USDA Mortgage Guidelines and Underwriting – Home Mortgage Guidelines, zero down mortgage.#Zero #down #mortgage


USDA Rural Development Guaranteed Mortgage Guidelines

This web site will explain the USDA Rural Development guaranteed mortgage guidelines. This is a 100% loan to value (100% LTV), government guaranteed home loan that is geared to help moderate income families.

As a side note, USDA also offers a USDA Rural Development Direct Mortgage for people with low to very-low income. The guidelines for the Direct loan are quite different so you should visit this site: USDA Rural Development Direct Loan

USDA Guaranteed Loan

The major benefits are:

  • 100% mortgage LTV based on the APPRAISED value
  • Zero down payment and no minimum contribution required.
  • No limit on seller concessions or gift
  • No mortgage insurance required
  • No reserves required
  • 30 year fixed rate only
  • Lenders must be USDA approved.
  • Low interest rates
  • Flexible Credit Guidelines
  • Property must be in a rural eligible location

In the not so distant past few people, including real estate agents and loan officers, were aware of this government program. Real Estate Agents, Lenders, and For Sale By Owners should use this 100 percent loan to the advantage of the buyer and the seller.

Not every home or buyer will qualify for this loan. If they do qualify they will be getting one of the top mortgages, with the lowest interest rates on the market today.

Here is a very short video that covers the basic qualifying factors. You should still review the rest of this site for more details:

The only disparaging issue is the Government operates on a fiscal year budget that ends on September 30th of every year. It can take a month or much more after September 30th for the new budget to be allocated. It is also possible to deplete the budget prior to Sept 30th, as it has in the past. Your loan could be held in limbo, with out closing, if it falls into this time frame.

Lenders usually have the option to close the loan without budget if they are issued a Loan Note Guarantee – Subject to Fund Allocation . Most lenders will not close with a subject to LNG. If this happens it becomes a waiting game.

We are not part of USDA Rural Development and we are not a mortgage lender/broker. We do not collect your information or sell leads. We put out this information because we believe in educating buyers so they don’t get ripped off in the market.

We have several other sites that cover the mortgage underwriting guidelines for FHA, VA, and Conventional Mortgages as well. The other websites we operate are listed at the bottom of this page.

As a buyer you should familiarize yourself with the guidelines of each mortgage product. Then you will know what program best meets your needs BEFORE you shop for a home loan. The more you know and understand the less likely it is that you will fall prey to people with a different agenda than your best interest.

If you have questions you can email us and we will do our best to help you find the answers.


How to Get Out of an Upside Down Car Loan with Negative Equity, upside down


How to Get Out of an Upside Down Car Loan With Negative Equity

Upside down mortgage

In the housing industry, it s called negative equity. In the automotive industry it s called being upside down. In both cases, it means the same thing: You owe more money on an asset than the asset itself is worth.

When you re upside down on a car loan, you can end up in big trouble because a car doesn t grow in value like a house often does. You can list a car as an asset on your balance sheet if you want, but in reality, it s not an asset or an investment. It s an expense.

If you re in this unfortunate position, you can t lower your payment by refinancing, and selling your property won t cover the whole loan. How did you get here, and what can you do?

Getting Upside Down on a Car Loan

To understand how to get out of trouble, you first need to understand how you got upside down on a car loan in the first place.

  • A car depreciates in value very quickly, especially in your first three years of owning it. When you buy a car with a low down payment or no down payment at all you immediately owe nearly the entire purchase price, but it s already worth less. For example, if you buy a $20,000 car and only put a thousand dollars down, you ll be upside down as soon as you drive the car off the lot. You owe $19,000, but the car is only worth $16,000.
  • It s easy to overpay if you don t do your research before buying a car. Your overpayment doesn t make the car worth any more in the fair market, so if you pay $24,000 for a car that s now worth $16,000 you re upside down and already facing a big problem.
  • It s not always your fault. When an unscrupulous car dealer takes advantage of you, you can end up owing more than you should.
  • When you add too many frivolous options to your car, you increase your final total, but not the value of the car. That s a recipe for being upside down even faster.
  • If you re already upside down on one car loan and you try to get a new loan, dealers will often roll the shortfall from the old car to the new car without even telling you.

Unless you re on high alert when buying a new or used car, it s easy to fall into these traps. In fact, it s almost certain that you re going to be upside down at some point. That s why many people don t even know when it happens to them. At first, it s not necessarily a problem.

When Being Upside Down Becomes a Problem

Being upside down on your car loan doesn t always require immediate attention. Sure, it s not good news, especially if it means you overpaid. But as long as you got a fair deal on your loan, and you make your payments on time, the expense of your loan and the value of your car eventually even out, usually in no more than five years. The imbalance might only be temporary.

The trouble comes when you can no longer comfortably afford your monthly car payment, whether it s due to unemployment or job loss, income reduction, or another major negative change in your overall financial situation. When you re upside down and can t cover your loan payment, you re in a tough financial place.

How to Get Out of an Upside Down Car Loan

The only real way to fix the problem of being upside down is by paying down the excess debt. You ll have to go through a few steps and make some sacrifices to manage the loan or raise the cash, but the process is worth your time. You can get out from under a payment you can no longer afford.

1. Move the Excess Car Debt to a Credit Line

Although many people would rail against using credit cards, moving the debt to a credit line might be the best option. If you re having trouble with a $600 monthly payment, moving to a more manageable rate on a $5,000 line can save you cash and buy you some time.

The key is to avoid more trouble. This plan only works if you can commit to the lower regular payments on a credit line. If you can, get a line with a low introductory APR, and pay as much as you can before the introductory period ends (i.e. 0% APR balance transfer credit cards). Consider using peer-to-peer lending networks like Lending Club or Prosper. A local credit union can also provide a personal loan at a reasonable rate.

If the credit line idea doesn t sit well with you, then you ll need to raise some cash. This means that you may need to sacrifice something else in order to cover the car payment. Selling major items like extra furniture or jewelry might help, or sell smaller items on eBay to raise money.

Don t count out the idea of selling the car, even though it won t cover your entire overage. If you owe $10,000 and you can sell the car for $7,500, the $2,500 will be much more manageable than paying your full loan. Keep in mind that your car will only continue to depreciate in value, so get as much out of the sale as you can.

When you need more income, the only answer is often to get a second job. It doesn t have to be a permanent arrangement, just a temporary fix until the car loan shortage is corrected. This situation might even be the push you need to start your own small business or find ways to make extra cash on the side.

Avoiding the Problem

Lets face it: Cars will always depreciate rapidly. As long as they have engines inside them, they re going to drop like a rock in price. Car dealers know it, and they almost always make more money when you finance. When you re ready for your next car, keep a few tips in mind so you can avoid being upside down on a car loan ever again.

The easiest way to avoid being upside down is to not have a loan at all. You might have to settle for an older car, but try to save enough cash to buy the vehicle without taking out a loan.

Someday, I hope to be in a position where I can save up enough money to buy a new car without it being any kind of strain on my finances. Wealthy people don t finance cars. They pay cash for them and drive them for a long time. Make it your goal to stop the cycle of going from one car payment to another. If you break that cycle, you ll be one step closer to achieving independent wealth.

Whether you re shopping for a new luxury vehicle or an old car with low mileage, take the time to save the way you would for a mortgage. Try to have at least 20% of the purchase price available in cash. This down payment will be your best defense against the horrendous depreciation that your new car will experience over the next two years.

3. Pay More Than the Specified Monthly Payment

If you re going to finance, try to get a five-year loan so your monthly payment will be small. Then, if you can, pay up to double the minimum payment. You ll pay off more of the principal earlier, which means you ll build up less interest. The faster you pay off the loan, the better.

4. Keep Up With Car Maintenance

Don t rack up mileage. Stay on schedule with oil changes and engine maintenance, and take care of the paint job with frequent car washes and cleanings. If the check engine light comes on, address it quickly so a bigger problem doesn t arise. Keep the interior clean. The better you treat the car, the higher the resale value will be. Make sure you can check off excellent condition when you look up the value.

Final Word

Being upside down on your car loan can be an extremely difficult and challenging prospect, but there is hope. By staying organized, disciplined, and employing some unique strategies, you can work your way out of this debt.

Are you upside down on your car, or have you ever been? How did you get in that position, and what did you do to get out and make things right? I d love to hear about your experiences and insights!


VA, FHA & USDA Home Loan Programs, First Time Home Buyer Loans, zero down mortgage.#Zero


America’s First Time Home Buyer Specialist

  1. Check out first time home buyer programs with zero to low down payment options.
  2. Get Pre-Approved for all the eligible loan options and get a pre-approval letter in your hand before you start house hunting.
  3. Request Pre-Screened Realtor in FirstHomeBuyers Network to assist you in your home search.
  4. Get contract on home and process your mortgage to obtain the final approval on your loan
  5. Close on your new home, get the keys, move in, order some pizza, kick off your shoes, and celebrate living the dream of being a homeowner!

You must start on the Road To HomeOwnership as early as possible because there are a lot of documents and information required to process a mortgage these days. There may be issues you need to address prior to buying a house and you need to give yourself plenty of time to financial ducks in a row to avoid major headaches later on. What are you waiting for? Live the dream now!

FirstHomeBuyers Program Advantage

We have over 25 years of experience helping first time home buyers achieve the dream of owning a home. Buying a home can be a daunting task but our mission is to educate you on the programs and guide you through every step of the process. We provide you with the advice, tools, tips, and resources so you can determine if owning a home is better than renting and whether homeownership is right for you. Once you set your mind on becoming a homeowner then we will do our best to get you pre-approved for the best loan option and payment to fit your budget. Don’t worry if you don’t qualify now because we can discuss actions you can take so you can purchase a home within the next couple months to a year. Our goal is to make buying your 1st home a simple, fun, exciting, and hassle-free experience.

Government Programs

Government insured loan programs such as USDA and VA requires no down payment and FHA requires a low down payment. Usually, people with fair to marginal credit may qualify for these programs.

  1. USDA Zero Down Program-Minimum 620 credit score and must buy home in small city or town.
  2. FHA Loan-Minimum 600 credit score with low down payment.
  3. Down Payment Plus Assistance Program-Get up to $6,000 down payment assistance.
  4. HUD Home Loan Program-FHA loan for HUD owned homes or FHA foreclosures.
  5. VA Loan-Zero Down Payment for Veterans and active personnel in Navy, Army, Marine Corps, Air Force, Coast Guard, and National Guard.
  6. Down Payment Assistance and Grant Programs-Get grant funds or down payment assistance for down payment and closing costs. Check your state for specific programs available.
  7. Dream Makers Program-get $5,000 grant if you are in the military
  8. Good Neighbor Next Door-Teachers, Firefighters, Emergency Technicians, Law Enforcement Employees, or Police Officers get 50% discount off home in targeted area.
  9. FHA Streamline 203k Renovation Loan-Repairs and home improvements may be added into rehab mortgage to fix up home. Great for foreclosures and short sales!

Conventional Programs

Some Conventional and Community loan programs have more flexible credit, income, and property guidelines and offer great alternatives to government financing.

  1. Fannie Mae HomeReady Community Program will help low to moderate income individuals realize the dream of homeownership.
  2. Fannie Mae 97% Program-Low down payment program with no income restrictions.
  3. Home Possible Advantage Program-1% down payment program with no income restrictions in targeted areas.
  4. Home Possible Neighborhood Solution Mortgage-Community lending program offers low down payment and more flexible credit guidelines to teachers, firefighters, health care workers, law enforcement officers, and military personnel.
  5. Fannie Mae HomePath Ready Buyerв„ў Program-Take the homebuyer education course and receive closing cost assistance toward the purchase of a Fannie Mae HomePath foreclosure.
  6. Fannie Mae NO PMI Program-NO PMI or mortgage insurance.
  7. Piggyback Mortgage Loan-Jumbo loan alternative which involves taking out 2 loans to avoid mortgage insurance with less than 20% down payment.
  8. 100% Gift Purchase Program-Fannie Mae program which down payment can be all gift.

Down Payment Calculator, Calculate Mortgage Down Payment, 0 down mortgage.#0 #down #mortgage


Mortgage Down Payment

A mortgage down payment is the amount of money you pay upfront when purchasing a home. A down payment, typically expressed as a percentage, is calculated as the dollar value of the down payment divided by the home price.

Purchase

Renewal or Refinance

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Get a great mortgage with just 5% down

Have a 5% down payment? You re ready to go. Lock in a great mortgage before rates go up!

What is the minimum down payment required in Canada?

The minimum down payment in Canada depends on the purchase price of the home:

  • If the purchase price is less than $500,000, the minimum down payment is 5%.
  • If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.
  • If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the event the borrower defaults on the mortgage. It is required on all mortgages with down payments of less than 20%, which are known as high-ratio mortgages. A conventional mortgage, on the other hand, is one where the down payment is 20% or higher.

According to a recent TD Canada Trust Home Buyers Report 1 , 30% of homebuyers plan to or have at least a 20% down payment, the point at which mortgage default insurance is no longer required.

The size of your down payment influences three things

The amount you put down at the beginning of your mortgage shapes three important outputs over the life of the mortgage:

  • The home price you can afford
  • The size of your mortgage and monthly payment
  • The amount of CMHC insurance you pay

1. Your down payment influences the home price you can afford

Because the minimum down payment in Canada is 5%, this benchmark is used to determine your maximum affordability. Ignoring your income and debt levels, you can infer your maximum purchase price based on the size of your down payment. Because the minimum down payment is a sliding scale, the calculation depends on whether your down payment is more or less than $25,000.

If your down payment is $25,000 or less, your maximum home price would be: down payment amount / 5%. For example, if you have saved $25,000 for your down payment, the maximum home price you could afford would be $25,000 / 5% = $500,000.

If your down payment is $25,001 or more, the calculation is a bit more complex. You can find your maximum purchase price using: down payment amount – $25,000 / 10% + $500,000. For example, if you have saved $40,000 for your down payment, the maximum home price you could afford would be $40,000 – $25,000 = $15,000 / 10% = $150,000 + $500,000 = $650,000.

Naturally, as your affordability is also a function of your income and debt levels, you should visit our mortgage affordability calculator for a more detailed analysis.

2. Your down payment shapes the size of your mortgage and monthly payment

A larger down payment reduces the size of your mortgage, and, therefore, the monthly payment and interest you will pay over the life of your mortgage.

3. Your down payment determines the amount of CMHC insurance you pay

Your CMHC insurance premium, calculated as a percent of your mortgage amount, gets smaller as you increase your down payment. To learn more about CMHC insurance and how it is calculated, please visit our CMHC insurance page.


USDA Home Loans from the Specialists at, 0 down mortgage.#0 #down #mortgage


Start Your Quote for a USDA Loan

0 down mortgage

Low Rates & $0 Down

0 down mortgage

0 down mortgage

Better Terms than FHA

0 down mortgage

Not a Farmer’s Loan

What is a USDA Home Loan ?

The USDA Loan is a home-mortgage option available to rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA)

USDA Home Loans, also referred to as the USDA Rural Development Guaranteed Housing Loan and the Section 502 Guaranteed Loan , are particularly favorable to those living in rural or low-income areas. USDA Loan offer $0 money down, lenient eligibility requirements and competitive interest rates – due to the loan being guaranteed by the USDA.

USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a home loan program that offers more favorable terms.

$0 Down, 100% Financing

USDA Loans are one of the last $0 down mortgages with 100 percent financing, resulting in low out-of-pocket costs and one of the most desirable loan programs.

More Homes Now Qualify

The USDA’s definition of “rural” is largely liberal – meaning many in small towns, suburbs and exurbs of major U.S. cities meet the “rural” requirement.

Lenient Requirements

The USDA has desinged the USDA Loan to provide homebuyers with lenient eligibility requirements that help low to moderate income families purchase a home.

Competitive Rates

USDA mortgage rates are often lower than comparable conventional 30-year fixed mortgage rates resulting in a better deal as compared to FHA or conventional loans.

USDALoans.com is featured in

0 down mortgage

Basic Eligibility Requirements

  • Homebuyers should show intent to repay the loan
  • Homes purchased with a USDA Loan must be used as the primary residence
  • Credit history should be in good standing
  • Homebuyers should show a history of receiving stable income

USDA Loan Eligibility

USDA Loans used to be considered “farmers loans” but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.

Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.

Frequently Asked USDA Loan Questions

We’ve helped thousands of families learn about the USDA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn’t answered, please contact us at 877-701-8732.

Every homebuyer interested in a USDA Loan should speak with an approved USDA Home Loan lender to determine if they qualify. To do this, fill out the form above or call 877-701-8732 and speak with a USDA Loan specialist.

The USDA started this program to help those in rural areas achieve affordable home financing. With this being the case, the USDA wants to ensure those with the greatest need are served by limiting eligible properties to those that are located in rural, or suburban, communities. Additionally, the USDA Home Loan is only for primary residences – meaning rental properties and vacation homes are not eligible.

USDA Loans feature no down payment and lower mortgage insurance costs than both FHA and conventional options – saving homebuyers monthly, as well as out-of-pocket costs.

Using a USDA Loan?

About Us

USDALoans.com was established in 2008 with one goal in mind – make the public aware of the benefits and advantages of the USDA Loan program. USDALoans.com has been recognized as a top USDA Home Loan provider and serves potential homeowners across the nation interested in $0 down, 100 percent mortgage financing.

USDA Loan Overview

Get in Touch

1810 Watermill Dr. Brandon, FL 33511

USDALoans.com does NOT act as a lender, credit provider or mortgage broker and is not affiliated with any governmental agency. USDALoans.com is compensated to provide marketing services for a network of licensed mortgage lenders, brokers and mortgage loan originators. One or more of these Participating Lenders will contact you with additional information regarding your request. For a full list of Participating Lenders Click here. By submitting your information you have agreed that your information will be provided to a Participating Lender who will contact you, but does not mean you will qualify for a USDA loan. USDALoans.com will not accept charge or seek fees of any kind from you.

USDALoans.com does not distribute mortgage products and any terms or conditions will be offered by the USDALoans.com participating lender that you choose as a consumer. Please note that USDALoans.com is not available in Arizona, New York or Virginia or to borrowers in those states.

USDALoans.com participating lender for this search is Luxury Mortgage Corp. NMLS ID #2745. To view this participating lenders licensing click here.

For a full list of participating lenders click here.


Mortgage Loans from SoFi, 10% Down on Loans up to $3M, 0 down mortgage.#0 #down


Mortgage loans

Make your dream home a reality with as little

as 10% down on mortgages up to $3M.

Takes two minutes. Won’t affect your credit score .

Get more from

Affordable down payment

Put as little as 10% down with no borrower-paid PMI required.

Fast financing

We’ll help you close quickly so you are able to move in sooner. Usually within 30 days.

No origination fees

No application, origination, or other lender fees. No pre-payment penalties.

Buy more house

Qualify for more financing with flexible debt-to-income limits.

How it works

Painless pre-qualification

Get pre-qualified online in two minutes. No obligations, no commitments, no hidden fees.

Select your loan.

Find the loan that matches your financial goals and apply online.

Receive the funds.

Once you sign your paperwork, we’ll transfer the funds. Usually within 30 days.

Takes two minutes. Won’t affect

your credit score. ✝

Choose the mortgage

that works for you

Takes two minutes. Won’t affect

your credit score. ✝

Meet Roger Katie

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Where we lend

  • SoFi Lending Corp.
  • SoFi Mortgage, LLC

Reviews on Zillow

0 down mortgage

Get started in minutes

Speed matters. Which is why you can see your mortgage rates online in minutes.

Without affecting your credit score.

Won’t affect your credit score ✝ .

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HEAR ABOUT SOFI TIPS, EVENTS MORE

    • 0 down mortgage
    • 0 down mortgage

    Healdsburg, CA 95448

    Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

    1 At the end of 84 months the interest rate and monthly payment for the 7/1 ARM adjusts. At adjustment the new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in The Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps.

    2 At the end of 60 months the interest rate and monthly payment for the 5/1 ARM adjusts. At adjustment the new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in The Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps.

    3 SoFi’s interest-only loan is a 30-year, 5/1 ARM loan. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance. At the end of the 10 interest-only years, the minimum payment required will increase, even if the interest rate does not change, to include both interest and principal payments.

    4 Rates shown are based on top tier and 80% loan-to-value (LTV).

    5 APR calculations exclude any third party fees and per diem interest.

    Lowest rates are based on the top tier for well qualified borrowers with discount points for 30-Year Fixed, discount points for 15-Year Fixed, discount points for 7/1 ARM and discount points for 5/1 ARM Interest Only. Not all applicants will qualify for the top tier. The lowest rates are based on 80% LTV (75% LTV for 5/1 ARM Interest Only) for a purchase transaction of an owner occupied single family residence. Rates are subject to change and may not be available at the time of lock or loan commitment. APR for adjustable rate mortgages are subject to increase after fixed rate period and does not include 3rd party costs or prepaid interest.


    VA, FHA & USDA Home Loan Programs, First Time Home Buyer Loans, zero down mortgage.#Zero


    America’s First Time Home Buyer Specialist

    1. Check out first time home buyer programs with zero to low down payment options.
    2. Get Pre-Approved for all the eligible loan options and get a pre-approval letter in your hand before you start house hunting.
    3. Request Pre-Screened Realtor in FirstHomeBuyers Network to assist you in your home search.
    4. Get contract on home and process your mortgage to obtain the final approval on your loan
    5. Close on your new home, get the keys, move in, order some pizza, kick off your shoes, and celebrate living the dream of being a homeowner!

    You must start on the Road To HomeOwnership as early as possible because there are a lot of documents and information required to process a mortgage these days. There may be issues you need to address prior to buying a house and you need to give yourself plenty of time to financial ducks in a row to avoid major headaches later on. What are you waiting for? Live the dream now!

    FirstHomeBuyers Program Advantage

    We have over 25 years of experience helping first time home buyers achieve the dream of owning a home. Buying a home can be a daunting task but our mission is to educate you on the programs and guide you through every step of the process. We provide you with the advice, tools, tips, and resources so you can determine if owning a home is better than renting and whether homeownership is right for you. Once you set your mind on becoming a homeowner then we will do our best to get you pre-approved for the best loan option and payment to fit your budget. Don’t worry if you don’t qualify now because we can discuss actions you can take so you can purchase a home within the next couple months to a year. Our goal is to make buying your 1st home a simple, fun, exciting, and hassle-free experience.

    Government Programs

    Government insured loan programs such as USDA and VA requires no down payment and FHA requires a low down payment. Usually, people with fair to marginal credit may qualify for these programs.

    1. USDA Zero Down Program-Minimum 620 credit score and must buy home in small city or town.
    2. FHA Loan-Minimum 600 credit score with low down payment.
    3. Down Payment Plus Assistance Program-Get up to $6,000 down payment assistance.
    4. HUD Home Loan Program-FHA loan for HUD owned homes or FHA foreclosures.
    5. VA Loan-Zero Down Payment for Veterans and active personnel in Navy, Army, Marine Corps, Air Force, Coast Guard, and National Guard.
    6. Down Payment Assistance and Grant Programs-Get grant funds or down payment assistance for down payment and closing costs. Check your state for specific programs available.
    7. Dream Makers Program-get $5,000 grant if you are in the military
    8. Good Neighbor Next Door-Teachers, Firefighters, Emergency Technicians, Law Enforcement Employees, or Police Officers get 50% discount off home in targeted area.
    9. FHA Streamline 203k Renovation Loan-Repairs and home improvements may be added into rehab mortgage to fix up home. Great for foreclosures and short sales!

    Conventional Programs

    Some Conventional and Community loan programs have more flexible credit, income, and property guidelines and offer great alternatives to government financing.

    1. Fannie Mae HomeReady Community Program will help low to moderate income individuals realize the dream of homeownership.
    2. Fannie Mae 97% Program-Low down payment program with no income restrictions.
    3. Home Possible Advantage Program-1% down payment program with no income restrictions in targeted areas.
    4. Home Possible Neighborhood Solution Mortgage-Community lending program offers low down payment and more flexible credit guidelines to teachers, firefighters, health care workers, law enforcement officers, and military personnel.
    5. Fannie Mae HomePath Ready Buyerв„ў Program-Take the homebuyer education course and receive closing cost assistance toward the purchase of a Fannie Mae HomePath foreclosure.
    6. Fannie Mae NO PMI Program-NO PMI or mortgage insurance.
    7. Piggyback Mortgage Loan-Jumbo loan alternative which involves taking out 2 loans to avoid mortgage insurance with less than 20% down payment.
    8. 100% Gift Purchase Program-Fannie Mae program which down payment can be all gift.

    USDA Home Loans from the Specialists at, 0 down mortgage.#0 #down #mortgage


    Start Your Quote for a USDA Loan

    0 down mortgage

    Low Rates & $0 Down

    0 down mortgage

    0 down mortgage

    Better Terms than FHA

    0 down mortgage

    Not a Farmer’s Loan

    What is a USDA Home Loan ?

    The USDA Loan is a home-mortgage option available to rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA)

    USDA Home Loans, also referred to as the USDA Rural Development Guaranteed Housing Loan and the Section 502 Guaranteed Loan , are particularly favorable to those living in rural or low-income areas. USDA Loan offer $0 money down, lenient eligibility requirements and competitive interest rates – due to the loan being guaranteed by the USDA.

    USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a home loan program that offers more favorable terms.

    $0 Down, 100% Financing

    USDA Loans are one of the last $0 down mortgages with 100 percent financing, resulting in low out-of-pocket costs and one of the most desirable loan programs.

    More Homes Now Qualify

    The USDA’s definition of “rural” is largely liberal – meaning many in small towns, suburbs and exurbs of major U.S. cities meet the “rural” requirement.

    Lenient Requirements

    The USDA has desinged the USDA Loan to provide homebuyers with lenient eligibility requirements that help low to moderate income families purchase a home.

    Competitive Rates

    USDA mortgage rates are often lower than comparable conventional 30-year fixed mortgage rates resulting in a better deal as compared to FHA or conventional loans.

    USDALoans.com is featured in

    0 down mortgage

    Basic Eligibility Requirements

    • Homebuyers should show intent to repay the loan
    • Homes purchased with a USDA Loan must be used as the primary residence
    • Credit history should be in good standing
    • Homebuyers should show a history of receiving stable income

    USDA Loan Eligibility

    USDA Loans used to be considered “farmers loans” but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.

    Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.

    Frequently Asked USDA Loan Questions

    We’ve helped thousands of families learn about the USDA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn’t answered, please contact us at 877-701-8732.

    Every homebuyer interested in a USDA Loan should speak with an approved USDA Home Loan lender to determine if they qualify. To do this, fill out the form above or call 877-701-8732 and speak with a USDA Loan specialist.

    The USDA started this program to help those in rural areas achieve affordable home financing. With this being the case, the USDA wants to ensure those with the greatest need are served by limiting eligible properties to those that are located in rural, or suburban, communities. Additionally, the USDA Home Loan is only for primary residences – meaning rental properties and vacation homes are not eligible.

    USDA Loans feature no down payment and lower mortgage insurance costs than both FHA and conventional options – saving homebuyers monthly, as well as out-of-pocket costs.

    Using a USDA Loan?

    About Us

    USDALoans.com was established in 2008 with one goal in mind – make the public aware of the benefits and advantages of the USDA Loan program. USDALoans.com has been recognized as a top USDA Home Loan provider and serves potential homeowners across the nation interested in $0 down, 100 percent mortgage financing.

    USDA Loan Overview

    Get in Touch

    1810 Watermill Dr. Brandon, FL 33511

    USDALoans.com does NOT act as a lender, credit provider or mortgage broker and is not affiliated with any governmental agency. USDALoans.com is compensated to provide marketing services for a network of licensed mortgage lenders, brokers and mortgage loan originators. One or more of these Participating Lenders will contact you with additional information regarding your request. For a full list of Participating Lenders Click here. By submitting your information you have agreed that your information will be provided to a Participating Lender who will contact you, but does not mean you will qualify for a USDA loan. USDALoans.com will not accept charge or seek fees of any kind from you.

    USDALoans.com does not distribute mortgage products and any terms or conditions will be offered by the USDALoans.com participating lender that you choose as a consumer. Please note that USDALoans.com is not available in Arizona, New York or Virginia or to borrowers in those states.

    USDALoans.com participating lender for this search is Luxury Mortgage Corp. NMLS ID #2745. To view this participating lenders licensing click here.

    For a full list of participating lenders click here.


    Government Help for an Upside Down Mortgage #home #mortgage #rates


    #upside down mortgage

    #

    Government Help for an Upside Down Mortgage

    Government programs are available to help upside down mortgage holders.

    A sustained housing-market slide since 2007 has turned the American Dream of home ownership upside down for a number of mortgage holders. These people may have bought their homes during the boom years of the early 2000s through 2005, but now in 2012, they may owe more than their homes are worth. Several government programs can help homeowners in this predicament by reducing principal amounts or allowing refinances to lower interest rates.

    HAMP

    HAMP, officially known as the Home Affordable Modification Program, is intended to make a homeowner’s mortgage debt more affordable in the long-term. Federal officials designed HAMP as a way to rescue mortgage holders who lose their jobs and can’t make monthly house payments at current levels. HAMP can help, but you must show you can afford the modified mortgage. Plus, you must have obtained your mortgage by Jan. 1, 2009, and your mortgage debt must be no more than $729,750.

    Modified HAMP

    The federal government offers a modified HAMP program that helps people who have jobs but struggle to pay their upside down mortgages. The modified HAMP aims to increase the number of homeowners eligible for help by relaxing the debit-to-income ratio requirement to 31 percent or lower. Also welcomed into the modified HAMP are homeowners who defaulted on a previous HAMP permanent modification, as well as homeowners who defaulted on payments in a HAMP trial period plan. Similar to the original HAMP program, you must have obtained your mortgage by Jan. 1, 2009, and your mortgage debt must be no more than $729,750.

    HARP

    The Home Affordable Refinance Program, or HARP, is a component of the federal Making Home Affordable initiative. It helps homeowners who are struggling but current on payments refinance their mortgages. HARP can help upside down mortgage holders, provided they owe more than 80 percent of their home’s value. HARP eligibility also requires that Freddie Mac or Fannie Mae bought the mortgages on or before May 31, 2009.

    FHA Short Refinance

    The Making Home Affordable initiative also authorizes the Federal Housing Administration to assist holders of upside down mortgages through refinancings. It authorizes FHA lenders to forgive at least 10 percent of the borrower’s original mortgage amount and provides the homeowner the opportunity to qualify for a new FHA-insured mortgage. To qualify, the borrower’s loan-to-value ratio can’t exceed 97.75 percent.

    Mortgage Foreclosure Settlement

    A national legal settlement engineered by 49 state attorneys general and the Justice Department can help certain upside down mortgage owners with refinancing to lower interest rates. Loan servicers at Bank of America, Wells Fargo, Citi and J.P. Morgan Chase must provide up to $3 billion in refinancing relief to borrowers who are upside down, according to the settlement, which was negotiated in February 2012.

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  • BBVA Compass launches zero-percent down mortgage program #house #mortgage #calculator


    #zero down mortgage

    #

    BBVA Compass launches zero-percent down mortgage program

    In recent months, the Obama administration has taken several steps to expand the credit box and make it easier for borrowers, especially first-time homebuyers, to buy a home. To that end, in October, Fannie Mae and Freddie Mac announced 97% loan-to-value offerings.

    For some borrowers, saving up 3% for a down payment is still a hurdle they can t quite clear. However, a new program from BBVA Compass (BBVA ) will allow borrowers to put down even less for a down payment, in fact.

    BBVA Compass announced the launch of a new program, called Home Ownership Made Easier or HOME for short, designed to help low- and moderate-income borrowers become homeowners by helping to overcome one of the most significant barriers to homeownership, the down payment.

    In the HOME program, qualifying borrowers will be eligible to finance 100% of the home s value. In addition to offering 100% LTV loans, BBVA will also contribute up to $4,500 toward certain closing costs associated with obtaining a home loan.

    We ve built a comprehensive program that will help many people across our footprint realize the dream of homeownership something that may have seemed unattainable to them in the past, said Eduardo Castaneda, executive director of real estate lending for BBVA Compass. The financing and closing cost assistance, and the essential homebuyer education, will help ensure they enjoy the benefits of their new home for years to come.

    According to BBVA Compass, the HOME program is part of the bank s recent commitment to put $11 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods.

    Under the HOME program, there will be no private mortgage insurance requirements.

    But not every potential borrower is eligible for the HOME program. According to BBVA Compass, the subject property must either be located in a low-to-moderate income census tract (as determined by the Federal Financial Institutions Examination Council) or the loan applicants cannot have an income greater than 80% of the median income for the area, per the guidelines from the U.S. Department of Housing and Urban Development .

    According to BBVA Compass, other benefits of the HOME program include:

    • Borrowers can move into a new residence with as little as $500 of their own funds
    • Seller funds and cash gifts can be used to pay remaining closing costs and so-called prepaids expenses such as taxes and insurance that must be paid at closing before they are technically due
    • The program offers flexible fixed-rate mortgage terms, with 30-, 25-, 20-, 15- and 10-year options available
    • The HOME mortgage is also available to borrowers with higher incomes if they re financing properties in low- or moderate-income census tracts

    In some cases, clients participating in the bank s HOME program will pay a monthly mortgage payment that is less than what they currently pay as renters, Castaneda said. And that s an important point: This program will be helping people who ve already proven their ability to make that monthly payment.

    This month in
    Housing Wire magazine

    The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

    Feature

    In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

    Commentary

    A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

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