USDA Loans Credit and Income Requirements

Credit and Income Requirements for USDA Loans

For those wanting to buy a home with as little down as possible and still get competitive interest rates, the USDA home loan program should be explored. The USDA loan is the only non-VA mortgage that requires no down payment whatsoever. Zero. Other low down payment loans such as conventional mortgages increase the interest rate to the point where many […] Read more »

USDA Loan Closing Costs

A Closer Look at USDA Loan Closing Costs

Even though there is no down payment requirement for a USDA loan and you can roll your upfront guarantee fee into your loan amount, there are still closing costs that need to be addressed. When you buy a home and finance it with a USDA mortgage, you’ll soon encounter two primary types of closing costs—recurring and non-recurring. A recurring closing […] Read more »

USDA Loans & Mortgage Insurance

USDA Loans and Mortgage Insurance

USDA, FHA and VA loans have several things in common. They are all considered “government backed” because of an inherent guarantee made to the lender issuing the loan. As long as the lender approved the loan using the proper guidelines established by each agency, should the loan ever go into default, the lender is compensated for all or part of […] Read more »

USDA Loans & Homeowner’s Insurance Requirements

USDA Loans and Homeowner’s Insurance Requirements

Any asset that is financed typically requires insurance or some sort of pledge to repay, even if the asset is somehow lost or destroyed. A bank won’t make a loan for a new car unless there is insurance coverage ready at the helm. So too mortgage lenders require there be insurance on the home that takes effect the moment the […] Read more »