Custom Search
body { background:#fff url("http://www1.blogblog.com/harbor/rocks_left.jpg") no-repeat right bottom; background-attachment:fixed; margin:0; padding:0; font:x-small Georgia, Serif; color:#003366; font-size/* */:/**/small; font-size: /**/small; } /* Commented Backslash Hack hides rule from IE5-Mac \*/ body {background-attachment:scroll;} /* End IE5-Mac hack */ a:link { color:#000000; text-decoration:none; } a:visited { color:#764; text-decoration:none; } a:hover { color:#cc0000; text-decoration:underline; } a img { border-width:0; } /* Page Structure ----------------------------------------------- */ #wrap { background:url("http://www2.blogblog.com/harbor/sky_left.jpg") repeat-x; min-width:740px; margin:0; padding:0; text-align:left; font: normal normal 99% Georgia, Times, serif; } #wrap2 { background:url("http://www.blogblog.com/harbor/lighthouse_left.jpg") no-repeat left 0px; } #wrap3 { background:url("http://www1.blogblog.com/harbor/cloud_left.jpg") no-repeat right 75px; } #wrap4 { background:url("http://www1.blogblog.com/harbor/center_cloud_left.jpg") no-repeat 50% 0px; padding:15px; width:100%; width/* */:/**/auto; width: /**/auto; } #outer-wrapper { max-width:890px; padding: 0 30px 50px; width:100%; width/* */:/**/auto; width: /**/auto; } html>body #outer-wrapper { border:3px double #fff; } #main-wrapper { width:64%; float:right; word-wrap: break-word; /* fix for long text breaking sidebar float in IE */ overflow: hidden; /* fix for long non-text content breaking IE sidebar float */ } #main { margin:0; padding:0; } #sidebar-wrapper { width:32%; float:left; word-wrap: break-word; /* fix for long text breaking sidebar float in IE */ overflow: hidden; /* fix for long non-text content breaking IE sidebar float */ } #sidebar { margin:0; padding-top: 170px; } /** Page structure tweaks for layout editor wireframe */ body#layout #outer-wrapper, body#layout #sidebar, body#layout #wrap4, body#layout #header { margin-top: 0; margin-bottom: 0; padding: 0; } body#layout #sidebar-wrapper { width: 180px; margin-left: 0; } body#layout #wrap4, body#layout #outer-wrapper { width: 650px; } /* Header ----------------------------------------------- */ #header { padding-top:15px; padding-right:0; padding-bottom:10px; padding-left:110px; position: relative; } .Header h1 { margin:0 0 .25em; color:#000000; font: normal bold 270% Verdana, sans-serif; } .Header h1 a { color:#000000; text-decoration:none; } .Header .description { margin:0; max-width:700px; line-height:1.8em; text-transform:uppercase; letter-spacing:.2em; color:#000000; font: normal bold 75% Arial, sans-serif; } /* Headings ----------------------------------------------- */ h2 { margin:1.5em 0 .75em; line-height: 1.4em; font: normal bold 95% Arial, sans-serif; text-transform:uppercase; letter-spacing:.2em; color:#cc0000; } /* Posts ----------------------------------------------- */ h2.date-header { margin:2em 0 .5em; color: #cc0000; font: normal normal 85% Georgia, Serif; } .post { margin:.5em 0 1.5em; } .post h3 { margin:.25em 0 0; padding:0 0 4px; font-size:140%; font-weight:normal; line-height:1.4em; } .post h3 a, .post h3 strong { background:url("http://www1.blogblog.com/harbor/icon_lighthouse.gif") no-repeat left .15em; display:block; padding-left:20px; text-decoration:none; color:#000000; font-weight:normal; } .post h3 strong { background-image:url("http://www2.blogblog.com/harbor/icon_lighthouse2.gif"); color:#000; } .post h3 a:hover { color:#cc0000; } .post-body { background:url("http://www.blogblog.com/harbor/divider.gif") no-repeat center top; padding-top:12px; margin:0 0 .75em; line-height:1.6em; } .post-body blockquote { line-height:1.3em; } .post-footer { color:#999; text-transform:uppercase; letter-spacing:.1em; font-size: 78%; line-height: 1.4em; } .comment-link { margin-left:.4em; } .post-footer .post-timestamp, .post-footer .post-author { color:#666; } .comment-link strong { font-size:130%; } .comment-link { margin-left:.4em; } .post img { padding:4px; border:1px solid #cde; } /* Comments ----------------------------------------------- */ #comments { background:url("http://www.blogblog.com/harbor/divider.gif") no-repeat center top; padding:15px 0 0; } #comments h4 { margin:1em 0; font-weight: bold; line-height: 1.6em; text-transform:uppercase; letter-spacing:.2em; color: #cc0000; font: bold 78% Georgia Serif; } #comments h4 strong { font-size:130%; } #comments-block { margin:1em 0 1.5em; line-height:1.4em; } #comments-block dt { margin:.5em 0; } #comments-block dd { margin:.25em 20px 0; } #comments-block dd.comment-timestamp { margin:-.25em 20px 1.5em; line-height: 1.4em; text-transform:uppercase; letter-spacing:.1em; } #comments-block dd p { margin:0 0 .75em; } .deleted-comment { font-style:italic; color:gray; } .feed-links { clear: both; line-height: 2.5em; } #blog-pager-newer-link { float: left; } #blog-pager-older-link { float: right; } #blog-pager { text-align: center; } .comment-footer { font: 78%/1.4em Georgia , Serif; } /* Sidebar Content ----------------------------------------------- */ .sidebar .widget, .main .widget { background:url("http://www.blogblog.com/harbor/divider.gif") no-repeat center bottom; margin:0 0 15px; padding:0 0 15px; } .main .Blog { background-image: none; } .sidebar ul { list-style:none; margin-left: 0; } .sidebar li { margin:0; padding-top:0; padding-right:0; padding-bottom:.25em; padding-left:15px; text-indent:-15px; line-height:1.5em; } .sidebar p { color:#666; line-height:1.5em; } /* Profile ----------------------------------------------- */ .profile-datablock { margin:.5em 0 .5em; } .profile-data { margin:0; font: normal bold 95% Arial, sans-serif; font-weight: bold; line-height: 1.6em; text-transform:uppercase; letter-spacing:.1em; } .profile-img { float: left; margin-top: 0; margin-right: 5px; margin-bottom: 5px; margin-left: 0; padding: 4px; border: 1px solid #cde; } .profile-textblock { margin:.5em 0 .5em; } .profile-link { font:78%/1.4em Georgia,Serif; text-transform:uppercase; letter-spacing:.1em; } /* Footer ----------------------------------------------- */ #footer-wrapper { clear:both; padding-top:15px; padding-right:30px; padding-bottom:0; padding-left:50px; text-align: center; } #footer .widget { background:url("http://www.blogblog.com/harbor/divider.gif") no-repeat center top; margin:0; padding-top:15px; line-height: 1.6em; text-transform:uppercase; letter-spacing:.1em; } -->

Monday, February 22, 2010

Using a USDA Mortgage for 100% Financing...No Down Payment

Many people do not think of housing when they hear USDA...they think of rural life farm animals, and not a mortgage that brings together the need to buy with no out of pocket money toward down payment, and lack of ability to afford more conventional or FHA mortgages. The USDA mortgage was designed to help low to very low income households or individuals purchase a home. Just in case you don't consider yourself as a low or very low income household, you might first realize that USDA uses that term a little more differently than what we might.

Let me make an example to help you better understand what kind of household incomes qualify for a USDA Mortgage Loan program that you might think do not. In the system that we have available through USDA, I run this as a loan officer for my clients needing qualification for a USDA Loan, I ran the total household income at $84,000 a year, considered 3 in the household (2 adults, and a child in day care), I was able to list $6,000 a year ($500 monthly) of expenses for the child in daycare (USDA will take that amount out of your household income to better help you qualify as low income), and still qualify for the USDA loan. So you can make $84,000 a year between two adults with one child and qualify for USDA. If you have more kids in the household, you can even make more. To me, I don't think about a household earning $84,000 a year as low income, and this is why I said above that USDA may define low to very low income differently than what you might consider as low or very low income.





Why are USDA loans so great?
First of all, they do not require any down payment. Let me say that again in a different way: USDA Rural Program loans are 100% financing and therefore require ZERO DOWN PAYMENT. Some of the other important details about them that help out so much include; you can roll in closing costs if the seller won't provide cost for you at closing (could help with as much as $3,000-$6000), if the seller will pay closing costs, there is no limit to how much they can pay (meaning the seller can pay ALL of the closing costs if agreed on), loan up to 102% of the appraised value, there is no monthly mortgage insurance (don't get this confused with mandatory Home Owner's Insurance that provides you with risk management where mortgage insurance supports the risk of the lender), you don't have to be a first time buyer to benefit from this program, and there is no sales price maximum (if you can afford it through underwriting evaluation, you can buy it).

The one piece of loan structure in the USDA program that is different to conventional, but not indifferent than FHA or VA, is the 2% participation fee. Just like FHA(upfront mortgage insurance 1.75%) and VA's (2%) up front fee you have to pay when you take on a Government loan, the USDA loan comes with a 2% participation fee. This is 2% of the loan...example: $100,000 loan, then you pay $2,000 up front in participation fee. The USDA loan is still less costly than the FHA option because the USDA does NOT have a monthly cost like FHA does. You pay the one time fee up front for the USDA loan, and then you are done.

The other point about USDA loans that make them so great is their interest rate. Since these loans are guaranteed by USDA, lenders' risks are similar to other Government loans and therefore, the interest rates on USDA loans are almost, if not the same as, present day conventional and FHA financing. So, no down payment, super low interest rate, 100% financing, and multitude of low to no closing cost options out of pocket in the end make up one of today's most beneficial lending programs...for those who qualify in the way of income and location of the subject property being purchased.
To find out if the home you want to buy, or if the neighborhood you are wanting to buy in, is eligible for the USDA program, check with your lender (Me, Brad Lynch at 469-450-2723, or email me at bl@fmillc.com). The cities, towns, or communities with population under 20,000 are typically going to fall in the USDA eligible limits.

12 comments:

Mark Coleman said...

Good Info. Thanks

Anonymous said...

I'm not sure where you are getting your info, but good topic. I needs to spend some time learning much more or understanding more. Thanks for magnificent information I was looking for this information for my mission.
Here is my weblog ; www.pay-day-online.blogspot.it

Anonymous said...

Aѕ apρeared to be mentionеd before iѕsuеs have а way to only аppear on anybody at any tіme that won't be put down until you get paid Statistics demonstrate that repayments the law to be able to resistant to the borrower's regulаr creԁit
саrd product saleѕ receipts
Feel free to surf my weblog - www.paydayloanfor.me.uk

Anonymous said...

A Payday Gifting occupation 1 Hour Payday Loan And merchantcash Advances - Which Do You Attend
When It ComesYour Rewards Points Miles rival Payday brotherly
love Donations A New: Perfect choose For Tenants bookman Loan refinance worthwhile financial backingCom
Strengths Concerning Payday Loans Online 15 Suggestions
To payday loans Online
A check up onThere Any Legitimate Payday 1 hr Payday -
One stair

Anonymous said...

For your convenience, also included with the fleshlight that are
interested in trying something new we are dwelling
within our active illusions. It was also light weight and
easy to clean and lately, I feel like I clean a lot.

Anonymous said...

I loved as much as you'll receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get bought an impatience over that you wish be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly a lot often inside case you shield this hike.

my page: http://wiki.rutgersprep.org/index.php5/Index.php

Anonymous said...

It's an remarkable piece of writing for all the online visitors; they will get advantage from it I am sure.

Feel free to surf to my website: father's day gifts from baby

Anonymous said...

Hey there! This is kind of off topic but I
need some help from an established blog. Is it very difficult
to set up your own blog? I'm not very techincal but I can figure things out pretty quick. I'm thinking about creating my own but I'm not sure where to begin. Do you have any points or suggestions? Thank you

Check out my webpage ... http://tasteforlife.net

Anonymous said...

Very good write-up. I certainly appreciate this site.

Thanks!

my webpage; background check

Anonymous said...

To use Tab fleshlight completion, then you need some help.
Boost your consumption of sugar, salt as nicely as in Ringing in Ear?
This is my blog about the fleshlight Stamina Training Unit.

Anonymous said...

They will check the automotive repair shop list which they
always use for this kind of policy, any auto owner is secured against
several forms of losses. This discussion about your car insurance houston
tx applies to your SR22 insurance policies there really
are none in place for what insurance carriers can charge for DUI Insurance.


my webpage ... auto insurance

Anonymous said...

I thеn thought that wоuld bе a very Christmaѕy blog post.
Giveaωays hanԁbаg are ехcellent inсentivеs that сan
aсtually helρ create moгe brand awагeneѕs among peoplе.
Ϻost gгocery handbаg stores hаve a reсeρtаcle to recycle plаѕtiс bаgѕ.
That ωould teach thosе husband-hungry spinsteгs a
thing or two. AnnіeIt's always fun to see your logo. A naturally pest resistant plant, bamboo doesn't rеquіrе the pesticideѕ аnd is
also biοdegгadablе. I would buу one
in еach сοloг. When he meows I ωant to bе
а cегtain ѕomeone?

Have а look at my wеblog - laԁies hаndbags ()

Testimonials & About Me

My photo
Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.