usda 100 guaranteed rural housing home loans: What are the Advantages of USDA Home Loans?
- 06/09/12 04:21 AM
There are many advantages of the USDA 100% Guaranteed Rural Housing Home Loan. Here are a few: No down payment; a true 100% loan product. No cash reserves required. Generous income limits. Very low monthly mortgage insurance. No purchase limits. Sellers may pay all closing costs. Gift funds are allowed. Very low interest rates. Thirty year fixed rate term. Repairs may be financed up to 100% of the appraised value or "as improved" value. Not just for first time home buyers.
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usda 100 guaranteed rural housing home loans: Are Gift Funds Allowed on USDA Home Loans?
- 06/08/12 09:44 AM
Gift funds are allowed on USDA 100% Guaranteed Rural Housing Home Loans. They need to be identified separately, as a gift, even if the funds have already been deposited into a liquid asset account by the borrower. Gift funds are not to be considered as reserves. Gift funds may be used for closing costs, voluntary down payments or guarantee fees. Gift funds are to be documented with a gift letter signed by the donor and borrower. … (0 comments)
usda 100 guaranteed rural housing home loans: What are the minimum credit scores required for USDA home loans?
- 06/06/12 10:09 AM
USDA 100% Guaranteed Rural Housing Home Loans are easier to qualify for with a minimum credit score of 640. Some lenders do allow 620 but there can't be any derogatory credit issues for the last twelve months. Also, some lenders allow no credit scores but the borrower must have several alternative credit references to cover the last twelve months. … (2 comments)
usda 100 guaranteed rural housing home loans: What is the purpose of USDA loans?
- 06/05/12 10:19 AM
USDA 100% Guaranteed Rural Housing Home Loans offer an affordable way to purchase a home. Borrowers who cannot qualify for a conventional loan may qualify for the USDA home loan. A conventional loan in this definition is one which the borrower: Is able to put 20% down Is able to pay all closing costs and pre paid expenses out of pocket Has debt ratios at or below 28%/36% Has reasonably good credit
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usda 100 guaranteed rural housing home loans: What type of homes are eligible for USDA Home Loans?
- 06/01/12 09:41 AM
What type of homes are eligible for USDA Home Loans? USDA 100% Guaranteed Rural Housing Home Loans allow: Single family homes; attached or detached Condominiums Planned unit developments Modular homes New manufactured homes Properties with an ingound swimming pool (but the value of the pool needs to be subtracted from the total value of the proeprty) … (0 comments)
There are many advantages of the USDA 100% Guaranteed Rural Housing Home Loan.
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