Last year USDA Rural Housing reduced the upfront guarantee fee (also known as the funding fee) charged on USDA housing mortgages. In addition, they also lowered the monthly mortgage insurance or "annual fee" thus saving home … [Read more...] about 2023 USDA Rural Development Guarantee Fee
USDA Home Loan
USDA Home Loan Process
The USDA home loan is one of the three current government-backed home loans. The other two are the VA loan and FHA program. They’re all considered government-backed because each provides some level of backing should an individual … [Read more...] about USDA Home Loan Process
How Long Does It Take To Close USDA Loan?
We often receive questions regarding how long does it take to close USDA loan? In this post, we will shed some light on the USDA mortgage closing process and the timelines involved. First, it's important to understand the USDA … [Read more...] about How Long Does It Take To Close USDA Loan?
Where Can You Use a USDA Loan? You’ll Be Surprised
The United States Department of Agriculture, the USDA, sponsors multiple programs designed to assist those living in rural areas. One of the more important programs is the program helps low to moderate income individuals buy and … [Read more...] about Where Can You Use a USDA Loan? You’ll Be Surprised
USDA Rural Housing Loan Income Limits 2023
USDA Rural Development published the newly increased income limits for the USDA Guaranteed Rural Housing loan program. The updated income limits started in July and will carry into 2023. This is great as more home buyers will now … [Read more...] about USDA Rural Housing Loan Income Limits 2023
USDA Loans and Seller Concessions Closing Costs
The United States Department of Agriculture's home loan program is designed to help those wanting to live in a rural area. At first glance, one might think there really are very few areas where rural financing is needed. In fact, … [Read more...] about USDA Loans and Seller Concessions Closing Costs
Quick Facts About USDA Rural Development Loans
Below we have listed some quick facts and benefits of USDA Rural loans. 100% Financing - NO down payment. Approved buyers can borrow up to 102% with financing USDA Funding Fee. No First-Time Home Buyer Requirement - You … [Read more...] about Quick Facts About USDA Rural Development Loans
How Does USDA Determine Eligible Areas?
USDA Rural Housing loans have two primary requirements buyers should know about. One is the amount of income a household may earn in order to qualify. The USDA loan income requirements are based upon the number of wage earners in … [Read more...] about How Does USDA Determine Eligible Areas?
USDA Rural Housing Loan Background
It might sound a bit funny that the United States Department of Agriculture oversees a home loan program but it does, but why? The USDA loan does have a long history and has been referred to by other names over the years but today … [Read more...] about USDA Rural Housing Loan Background
USDA Loans and Credit Scores
Most USDA loans today require for a minimum credit score of 620 for approval. While that number isn’t a universal guideline most lenders and banks require this minimum. Some may even require a slightly higher score of a 640. … [Read more...] about USDA Loans and Credit Scores