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USDA Home Loan Requirements / Updates
USDA is quickly becoming one of the Country’s most popular mortgage loan programs, and with that, the USDA Rural Development Offices are getting backlogged!  In the past 2 months, NC went to a “Centralized” Underwriting Process for these loans… and we are sometimes seeing 2 week turn times with USDA Underwriting, and sometime a little longer.  Because of this, we recommend writing a closing date 45 days out (as opposed to the “typical” 30 day contract).
USDA Home Loans are 100% (plus) mortgages. There’s ZERO Downpayment required, and there’s a small monthly PMI charge.  It’s fairly easy to qualify for, and all 100 counties in NC have some area that qualifies for the program!
Because of this increase in volume, there have been several recent AN (Adminsitrative Announcements) from them regarding documentation types, and clarification of guidelines.
Gift funds are allowed with USDA Home Loans, however gift funds are not considered as cash reserves, or as a compensating factor. Gift Funds may be used for closings costs, voluntary downpayment, and to cover the guarantee fees, however (again) they will not be considered as cash reserves for a compensating factor waiver. USDA only allows us to count 60% of the Vested Amount in an IRA, Keogh ... more

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