USDA Guaranteed Home Loan

USDA Guaranteed Mortgage, is a no money down loan.

Hello this is connie sanders from mortgage underwriters calm today i want to discuss the main advantages of a usda guaranteed single family housing home mortgage the usda guaranteed mortgage program is focused towards low to moderate income homebuyers it is 100% financing and the interest rates are certainly very affordable the homes must be located in an eligible

Rural area no down payment is required the loan amount may not exceed the appraised value plus the guaranteed fee so maximum loan-to-value should be or i’m sorry could be one hundred and three point five percent if the guaranteed fee is three point five percent now the fee does change from time to time so just keep in mind that you can finance the guaranteed feet

Above the appraised value this program is not just for first-time homebuyers you apply to an approved lender of your choice you and the lender agree on the interest rate however it cannot exceed panem a 90 day posted yield fixed rate plus 60 basis points rounded up to the nearest one-quarter of 1% shoe whoo-hoo that sounds like a lot what that really means is that

Usda will not allow a lender to take advantage of you when it comes to the interest rate so they do have a cap on it the loan term must also be for 30 years the debt to income ratio is quite reasonable total housing costs cannot exceed 29 percent of your income total debt which includes the housing costs cannot exceed 41 percent if there are strong compensating

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Factors in your file a lender may request an exception from usda when the ratios are exceeded eligible roll-top excuse me eligible rural property types include existing homes new construction modular homes plan unit developments eligible condo mims new manufactured homes and homes with acreage are allowed provided the land does not exceed 30% of the appraised

Value eligible closing costs and lender fees may be included in the loan or paid upfront giff grant funds and seller concessions are allowed mortgage credit certificates are also allowed i’m telling you it doesn’t get any better than this we are not associated with usda or any other mortgage lender and we are not a lender we have put this information out to aid

Buyers and sellers in today’s housing market everyone seems to be frightened of it but what people don’t realize is when the interest rates are this low you can’t afford not to get into a home if you have the means and again many buyers do not realize that a hundred percent loans are still available if you are interested in learning more about the guidelines you

Can go to the usda website at our you are de vie usda dot-gov i want you to know this is a government website it is not user friendly your other option would be to go to rural development mortgage guidelines calm and from there we will be happy to help you find the answers you’re looking for again we are not a lender we’re not selling anything this is just a free

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Information site and we’ll even be happy to send you the link to the guideline on the government website that shirt that you’re concerned about so if you need help go to rural development mortgage guidelines calm i sure hope you have a great 2012

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USDA Guaranteed Home Loan By MortgageGuidelines