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USDA Loan Questions To Ask A Loan Officer To Determine If They Are A USDA Loan Pro
USDA Rural Development Loans are one of the toughest loans to originate and require the use of a seasoned and experienced Loan Officer.  To determine if a Loan Officer has the skill set necessary to get a USDA loan to settlement can often be determined right away by asking some basic questions that a USDA Loan Pro will have no challenge in answering. 
These questions aren't designed to stump a Loan Officer on a technicality but rather determine if the Loan Officer holding themselves as USDA proficient, can really walk the walk and talk the talk.  Here are five simple questions your lender should absolutely be able to answer correctly.  if they don't know the answers . . . run . . . don't walk . . . run . . . to a lender that does!
What is the dollar amount of the "Commitment Fee" based on a specific purchase price?  At best the inexperienced USDA Loan Officers will state 3.5% and take the purchase price and multiple that dollar by 3.5%.  Guess what this is wrong.  USDA has their own math and the calculation is as follows:  Purchase Price/.965 - Purchase Price.  So on a $100,000 purchase price the commitment fee is $3,626, not $3,500.  To quickly calculate the USDA Commitment Fee USDARuralLoan.com has ... more

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