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6 Reasons You Should Take a 2nd Look at USDA

By
Education & Training with Ask The Underwriter NMLS CE Provider #1405058

The USDA  Guaranteed Loan Program is among the most beneficial programs for

homebuyers wishing to purchase a home outside densely populated area. This loan is designed to help rural Americans achieve the dream of owning a home. You would be surprised at what areas qualify as rural. Check out the property eligibility website here.  The SFHGLP has numerous benefits that allow borrowers to purchase a home, especially those who may not qualify for conventional home financing.

Other notable benefits include:

  • $0 down payment. The borrower has the flexibility of paying nothing out of his or her pockets.
  • For the USDA single-family guaranteed home loan program, it is imperative to state that the USDA is not a lender and instead it guarantees each loan against default.
  • Flexible credit guidelines. Individuals seeking to buy homes with less than perfect credit history or nonexistent
  • Favorable loan terms. This loan is available in 15-year fixed rate mortgage and 30-year fixed rate mortgage
  • Competitive interest rates. Current Fannie Mae yield for 90-day delivery (actual/actual) for 30-year fixed rate conventional loans, rounded up to the nearest one-quarter of 1 percent.

 

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 D. Bass

www.asktheunderwriter.net

Mortgage Underwriter/ Training and Development Coach

 

Comments (3)

Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I loved promoting USDA loans in our area D. Bass . There was only one city in our entire MLS where they could not be used.

Sep 11, 2019 03:00 PM
Dionne Bass

Yes! I'm constantly surprised at the eligible areas. It is a great home loan. Thanks for reading!

Sep 12, 2019 05:09 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

D. Bass there was a time that USDA use to run out of funding early in the year, but that has not been an issue for several years now, and should no longer be a concern.  However, many of the old time Realtors still remember those days and continue to advice their Buyers against applying for a USDA Mortgage.

Sep 13, 2019 10:42 AM
Dionne Bass
That's a shame, hopefully my next few blog post will encourage them to "take a 2nd look"! LOL! Thanks for stopping by...
Sep 13, 2019 12:46 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Yes, USDA covers a lot of territory on the island of Maui too.  Thanks for spreading the word.

Nov 03, 2019 05:33 PM