in areas that USDAconsiders "rural," but USDA's rural includes some areas you might not expect.

USDA provides an eligibility map you can useto determine if a particular property is eligible, and a new map went into effect on Jun 4th,which narrowed the eligible area just a bit.

The biggest changes I noticed in the map arearound Austin.

Most of the fast-growing suburbs of Hutto,Buda, Kyle, and Leander were eligible under the previous map.

Now, they're ineligible.

However, more distant suburbs, like DrippingSprings, Liberty Hill, Bastrop, and Taylor remain eligible.

In the Houston area, the expansion of theineligible areas occurred mainly to the south and southwest and around Conroe.

The I-10 corridor to the west and east, andthe I-69 corridor to the northeast appear unaffected.

Around the Dallas-Ft.

Worth area, more of the fast-growing 380 corridoris now ineligible, but otherwise the metro escaped mostly unaffected.

In the San Antonio area, more of the 281 andI-35 corridors are ineligible as is the suburb of Boerne.

However, the boundary to the west appearsunchanged.

We've got a link to the eligibility map onour Web site or in the text version of our blog.

That's Star Bits for today.

Please comment below and follow us daily onour Texas Lone Star Lending Web site.

Mortgage Lenders Near Me

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

Mortgage Lender Dublin OH | (888) 464-8732 | USDALoanInfo

What are the requirements for the USDA program in Dublin? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Dublin.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

No Down Payment

The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Dublin is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

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you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

Usda Guaranteed Loan
What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

Second Mortgage

So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Dublin.

It has to be a Single Family home in the Dublin area, without a barn structure on the property.

Then it also has some home price limitations.

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The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

Home Loan Interest Rates Today

Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

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It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loans in Dublin – Do You Pre-Qualify?

Equity Loan Rates

Hey everyone I am in Pleasant Grove thismorning (or this afternoon rather) with a good friend of mine Garrett Peterson.

Heworks for First Colony Mortgage and we are in the building, I just call it the instructurebuilding, it's the new building off of the Pleasant Grove Boulevard exit andFirst Colony is moving into here.

They're shutting down a couple of.

What they'reshutting down three offices in Lehi, Orem and Pleasant Grove.

So anyway First Colony and Garrett- a number of youpeople probably have worked with Garrett because I've referred him to a number ofyou and he's a great guy anyway just wanted to show you their office just alittle bit! This building is a really cool building with a great parking lot.

If youcome here and you have your Tesla or your BMW that needs to get charged there is a charging station for you while you come in and talk to Garrett! Just on the eastside is what, four charging stations so they're kind of cool! A lot ofthings going on here besides just this building: you've got a strip over herewith restaurants, and you've got all this going on with doTERRA over here they're constructing more hotels that are going to be coming online just upthe road, you know Macy's, the Walmart.

anyway a lot of stuff happening aroundhere! But anyway one of the things I wanted to just have Garrett share withyou for a second - because in a lot of areas we saw some days on market that inSeptember, October, November properties were staying on the market a little bitlonger.

It seemed like okay, we might be getting more inventory, but that didn'thappen very much.

Not a whole lot more listed.

But then December some of thedays on market went back, and shortened! So anyway I just want tohave Garrett share with you some of his insight just a little bit and if youhave questions get a hold of me and Garrett with First Colony ishappy to help you.

As far as the mortgage anda lot of those questions, I just refer to him anyway! But tell me just real quickwhat we were talking about and what you were seeing.

that things kind of stayed eventhroughout the year.

Yeah, our numbers were fairly consistentthrough the four quarters of last year as far as a first company standpointwith First Colony Mortgage.

Interest rates came down and helped a little bitthis year already compared to last year as well.

The process itself as far asclosing a loan takes right around three weeks, so as far as actually gettinga deal done, we haven't been standing in the way of anybody buying a house.

It'smore just a number of listings, which Brian is the expert on the number oflistings and the days on the market as well! But we're excited to move into ournew building here, yeah we're going to have everybody all together, all of ourunderwriters.

We're a local company, still kind of a hometown feel for us, and we'rejust excited to get everybody together and have a great production staff andget things done and keep the ball rolling.

The sign just went up two weeksago, it's just right off the exit of Pleasant Grove.

Yeah, Pleasant GroveBoulevard exit, in fact the sign, the First Colony sign is on the east side, so you got the prime sign position.

But anyway, you know one of the nice things Garrett hasdone for me a number of times is he's always willing to give a just a good-faith estimate.

So if you're already using a lender, he'll come in andjust say hey this is what we can do! Actually I've had clients thathave gotten within just a week or within just a few days of closing andsomething's come up with their lender.

Garrett's jumped into it! And he justsaid three weeks to close, but he's done even shorter than that for me insome emergency cases! So anyway even if you have a lender it's alwaysgood to just get a backup, so if something happens when you'regetting close to settlement you can jump in and just say, hey we need to seewhat you can do you.

We've had a lien come up or we've had somethinghappen or something like that, an appraisalinspection, I mean so many things can happen and if you've bought ahome or if you're starting the process, not to discourage you- but just know we try to minimize your risk.

As a Realtor, as aLender, we're just trying to minimize your risk and trying to help you get through the process, make sure you're getting the best deal possible that makes the mostsense.

And everybody's situation is different so we'd be happy to take a look at it.

Anyway, we're just gonna walk in the the first part right here of theiroffice.

I mean they've got so many windows I think everybody's an executive nowbecause everybody's going to have an office with a window, right! So here'syour Lobby, the front desk, really cool lighting.

Maybe we'll just walk aroundhere a little bit you can see you do have some offices in here.

So these aregoing to be the lenders that are just starting versus if you get somebody likeGarrett here, he's gonna have an office with them here with windowsfacing the parking lot and the mountains look at that view - that's awesome! Okay well we're gonna run, but yeah ifyou have any questions, for sure get back with me, whether it's RealEstate, Lending with First Colony Mortgage they're one of the great great companiesI like to refer a lot! So thank you, take care, I appreciate you letting me come and check out your office.

You're welcome anytime to stop by!.

How to Get Low Rates from Any Lender (2019) - Intent Mortgage

Equity Loan Rates

Did you know that most veterans, bothactive and retired, don't realize they can actually qualify to purchase a homewith no money down at all? Hi! This is Rose Gonzales with Keller WilliamsRealty.

They also don't have to pay mortgage insurance.

Another benefitto veterans is that the debt to income ratio is lower, so they can qualify formore house.

For more information on this and to find out how you may qualify ifyou're an active veteran or retired veteran, give me a call.

Rose Gonzales,Keller Williams Realty.

Subprime Lending

USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo