USDA Loan Eligibility Oak Grove MO.
Buying a home can be overwhelming, so I created a great “To Do” list for helping First Time Home Buyers stay on the right track when qualifying for a USDA Home Loan. There are many situations that can come up during the USDA Loan eligibility process that can hurt the chances of qualifying for a USDA home loan and mortgages in general. Below I have listed 5 quick and helpful hints if you want to know about USDA Loan Eligibility Oak Grove MO for any First Time Home Buyer that can be shared with anyone who is working towards a USDA home loan.
Do's and Don'ts of USDA Loan Eligibilty
- Stay current on your existing accounts. Late payments on any loans, car payments or anything else that could be reported to a credit reporting agency could cost you dearly. One 30-day late payment or even a small medical collection can lower your credit score drastically.
- Watch the balances on your credit cards. Remember that it is important to keep credit card balances low in comparison to your credit limits. It is not the amount that counts, but instead the ratio of your balance to your credit limit. Having credit cards that are at or near their limits is a formula that can reduce your credit score quickly.
- Ask your mortgage lender for advice. Your mortgage lender is your best resource. Second hand information from friends, co-workers and relatives may be well intentioned but many times it is actually misinformation and simply not accurate.
- Follow up with your insurance carrier after any medical care. I see way too often when a small collection appears that was a result of a miscommunication between the insurance company, doctor’s office, and the patient. This can easily drop the score and in some cases be a reason for your loan to be denied.
- Pay your rent by check. Paying by money order or cash is not an acceptable form of verifying rental history- especially if that is required by underwriting.
Understanding the USDA Loan eligibility requirements can be challenging but my team is built to help home buyers become mortgage ready, so if you need any more suggestions about our USDA Loan Eligibility Oak Grove MO program.