usda: How Do Deferred Student Loans Affect Your Mortgage Application?
- 11/11/11 06:05 AM
Student loans have been in the news quite a bit recently. As tuition costs rise, college graduates face larger student loan balances than ever before. As a result, student loans often make up a sizable chunk of a college graduate's total debt picture as they enter the workforce and begin to look for housing. Mortgage lenders calculate a Debt to Income (DTI) ratio on every new mortgage application. Here we will look at how the status of student loan payments can affect this DTI on a mortgage application. First and foremost, because the payments of student loans are reported to the credit … (4 comments)
usda: Buying a House with No Money Due at Closing is Possible with a USDA Mortgage
- 05/08/11 01:44 AM
Buying a House with No Money Due at Closing is Possible with a 100% USDA mortgage. A few weeks ago I had a customer purchase a property using a 100% USDA Mortgage. At the closing, they actually got cash back for the $2000 Hand Money they deposited to secure the sales contract and the $375 they paid for the property appraisal. These buyers had nothing due at closing, so they actually received a check for $2375 at the closing table. They ended up purchasing a home with no money due at closing and a monthly mortgage payment that was less than … (2 comments)
usda: Your home may be USDA eligible and you may not realize it
- 02/16/11 12:41 PM
Some potential home buyers may not even consider applying for a USDA mortgage as they believe there is no way that their prospective home could possibly be considered rural. If the home you are looking for is not located within a city, it is at least worth a look. One look at the USDA eligibilty map shows that in many cases areas just outside of large metroplitan areas can qualify for USDA mortgages. To find out if your area qualifies for USDA financing click here... http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Benefits of a USDA Rural Development loan include: True 100% no money down … (2 comments)
usda: The benefits of a USDA mortgage
- 05/04/10 08:33 AM
USDA mortgage loans are a great deal for eligible homebuyers and homeowners. These loans allow for purchase and no cash out refinances of a primary residence. Some of the biggest benefits of USDA are: 100% financing No monthly mortgage insurance No asset or automatic reserve requirements Gifts allowed for closing costs Required property improvements can be financed into the loan up to 102% of the "improved" value. (USDA will allow repairs to be completed after closing!) Eligible USDA property types include single family homes, condominiums and manufactured housing. USDA does have some income and property eligibility requirements. Contact me today at 412-567-6560 to … (0 comments)
usda: Funding may be cut off for USDA loans
- 03/10/10 10:50 PM
We have been alerted by the USDA with the following message...... Notice of Funding This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available. Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency … (5 comments)
Student loans have been in the news quite a bit recently. As tuition costs rise, college graduates face larger student loan balances than ever before. As a result, student loans often make up a sizable chunk of a college graduate's total debt picture as they enter the workforce and begin to look for housing. Mortgage lenders calculate a Debt to Income (DTI) ratio on every new mortgage application. Here we will look at how the status of student loan payments can affect this DTI on a mortgage application.
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