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USDA Loans Blog

USDA home loans are paving the path for rural and suburban communities. 

 
The USDA’s rural development program has caught on like wildfire as being on of the most up and coming 100% financing loan options for millions of Americans in rural to suburban areas of the country. 
 
The program offers 100% financing with the ability to roll in closing costs up the the appraised value of the property being purchased. This is unheard of in today’s lending world making the USDA program the most sought after and still underutilized lending options available today. 
  • Don’t want to spend your savings on a down payment for a home? 
  • Don’t want to spend all kinds of $$ a month on expensive mortgage insurance?
  • Then you need to check out the benefits of the USDA program. 

Posted by USDA Loans .Net at 5/21/2013

 

Spend no money out of pocket with a USDA loan.

You heard us correctly, with a USDA loan you can purchase a home without spending a penny out of pocket.How a USDA Loan works:USDA loans are like any other government backed loan. USDA guarantees the loan in case of default by the borrower, allowing the lender to assume less risk. USDA sets the guidelines the lenders need to follow. Individual lenders might have different guidelines, like different credit score requirements. The USDA guidelines don’t call for any specific credit score. But finding a lender willing to take on a credit score of 500 will be nearly impossible.This is what is needed in order to qualify for USDA.

  1. Ability to prove income.
  2. A middle credit score of at least 620.
  3. The home being purchased has to be in a USDA eligible area.
  4. The household income has to be within USDA guidelines.

These USDA guidelines can be found by clicking on the following link. There are different income requirements for different counties, so make sure you do your research.

Posted by USDA Loans .Net at 4/6/2012 2:56 PM

Want to buy a home with no money down!

With a USDA home loan you can purchase a house with no money down. There is no reason to use the excuse, “I don’t have money to buy a home” anymore. With the USDA program if you can pay rent you can buy a house. You can apply for a USDA home loan here. At the very least just call so a USDA loan specialist can explain your options.
Posted by USDA Loans .Net at 3/28/2012 5:06 PM

USDA Loans Becoming Popular!

More home buyers are realizing the benefits of a USDA loan. With monthly mortgage insurance rising on FHA loans on April 1st, 2012, home buyers can’t afford the monthly payments. USDA loans also provide 100% financing.Today, many homeowners who are thinking about buying a home are surprised to learn that many properties qualify for a USDA loan even though they can hardly be considered “rural”.  
Posted by USDA Loans .Net at 3/27/2012 8:18 PM

More reason to avoid FHA & go with a USDA loan!

On April 1st FHA will be increasing its mortgage insurance costs plus the upfront premium they charge.On April 1st, 2012 HUD will be raising the UFMIP from 1.0% to 1.75% (almost double) and the MMIP from 1.15% to 1.25%Lets compare the payments from a USDA loan & FHA loan. Both loans will have the same terms. $150,000.00, 30 year mortgage loan @ 4%.FHA monthly payment $883.66.USDA monthly payment $768.39Which mortgage loan would you prefer? USDA? or FHA?

Posted by USDA Loans .Net at 3/7/2012 9:10 AM

No Money Out Of Pocket!

Whats better then buying your dream house without spending a penny out of pocket?Well there might be a couple things but I’ll refrain from mentioning them.With the USDA loan you can make your dreams become a reality by buying your perfect home with out spending much at all. In the average home buying transaction with a USDA loan the only thing you should have to pay for out of pocket would be an appraisal and maybe a water test if the home you are purchasing has a well. You should be able to find a USDA lender that will not charge any upfront fees. If they do, shop around until you find one that doesn’t.An eligible home has to meet minimum HUD handbook guidelines. Just like an FHA or VA mortgage. So don’t let any one tell you different. There are not to many lenders that offer USDA loans. Many times loan officers will down play the USDA program or will lie just to make a dime. Forcing consumers that are purchasing USDA eligible homes with a FHA loan (Because there lending institution does not offer USDA loans).The mortgage insurance with FHA loan is more then 3 times as much as it costs on a USDA mortgage. Therefor comparing the same loan amount and interest rate, the payment will always be higher with a FHA loan.For further information on a USDA Rural Development home loan, feel free to contact a USDA loan specialist at USDALoans.net

Posted by USDA Loans .Net at 3/6/2012 9:55 PM