Why You Should Buy Rather Than Rent A Home

Some individuals wonder why it is important to buy rather than rent a home. You might believe it is cheaper to pay back a landlord instead of a bank. There are distinct advantages to buying an abode with USDA loans and rural development loans.

Many people find that their mortgage bills are lower than their rent ones were. This is especially true if the home you buy is smaller or older than the structure that your rental unit was a part of. You can save money by purchasing a building.

The biggest bonus most folks enjoy after purchasing homes with USDA loans and rural development loans is freedom. Most landlords are very strict about the furnishings you are allowed to own. They might not permit you to have pets or purple painted walls. When you own an abode, you are free to have anything you want.

It is important to note that USDA loans and rural development loans are designed for folks who are new to home ownership. You can borrow money at very low rates. You might not be required to make a down payment. You can enjoy having equity in your structure. That money can be borrowed for use in making improvements on the space or for other special projects you enjoy.

A lot of folks question if it is better to buy or rent a home. You may think leasing is the least expensive option. You can enjoy the advantages of property ownership with USDA loans and rural development loans.

Am you eligible for a USDA home loan?

Apply for a USDA home loan now

 

How To Make The Government Pay For Your Winterization Costs

You might be eligible for having the government pay for some of your winterization efforts in your home. If you qualify for USDA loans and Rural Development loans, you are not responsible for funding all of the modifications to your dwelling. You can create a warm and cozy space for your family with those funds.

Many country dwellers are eligible for USDA loans and Rural Development loans. These folks may realize they can buy property with those funds. The homes they purchase can also be repaired with these same dollars.

When you know winter is on its way, you might dread each day that passes. You know your doors and windows let in freezing drafts. If they are in disrepair, they can leak even more breezes into your space. Rooms that have multiple outside walls grow frigid due to a lack of insulation. Your dream home can feel like an ice box to you and your loved ones. You and they will suffer needlessly.

When folks receive USDA loans and Rural Development loans, they can make their abodes comfortable for their families. Federal workers want their citizens to be warm and healthy. They may pay for replacement sashes, new insulation and secure doors and windows.

You could have the government pay you to winterize your abode.  Country home owners can use USDA loans and Rural Development loans to pay for repairs on their structures. You do not need to suffer in a cold house. Federal employees want country dwellers to have comfortable properties.

Am you eligible for a USDA home loan?

Apply for a USDA home loan now

How Your Credit Affects Your Eligibility For A Government Loan

When folks are ready to apply for USDA loans and Rural Development loans, there is often one high hurdle they need to overcome. You must usually have a credit score above 600 to be considered eligible for one of those programs. It is easy to fix a poor score in a relatively short period of time.

It is not uncommon for the average consumer to have a poor monetary rating. You might have lost your job and lived on credit for a short time. The bills from an extended hospital stay can lead a person to live on plastic cards and drop his score.

When you are recovering from a financial shortfall, the last thing you want to worry about is a house with a leaking roof. Folks who desire to get USDA loans and Rural Development loans generally need credit scores above 600. This is an easier goal to reach than you might think.

There are several small things you should do when raising a bad financial rank. You should pay bills that have been sent to collection companies. It is also advisable to pay off at least half of your total consumer debt. Folks must display their mastery at managing funds when applying for USDA loans and Rural Development loans.

Many individuals face a big issue when trying to apply for USDA loans and Rural Development loans. A poor credit score can keep you from getting one. There are a couple of relatively quick steps you can take to fix a low financial rank.

Am you eligible for a USDA home loan?

Apply for a USDA home loan now

How To Rebuild Credit To Get A Rural Development Loan After A Personal Disaster

When you are newly recovering from a job loss, an illness or other life changing event, your first thought might be of finding a way to get a shelter of your own. As you put your existence back together, you will likely want to rebuild your credit history. That is a vital step for folks who want Rural Development loans to complete.

When you start your existence over again after you survive a life altering situation, your first thought might be of obtaining your own dwelling. If you live with friends or relatives, you may experience a loss of privacy. After you get your own place, you will feel better.

Folks who are completely starting over in their lives often have no credit histories or very poor ones. The best way to start rebuilding your financial record is to make and pay off small purchases on a credit card. As you do that, your financial standing will increase.

To get Rural Development loans, individuals need to show that they have good credit scores. The government is eager to help you move into a dwelling. You must prove your ability to repay its loan.

If you are newly recovering from an illness, a loss of employment or other existence altering event, your initial thought may be of finding a way to obtain a structure of your own. While you rebuild your life, you also need to reconsrtruct your financial standing. That is an essential step for individuals who desire Rural Development loans.

Why is the underwriter asking for more documents

As a first time home buyer, this question may be haunting you throughout the loan process. Here are a few reasons why your underwriter may ask for more documents.

  • The original documents sent in for review didn’t cover all the requirements to get your loan approved. Or, the documents opened questions the underwriter needs answers or more documents to clear up.
  • Your original loan application changed.
  • There was a risk flagged on your loan

First of all, the underwriter works really hard towards getting your loan approved, sometimes they need more supporting documents from you to get you into your dream home.  The underwriter reviews your loan documents more than once. The first time is when the loan is submitted for “approval”. Typically, there are three things an underwriter do at this stage, accept the loan, suspend the loan or deny the loan. If approved, the underwriter will provide the Loan Officer and Loan Auditor an approval letter with “conditions”. These conditions are the remaining documents needed from you to move your loan forward to rural development. Please make sure to send exactly what the underwriter is asking for. Sometimes, sending more documents can result to them asking for more documents.

When there’s any changes made to the loan, the underwriter will have to review the loan again and other conditions may be applied. Changes like new employment, loan amount increase/decrease, or even household income changing can trigger a new review with the underwriter. If this happens, please prepare yourself, the underwriter will be asking for more documents from you.

Sometimes, when the underwriter reviews documents they find other issues within the documents that may flag your loan as a risk. To clear this issue up, the underwriter will request more documents for review to clear the risk and get a clean approval for your loan.

This process can get frustrating when you spend all your time and energy to gather these conditions/documents  to get another list of documents for you to send. Just remember you’re asking the underwriter to approve you for hundreds of thousands of dollars, we have to give them the documents they need. They don’t want your blood or DNA; they just want to underwrite a good loan for USDA.

Should You Get a USDA Mortgage?

If you are considering buying a home it is important to know all your options.  I believe the USDA home loan program is one of the best products on the market because it really works for most home buyers.

Even if you are a home seller, it is just as important to know the different loan programs available so you’ll have an understanding of what each offer could potentially cost or save you if you accept it.

How do you know if you should keep reading and if USDA financing is right for you?

  • Are you a family of up to 4 with an annual income of $74,750 or less?
  • Are you a family of 5 or more with an annual income of $104,000 or less?

If you are, and you want to buy a home (and you plan on living in the home), you should keep reading and strongly consider getting qualified for USDA home financing.

USDA Guidelines and Qualifications

  • 100% Financing
  • You can still qualify even if you are not a first time home buyer!  This is not only for 1st time home buyers.
  • No Manufactured Homes.  USDA will not lend on any mobile or manufactured home.  The house must be stick built.
  • No Income producing properties. I.e. No Livestock Buildings or Barns.  The property cannot have the ability to produce income.  A detached garage is okay, and even a tool shed is okay… but USDA will not lend on any property with an outbuilding that can house livestock, horses, chickens, etc.
  • Must Be Owner Occupied.
  • Low Mortgage Insurance Premium.  You will be expected to pay a low mortgage insurance premium for as long as you have the loan.  The premium will diminish over the life of the loan and is usually about 1/3 of what a typical FHA mortgage insurance premium is.
  • Upfront Funding Fee of 2% of the loan amount.
  • Buyers with excessive cash reserves or 20% down or more may be ineligible for USDA.

Tired of Renting?

Are you tired of renting?  Tired of how loud your apartment building is? Dislike your landlord? Want to start building equity in a home but having a tough time coming up with a down payment?  With the USDA Home Loan program – there is no down payment!  This loan program is 100% financed – that means 0% down!  Interest rates are at historical lows – there is no better time to start building equity in a home than now!  All you have to do is start by calling us at 2162367330 or visit us online at www.USDAloanagency.com  to see if you can qualify for this fantastic loan program.  The USDA home loan program has been helping individuals and families for decades now, helping each and every one of them achieve the American dream of home ownership.  This program is for an array of people from all walks of life.  Whether you are a first time homebuyer just graduating from school or a single mother or father falling on hard times and need a place for you and your children call us, we can help.   Consumer Real Estate Finance Co has been in business for over 10 years now helping to develop rural America and help those who want to part take in helping the greatest economy in the world function like a well-oiled machine.  If you have found a move in ready home, that is single family in size, stick built and less than 10 acres give us a call and let’s see what we can do for you – it’s time to stop renting and start building equity in your future.  CREFCO + USDA = Home for you! 🙂

USDA and Well Water Tests

An inspector from the local health department or a laboratory certified by the state takes water samples for testing. State laboratories performing analyses of drinking water compliance samples must meet the minimum criteria established by the US Environmental Protection Agency (EPA) to qualify for certification.

Well water samples are tested for the presence of coliform bacteria, lead and nitrates. Certain bacteria present in drinking water can transmit infectious diseases. Analyzing water quality may also include testing for arsenic, mercury and other harmful chemicals and contaminants depending on where the home is located. Elevated levels of these contaminants in drinking water can lead to a wide range of health problems.

Whenever RD loans are made to purchase, construct or repair dwellings with private water systems, it is required that the seller, builder or applicant furnish a satisfactory water test to the Area Specialist.  Water samples must be taken as directed by the testing laboratory to insure accuracy of the tests.

The water sample cannot be drawn by the buyer or the seller in the transaction.

The following tests are required by Rural Development:

  1.  Coliform (total)
  2. Nitrate Nitrogen
  3. Lead
  4. Arsenic (only needed on new wells)

 

The testing laboratory report will indicate those tests that are unsatisfactory and make recommendations for correction.

Below are some examples of a satisfactory test…“water is considered bacteriologically potable”, “all tests are performed in accordance w/ NELAC standards”(Florida health Dept.), “is satisfactory for drinking water supply”, “this water sample meets the standards set by the state health department”, “the analyses were conducted using methods approved by the US Environmental Protection Agency (EPA) in accordance with the Safe Drinking Water Act.”

USDA Loans are Ready for You!

Thank you so much for looking into one of our USDA no down payment Rural Development home loans. If you are currently renting a house or apartment, then this loan might just be your ticket to home ownership. Instead of throwing money away every month while renting, you could be investing in your very own home. The USDA zero down payment loan, was originally put in place to help grow the less populated areas of the United States. Not only would you finally own the home you’ve always dreamed of, you would be helping your country flourish as well. Owning a home is a serious investment, and we understand that here. The beautiful thing is that you are investing in your own home every month, meaning, your monthly payments are going into your own pocket.

With the help of our staff, we can make the qualification process smooth and easy for you. The credit requirements for the USDA Rural Development loan are much more lenient compared to other home loans. We understand that a large number of people in the United States have had some financial troubles that were out of their control, that’s exactly why we are willing to work with anyone with a score of 600 or higher.

We have a staff of Loan Agents ready to speak with you right now. They will guide you throughout the process of buying a home, while updating you every step of the way. Our Loan Agents are here to answer any questions you might have during the process. We will assign you a Loan Agent that will personally work with you until the keys to YOUR new home are in YOUR hands.

See if you can qualify for this amazing ZERO down home loan today! The process is quick and easy!

Just call 866-854-4242

USDA home loans are the most affordable loan on the market today!

Not only is there no down payment involved, but the private mortgage insurance is much cheaper than any other loan product available!

On top of no down payment and low private mortgage insurance, but many times, the yearly taxes in USDA eligible areas tend to be lower than the neighboring cities that are.

It is also possible to keep your monthly payment down by shopping for cheap home owners insurance (also known as hazard insurance). I always suggest to clients that they call the insurance companies and tell them exactly the price you want to pay.

This loan is meant for rural America and to help the rural areas grow and strive!

Another way the loan stays affordable is the interest rates are governed by the government! Many times the interest rate is lower on a USDA loan than conventional, VA, or FHA.

Some people think that the USDA loan, since it is meant for the rural areas, only townships far from the metropolitan areas are eligible. As it turns out, this is untrue! Most areas are in fact eligbale!

Now, there are closing costs involved with the loan. But there are ways around having it come out of the buyers pocket!

How you ask?

There are 2 easy ways!

The first is getting seller concessions that will cover it. We have found that many times, with 5/6% seller concessions, the buyer can get in with no money out of their pocket!

The second way is if the home appraises for over the purchase price, we can roll the closing costs into the loan!

 

Low PMI, low interest rates, no down payment, low taxes, seller paid closing costs, and ability to finance closing costs in areas close to where you are at now are all great reasons to do the smart thing for yourself and your family and apply for a USDA home loan TODAY!