Saturday, November 23, 2013

USDA Loan Program: Your Guide to USDA Rural Development Mortgage Home Loans = KNOWLEDGE FINANCIAL GROUP

USDA Loan Mortgage: Introducing The No Money Down, Low And Fixed Rates USDA HomeLoan For Suburban Communities.



Your Guide to USDA Rural Development Mortgages

At Knowledgefinancial.com and at Financialacademyschool.com our goal is to be your source for everything you need to know about qualifying for a USDA Rural Development Mortgage, FHA MORTAGE LOANS, VA HOME LOAN RESERVE FOR THE VETERANS AND CONVENTIONAL MORTGAGE. 

USDA Rural DevelopmentMainMasthead
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USDA Home Loans

What is a USDA Home Loan?

USDA Home Loans provide up to 100% financing for a home purchase or refinance. These loans are guaranteed by the USDA and are serviced by direct lenders that meet federal guidelines. There are many qualifying factors for a USDA home loan, things such as income limits and loan amount may limit eligibility.
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Your Dream Home with a USDA Rural Development Loan!
If you live in a qualifying suburban town - generally with a population of less than 20,000 - a USDA Loan may be your answer to securing your dream of home ownership.
Also referred to as Rural Development Loans, these federally backed and funded loans remain one of the last true No Money Down options on the market.

Whether you have questions about these no money down, fixed interest rate loans or are curious as to whether your property qualifies, we are here to help.
Simply fill out the form on this page - it's quick, secure and confidential - and our USDA Loan experts will begin reviewing your claim immediately.

-----------------Who Qualifies for a USDA Mortgage?
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.
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To be eligible, applicants must:

Have dependable income that is adequate for the repayment of the loan. This income should be verifiable and continuing for at least 24 months. 

For example social security benefits that will be discontinued in six months may not be included for qualifying. Income that is tax exempt may have the tax savings added to income figures.

Be a U.S. citizen, currently reside in the United States or a qualifying territory, qualified alien, or be legally admitted to the United States for permanent residence;
Must meet Moderate income limits as determined by the USDA home loan program

Credit history that shows responsible repayment of debt;
Must not have debt payments that exceed 41% of their gross income. 

The ratio is calculated by dividing the homeowner’s monthly debt payments by their gross income. 
These debts include, but are not limited to, new mortgage payment (principle, interest, taxes, and insurance), car payment, loan payment, credit card payments, child support, alimony and any other payment that will take longer than six months to fulfill.

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Millions Now Qualify for an USDA Loan.
Do You? Find Out...
 
USDA Loan Program Growing in popularity, USDA loans offer incredible benefits to borrowers.


  • It's not "just for farmers," millions can now qualify
  • Offer better terms than an FHA or conventional loans
  • Lower Rates and $0 Down Financing
  • Can be used to buy a new home or refinance to a lower rate
To determine if a property is located in an eligible rural area, go to the USDA WEBSITE click on the Property Eligibility link on the left side of the screen and select a Rural Development program. 



To determine income eligibility of an applicant/household, VISIT THE USDA WEBSITE OR CHECK WITH A LENDER, OR A REALTOR


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USDA IS A LOAN GUARANTEE PROGRAM DESIGNED TO MAKE MORTGAGE HOME LOAN EASIER FOR THE PEOPLE LIVING IN THE RURAL AREA.

The Guaranteed Loan Program, managed by the Housing and Community Facilities Programs (HCFP), provides a loan guarantee, to a mortgage lender, on loans that meet USDA loan guidelines. 

An individual looking to get approved for a USDA loan would work with a lender that is approved to offer these loans and would make his or her payments to that lender after closing.

Loan guarantees are offered on a variety of government sponsored mortgage programs and enable mortgage lenders to provide USDA Home  loans to borrowers that  would not traditionally be able to get approved.


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USDA Loan Limits

USDA loan limits vary from county to county across the United States. Chose your state below to find the maximum loan amount the USDA home loan program will insure for a single family residence in your county.

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'' We at knowledge financial group – knowledgefinancialgroup.com  // we empower
consumers to take more control over their financial lives.

At Knowledge Financial Group, We promote financial education to help others take
informed and reasonable decision about their retirement.

At knowledge Financial Group - knowledgefinancialgroup.com,
we advocate financial literacy..

At Knowledge Financial Group - knowledgefinancialgroup.com, You Can Learn What You Want, When You Want
It, Anytime You want. = Facebook.com/knowledgefinancial  

Learn Anything You Desire At Knowledge Financial Group -
KNOWLEDGEFINANCIALGROUP.COM

The Right Information When You Need It. =
knowledgefinancialgroup.blogspot.com  

We encourage you to take advantage of all of our resources
and use them often. / facebook.com/knowledgefinancialgroup  

Knowledge Financial Group - Your personal financial well-being @
www.youtube.com/knowledgefinancial  

Knowledge Financial Group Is Here To Help, And To Serve , Go To: http://www.knowledgefinancialgroup.
com/financialgroup

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https://twitter.com/knowledgegroup1

Knowledge Financial Group provides useful information @ www.linkedin.com/in/knowledgefinancial



USDA Income Limitations

Family income is a factor the USDA uses to determine if you qualify for the program. The limits are provided below. Family size is a factor and the USDA classifies income into the following categories: Very Low, Low and Moderate. Program availability varies by category as well.

USDA Income Limits by State

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USDA Home Loan Guidelines

Your Guide to the USDA Home Loan

Given today’s tough lending standards steady income and good credit may not be enough to qualify for a home loan. Lending institutions are looking for security and that is where the USDA Home loan program steps in.

This program insures up to 90 percent of the loan amount. So if a homebuyer borrows $100,000 from the lender and then defaults on the loan, the USDA will pay back up to $90,000

USDA Home Loan Guidelines

  1. Qualifying for a Guaranteed Rural Home loan
  2. Have dependable and adequate family income. (Family income is defined as the combined gross income of the applicant, the co-applicant, and any other adult living in the household.)
  3. Meet moderate income limits for your specific area.

  5. Have a credit history which indicates a reasonable ability to pay obligations as they come due.
  6. Be a citizen of United States, a qualified alien, or legally admitted into the U.S. as a permanent resident.

Before being approved for a Rural Housing loan some predetermined ratios are taken in to account to determine their repayment capabilities. 
Total debt must not exceed 41% of their gross income. The ratio is calculated by dividing the homeowner’s monthly debt payments by their gross income. 

These debts include, but are not limited to, new mortgage payment (principle, interest, taxes, and insurance), car payment, loan payment, credit card payments, child support, alimony and any other payment that will take longer than six months to fulfill.
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A USDA guaranteed home loan can assist most individuals and families in rural areas become homeowners. 
The primary purpose of the USDA’s Guaranteed Rural Housing Program is to help moderate and low income borrower qualify for a mortgage loan, even if they cannot afford to make a down payment.

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 ''REAL ESTATE INVESTMENT: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY}
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Homes That Qualify:

  • A newly built or existing home
  • Modular new and existing homes
  • Home must provide safe, decent, and sanitary housing and be modest in cost
  • The home must meet the thermal standards of the Rural Housing and Community Development
    Service
  • Existing homes must be in good repair and structurally sound
  • There are no size or design restrictions on the home to be financed
  • USDA home loans may not be used on property for income-producing purposes
  • The home must not be located in flood or mudslide hazard areas
  • Water and sewage system must meet the requirements of the State Department of Health
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    Highlights of the USDA Guaranteed Rural Housing Loan Program


  • Loans may go up to 102% (With Guarantee fee included)
  • No downpayment is required
  • Mortgages are 30-year fixed rate at market interest rates
  • Sellers may contribute to the buyer’s closing costs
  • Home buyers make application with participating lenders
  • Buyers must personally occupy the dwelling following the purchase

Section 502 Direct housing loans may be used to refinance existing USDA loans or for a home purchase. When purchasing a home with a USDA loan there is an upfront fee of 2% charged to the mortgage lender. A Refinance loan carries .5% upfront fee.
This fee usually passed on to the homeowner and included in the closing costs. USDA Guaranteed Home Loans are subject to investor guidelines provided by the servicer.

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    '' We at knowledge financial group – knowledgefinancialgroup.com  // we empower
    consumers to take more control over their financial lives    .

    At Knowledge Financial Group, We promote financial education to help others take
    informed and reasonable decision about their retirement.

    At knowledge Financial Group - knowledgefinancialgroup.com,
    we advocate financial literacy..

    At Knowledge Financial Group - knowledgefinancialgroup.com, You Can Learn What You Want, When You Want
    It, Anytime You want. = Facebook.com/knowledgefinancial  

    Learn Anything You Desire At Knowledge Financial Group -
    KNOWLEDGEFINANCIALGROUP.COM

    The Right Information     When You Need It. =
    knowledgefinancialgroup.blogspot.com  

    We encourage you to take advantage of all of our resources
    and use them often. / facebook.com/knowledgefinancialgroup  

    Knowledge Financial Group - Your personal financial well-being @
    www.youtube.com/knowledgefinancial  

    Knowledge Financial Group Is Here To Help, And To Serve , Go To: http://www.knowledgefinancialgroup.
    com/financialgroup

    Knowledge Financial Group - Financial Literacy For Everyone @  
    https://twitter.com/knowledgegroup1

    Knowledge Financial Group provides useful information @ www.linkedin.com/in/knowledgefinancial
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