USDA: SINGLE FAMILY HOUSING ORIGINATION UPDATES

USDA: SINGLE FAMILY HOUSING ORIGINATION UPDATES

In the event that you have a USDA loan in your pipeline or are writing up an offer using USDA for your financing type, please take note of the critical dates that may impact on-time closings in the USDA updates … Continue reading

ELEVEN VARIABLES THAT CAN AFFECT YOUR CREDIT SCORE

ELEVEN VARIABLES THAT CAN AFFECT YOUR CREDIT SCORE

Riding on the coattails of a previous blog posting, regarding what ultimately determines mortgage interest rates, many prospective borrowers may also be surprised to learn that up to eleven different variables may affect the final interest rate they receive. While … Continue reading

DO YOU QUALIFY FOR A USDA NO DOWN PAYMENT MORTGAGE?

While most people think of the US Department of Agriculture as a Federal agency that works with farmers or stamps meat, there is a home loan program under the umbrella of the USDA otherwise known as Single Family Housing Guaranteed Loan Program.

The main objective of this mortgage program is to provide affordable zero down financing for moderate income families in “rural” areas or areas of low population density.

Key notes of this program:

  • There are defined income limits by household size
  • The purchase price limit is the conforming loan limit in your area
  • There is no down payment required although you may put money down if you so choose
  • You can negotiate for the Seller to pay all of your closing costs
  • There is both an upfront guaranty fee paid to USDA as well as a monthly guarantee fee which is much lower than a mortgage insurance premium would be
  • The home itself may be single family, an approved condo, townhome or new construction
  • The home and property may not be “income producing” or be deemed to have that potential which brings about a whole host of other criteria
  • No barns or significant outbuildings
  • Not in a flood zone
  • No manufactured homes
  • Not on a historic register
  • Not sub-dividable
  • 1 power meter only

If your household income meets the requirements and the home is located in an eligible area, this is one of the best mortgage programs available today!  Great 30-year fixed interest rates and it is not limited to first time homebuyers!

Give me a call today to identify whether you may qualify for this great program!

WHY CHOOSE AXIA?

WHY CHOOSE AXIA?

Consumers have several choices when it comes to obtaining a mortgage loan. Generally speaking, the three main sources of obtaining a mortgage loan are Banks and Credit Unions, Mortgage Bankers and Mortgage Brokers (although the number of mortgage brokers has … Continue reading

USDA CHANGES

USDA CHANGES

The long awaited USDA eligibility area updates are now available at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do The screen will look like this: You will want to click on the “Future Eligible Areas” , “accept” and then enter the address in question to see if … Continue reading

USDA ALLOWED STRUCTURES

The single family housing guaranteed loan program referenced as “USDA”, has certain property restrictions that are often a surprise to the average Borrower planning on financing their home with a USDA loan.  With a fundamental objective to “finance a residence … Continue reading