USDA Financing in Newark NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Newark is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Newark. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda home loan income limits

BUT, there are several USDA Loan eligibility requirements in Newark that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Newark! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

current usda mortgage rates

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

home loan for rural area

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda loan information Hey this is Chris the Mortgage Pro. In this video we're comparing conventional loans to FHA loans to VA loans which one's the best one? Which one's right for you? You know so many consumers are curious. Which loan is best for me? Today I want to help you figure out which one is going to benefit you and your family the most, for you a short-term and/or long-term goals because it's different for everybody. Now there are advantages to each one of these loans so some have lower interest rates, some have lower fees there's all kinds of different things to think about! Now most people have a tendency to just look at one thing. The payment! Which is cheaper? Well, it's understandable when you're buying a house you say, hey which which payment is cheaper? But, again how long you gonna be in that house? Is there PMI? Will the PMI disappear? When will it disappear? If the PMI is gonna disappear in five years butI'm gonna be here in 20 years, maybe this other loan is better a long term! So we have to look at these things as a whole. Now people ask you all the time what's today's interest rate? It's impossible to answer that question, because your finances and every person's finances are as different as fingerprints! When we look at the whole situation you have to understand that all these items, represent different risks to the lender and the higher the risk the higher the interest rate! The lower the risk for example if you put a lot more money down, obviously a lower risk right? Or if you have a higher FICO score lower risk, right? Well we have to look at these things as a whole to help you determine what interest rate you're gonna get and that also helps determine which program is right for you! Okay now it's time we're gonna get into the nitty-gritty we're gonna get into the comparison. Number one - conventional loan. A conventional loan has a minimum of a 620 FICO Score Credit score if you're not sure what a FICO score is that is your mortgage credit score. Now on an FHA loan some lenders go as low as a 500 my company goes down to a 550 the truth is nobody gets approved at 500 anyway and on a VA loan we're also looking at the same thing many lenders go to 500 company goes to 550. Okay PMI mortgage insurance and on FHA it's called MIP mortgage insurance premium now on a conventional loan what happens is it is very very dependent on what is your credit score somebody with a very high credit score might have a very low mortgage insurance payment, but if you have a 620 FICO score your mortgage insurance payment could be way high. Now on FHA FHA has pretty much standardized, here is your MIP rate remember they're the same thing they just call them something else here's your MIP rate it doesn't matter if you have a 620 a 580 a 550 or 800 FICO score makes no difference you're gonna pay the same rate. On a VA loan great news no PMI no MIP you got that one. Okay we're almost halfway through the video so hit the subscribe button and hit the like button I appreciate that now if you'd like to comment, I will answer every single question personally and of course you're welcome to share this with anybody you think it's valuable for! Okay Debt ratio! A debt ratio is the percentage of your gross. Gross income is before they take taxes out. A percentage of your gross income to your debt. Now on a conventional loan with a high FICO score they're gonna allow you or a 50% that includes your car payment your credit cards student loans alimony child support all those kind of things plus the new house payment, that should be no more than 50% now if you have a lowerFICO score, it's probably gonna be 45% that's how conventional works. Now let' stake a look at FHA with a 580 FICO score or above, here's what's basically going to happen. You're gonna probably be approved to a 56. 99%let's call it 57%, again that includes all your debts plus the house payment as a payment. Lastly we have a VA loan. Now a VA loan works very very different it looks at how much money is left over after paying all this stuff. And it's called residual income and everybody depending on what area of the country you live in and how many people in your family there's a certain formula for it. Now if you have 20% more than that just to give you an example if it was a thousand dollars but you have 20% more $1200 and a high FICO score you may even go up to 60 or 65% debt ratio which is unbelievable and its highest in the whole industry. Interest rate on a conventional loan you're often going to hear Fannie Mae, Freddie Mac those are conventional loans. On a conventional loan you are gonna have a higher interest rate than either FHA or VA. Onan FHA loan it's lower than conventional and right about the same as VA they have virtually the same interest rates. Down payment on a conventional loan you're usually looking at a 3% down payment. People ask me about a conventional loanFannie Mae Freddie Mac yes those are conventional loans. Now if we look at anFHA loan an FHA loan is gonna require a three and a half percent down payment as long as your FICO score is 580 or above. If it's 579 or below it requires a 10%down payment and of course for our veterans who honorably served, we thank you! You get a zero percent down payment loan. Okay so we talked about PMI, MIP mortgage insurance whatever you want to call it. But there's also something called upfront mortgage insurance. Now on a conventional loan there is no up front mortgage insurance, but those of you with a high FICO score might want to pay some, and they eliminate the monthly PMI payments forever,. So that's a big deal and that's only available on a conventional loan and it doesn't make sense unless you have a really good FICO score. On an FHA loan we take the loan amount and multiply it by 1. 75 percent we have to add that to the loan amount. Simple example - if you have a hundred thousand dollar loan 1. 75 percent is $1,750, we're gonna add that, so you'd actually be borrowing $101,750 upfront mortgage insurance. On a VA loan there's a couple of different scenarios here the first time use of a VA loan it's 2. 15%so on that same hundred thousand dollars it's two thousand one hundred and fifty dollars added on on a second time use it's three point three percent so that's three thousand three hundred dollars now it doesn't sound like the end of the world but if you're taking a four hundred thousand dollar loan and it's a second VA loan that's three point three percent that is $13,200, that may make you say mmm this other loan might be better. Now though lastly if you're a veteran who happens to be disabled 10 percent or more there is no upfront mortgage fee that there is no VA funding fee it doesn't exist for you. Okay seasoning from bankruptcy many Americans through the last few years they've had a hard time and they did file a bankruptcy on a conventional loan 4 years must have elapsed from the discharge not from when you started but from when it was finished before you're allowed to apply for a conventional loan. On an FHA loan it's only two years and on a VA loan it's only two years. Short sale seasoning. Well a lot of people ask what's a short sale? Well at a time when people owed more than the house was worth, they often went to the bank and said, hey my house is worth three hundred I owe four hundred and the bank accepted three hundred thousand dollars. That was called a short sale. Well if you have a conventional loan if you want to apply for a conventional loan it would be four years after a short sale. For an FHA loan it's three years must have elapsed from the time of the short sale and for a VA loan it's only two years. Again Vets win, they earned. A foreclosure well yes some people went into really hard times on a conventional loan we are looking at seven years before you can buy a home againOn an FHA loan it's only three years and For the vets - two years from a foreclosure okay Time back to work after an extended absence. Well on a conventional loan there is actually no real time frame but the lender will take a look they just want to make sure it's reasonable and everything is considered as a make sense situation you can be back to work for one month after or six months or a year off. On an FHA loan FHA guidelines require six months back to work with pay stubs proof they've been back to work for six months before they'll accept that income. On a VA loan it varies perl ender some lenders will accept right back to work some might want six months or three months a lot of them will require just get past the probationary period on the job and you're good to go. Occupancy on a conventional loan you can buy for a rental, you can buy for a second home if maybe you want to live in the mountains or down by the beach on the weekends or obviously for an owner-occupied property. For a FHA and VA loan it is owner occupied.

What is a USDA Loan?

usda loan rates today Are you aware of boththe pros and the cons of VA home loans? (upbeat music) Hey everybody, I'm Nick Steffl with the Whissel Realty Group and today, I'm here to talk to you about both the pros and thecons of VA home loans. VA of course stands for Veterans Affairs as in the Department of Veterans Affairs and the VA loan is oneof the best benefits when it comes to having the GI bill which has been around ever since 1944 for our active suit duty service members and our veterans. So when it comes to the VA loans, let's talk about boththe pros and the cons when it comes to using your VA loan. First of all, when itcomes to the VA loan, let's talk about the 0% that you can put down on a home. A lot of home buyers are frustrated when it comes to the down payment that they have to put on a home but with the VA loan, you can put down 0% and get into that home that you love. Secondly when it comes to your VA loan, you're able to get typicallymuch easier qualifications when it comes to getting prequalified. Usually in your conventional loans, they have higher standards. With the VA loan, it's abit easier to get qualified. And also, you're going tohave a lower interest rate on your VA loan than you typically would on a conventional loan. Thirdly, when it comes to your VA loan, one of the benefits is going to be private mortgage insurance. Private mortgage insurance is something that you typically have to pay if you put less than 20%down on a conventional loan. But with the VA loan, it doesn't matter what amount that you put down, it could be 20, 19, 15, 0% down, and you never have to worryabout private mortgage insurance which saves you hundreds ofdollars every single month. So let's talk about the disadvantages when it comes to using your VA loan. First of all, with your lower down payment that you're going to have, you're also going to havetypically a higher principal on that loan as well and with that, you're going to have alittle bit more interest over the life of that loan. Secondly, when it comesto the disadvantages of your VA loan, you have a funding fee, a one time funding feethat you have to pay for this VA loan andthat's usually going to go from zero to 3% of the value of the loan depending on your military service history and the size of your down payment. Finally, when it comesto the disadvantages of using your VA loan,you're going to have a limit on how much you can borrow. So if you're trying to purchasea 5 million dollar mansion here in San Diego, that'susually not going to work with the VA loan. But, if you're looking for a home that you and your familydo need at a lower price, that's something that we can use and get you into thathome that you do need. So if you have anyquestions about the VA loan or any kind of other loan types, give me a call 619-933-7155. I would love to connect you with one of the lenders that we work with. Have them get you approved and once we do that, youand I will go searching for that perfect home and getyou the home of your dreams. (upbeat music fades). usda home loan application

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Union City NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Union City is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Union City. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

agriculture home loans

BUT, there are several USDA Loan eligibility requirements in Union City that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Union City! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

homes that qualify for usda loan

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda loan rates today

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda mortgage guidelines Turning now to day 20 of the partial government shutdown -- federal employees won't receive paychecks tomorrow. During this partial government shutdown -- one office that you cannot get a hold of either -- the u-s-d-a. As news channel 11's Joran Moore found out today,. That's putting some home buyers--and sellers, in limbo. Josh Sara a popular loan option when buying a home, especially in more rural areas. Is a u-s- d-a loan a loan that requires no money down, and real estate agent at Keller Williams, Lincoln Walters explained this 100 percent backed loan, is something they see a lot for first time home buyers and as of now there are people waiting to close on a home, not just here but around the country---that are now on hold. Because of the government shutdown "i know there's several that are on hold right now waiting to close, the ones that are in processes already are going to be delayed, and the ones that are wanting to go shopping with a usda loan, can't even really do it right now because they aren't accepting any new applicants. " Walters said his concern is that if this government shutdown continues for a long period of time, the sellers waiting for a buyer with a u-s-d-a loan won't want to keep waiting, and will go with another buyer---who has a conventional loan so he said it's important right now to educate and remind both buyers and sellers that during this shutdown, those u-s-d-a home loans, are on hold.

USDA Home Loan Explained - $0 Down USDA Program

section 502 guaranteed rural housing loan program Benefits of a VA Loan The following are benefits that you can enjoy from a VA Loan that you can avail from Fairway Independent Mortgage Corporation 0% Down Payment Conventional loans generally require up to 20% down payment in order to secure a home loan. But for those who are qualified, the 0% down of VA Loans is a lifeline. No PMI Private Mortgage Insurance (PMI) is a requirement for borrowers who finance more than 80% of their home's value. It results in an additional monthly expense. Since VA Loans are government backed, banks do not require you to buy PMI anymore. Competitive Interest Rates Conventional loans without government backing have less competitive interest rates because banks are taking on more risk. The VA guaranty is advantageous since it gives lenders a greater degree of safety and flexibility. This means that the borrower gets more competitive rates than non-VA loans. This, along with no PMI, can substantially lower your monthly payment. Call Fairway Mortgage at 843-757-7552 NOW! Easier to Qualify VA Loans are easier to qualify for because the loan is backed by the government. Therefore, banks assume less risk and have less stringent qualification standards for applications under VA Loans. On the other hand, non-VA loans hold stricter qualification procedures which makes it harder for prospective homebuyers to qualify. Basic Allowance for Housing Basic Allowance for Housing (BAH) is a significant benefit for qualified active military members. Lenders can count your Basic Allowance for Housing as effective income. This allows borrowers to use BAH to pay some or all of their monthly mortgage costs. BAH varies based on the borrowers: Pay grade, Geographic location, Number of dependents No Pre-Payment Penalty The pre-payment penalty is the result of paying off a home loan before it matures. It is a way for financial institutions to recoup some of the interest payments that lenders miss to collect. The VA Loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty. With the absence of a pre-payment penalty, borrowers are free to consider future home purchases and refinancing options. Call Fairway Mortgage at 843-757-7552 NOW!. usda home loan income requirements

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Perth Amboy NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Perth Amboy is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Perth Amboy. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda loan information

BUT, there are several USDA Loan eligibility requirements in Perth Amboy that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Perth Amboy! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

usda loan payment

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda income eligibility

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda rural Hey guys, Austin Schneider here, and today we're gonna got through the pros and cons of a USDA loan. (jazzy music) Pro number one is that there is an option for no down payments. Con number one is that there's some geographical restrictions. Because this program is meant to support purchasing a home in rural areas, there are geographical restrictions that could cause quite a long commute if you are working in the city. Pro number two, there's some flexible credit guidelines. There's the 640 minimum, and if you do have a few dings, you're probably gonna still be okay. Con number two is that there's some income limits. You do have to meet income limits that are based off of the median income in the area you're living in. Pro number three is that the interest rates are typically lower than your standard conventional loan. Con number three is that you can't get out of the mortgage insurance. While it is a little bit lower with the USDA loan, it's still gonna add to your overall costs. Thanks so much for watching. For more on USDA loans, for the pros and cons, check out our blog atTheMortgageReports. Com. Thanks so much for watching, we'll see you on the next one.

What is a USDA Loan?

usda rural What is a VA Home Loan? Hello, and thank you for your service. A VA home loan is a great benefit to the militarypersonnel, either during or after their service. My name is Fawn Bertram with Homes by Fawn. What is a VA home loan? Well, it's loan that is guaranteed by theUS Department of Veterans Affairs, and it provides great benefits to those of you whoqualify. For example, no down payment, no private mortgageinsurance, no prepayment penalty and higher loan value. For the county of Honolulu, the maximum VAloan limit is $726,525. Anything over that would be considereda VA Jumbo loan. My name is Fawn Bertram with Homes by Fawnin Oahu. If you're interested in learning more, clickand comment below or give me call. As always, make it a great home buying andselling day. usda mortgage guidelines

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Berkeley Township NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Berkeley Township is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Berkeley Township. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda home loan eligibility

BUT, there are several USDA Loan eligibility requirements in Berkeley Township that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Berkeley Township! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

usda 0 down loan

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda first time home buyer

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda rates Hey this is Chris the Mortgage Pro. In this video we're comparing conventional loans to FHA loans to VA loans which one's the best one? Which one's right for you? You know so many consumers are curious. Which loan is best for me? Today I want to help you figure out which one is going to benefit you and your family the most, for you a short-term and/or long-term goals because it's different for everybody. Now there are advantages to each one of these loans so some have lower interest rates, some have lower fees there's all kinds of different things to think about! Now most people have a tendency to just look at one thing. The payment! Which is cheaper? Well, it's understandable when you're buying a house you say, hey which which payment is cheaper? But, again how long you gonna be in that house? Is there PMI? Will the PMI disappear? When will it disappear? If the PMI is gonna disappear in five years butI'm gonna be here in 20 years, maybe this other loan is better a long term! So we have to look at these things as a whole. Now people ask you all the time what's today's interest rate? It's impossible to answer that question, because your finances and every person's finances are as different as fingerprints! When we look at the whole situation you have to understand that all these items, represent different risks to the lender and the higher the risk the higher the interest rate! The lower the risk for example if you put a lot more money down, obviously a lower risk right? Or if you have a higher FICO score lower risk, right? Well we have to look at these things as a whole to help you determine what interest rate you're gonna get and that also helps determine which program is right for you! Okay now it's time we're gonna get into the nitty-gritty we're gonna get into the comparison. Number one - conventional loan. A conventional loan has a minimum of a 620 FICO Score Credit score if you're not sure what a FICO score is that is your mortgage credit score. Now on an FHA loan some lenders go as low as a 500 my company goes down to a 550 the truth is nobody gets approved at 500 anyway and on a VA loan we're also looking at the same thing many lenders go to 500 company goes to 550. Okay PMI mortgage insurance and on FHA it's called MIP mortgage insurance premium now on a conventional loan what happens is it is very very dependent on what is your credit score somebody with a very high credit score might have a very low mortgage insurance payment, but if you have a 620 FICO score your mortgage insurance payment could be way high. Now on FHA FHA has pretty much standardized, here is your MIP rate remember they're the same thing they just call them something else here's your MIP rate it doesn't matter if you have a 620 a 580 a 550 or 800 FICO score makes no difference you're gonna pay the same rate. On a VA loan great news no PMI no MIP you got that one. Okay we're almost halfway through the video so hit the subscribe button and hit the like button I appreciate that now if you'd like to comment, I will answer every single question personally and of course you're welcome to share this with anybody you think it's valuable for! Okay Debt ratio! A debt ratio is the percentage of your gross. Gross income is before they take taxes out. A percentage of your gross income to your debt. Now on a conventional loan with a high FICO score they're gonna allow you or a 50% that includes your car payment your credit cards student loans alimony child support all those kind of things plus the new house payment, that should be no more than 50% now if you have a lowerFICO score, it's probably gonna be 45% that's how conventional works. Now let' stake a look at FHA with a 580 FICO score or above, here's what's basically going to happen. You're gonna probably be approved to a 56. 99%let's call it 57%, again that includes all your debts plus the house payment as a payment. Lastly we have a VA loan. Now a VA loan works very very different it looks at how much money is left over after paying all this stuff. And it's called residual income and everybody depending on what area of the country you live in and how many people in your family there's a certain formula for it. Now if you have 20% more than that just to give you an example if it was a thousand dollars but you have 20% more $1200 and a high FICO score you may even go up to 60 or 65% debt ratio which is unbelievable and its highest in the whole industry. Interest rate on a conventional loan you're often going to hear Fannie Mae, Freddie Mac those are conventional loans. On a conventional loan you are gonna have a higher interest rate than either FHA or VA. Onan FHA loan it's lower than conventional and right about the same as VA they have virtually the same interest rates. Down payment on a conventional loan you're usually looking at a 3% down payment. People ask me about a conventional loanFannie Mae Freddie Mac yes those are conventional loans. Now if we look at anFHA loan an FHA loan is gonna require a three and a half percent down payment as long as your FICO score is 580 or above. If it's 579 or below it requires a 10%down payment and of course for our veterans who honorably served, we thank you! You get a zero percent down payment loan. Okay so we talked about PMI, MIP mortgage insurance whatever you want to call it. But there's also something called upfront mortgage insurance. Now on a conventional loan there is no up front mortgage insurance, but those of you with a high FICO score might want to pay some, and they eliminate the monthly PMI payments forever,. So that's a big deal and that's only available on a conventional loan and it doesn't make sense unless you have a really good FICO score. On an FHA loan we take the loan amount and multiply it by 1. 75 percent we have to add that to the loan amount. Simple example - if you have a hundred thousand dollar loan 1. 75 percent is $1,750, we're gonna add that, so you'd actually be borrowing $101,750 upfront mortgage insurance. On a VA loan there's a couple of different scenarios here the first time use of a VA loan it's 2. 15%so on that same hundred thousand dollars it's two thousand one hundred and fifty dollars added on on a second time use it's three point three percent so that's three thousand three hundred dollars now it doesn't sound like the end of the world but if you're taking a four hundred thousand dollar loan and it's a second VA loan that's three point three percent that is $13,200, that may make you say mmm this other loan might be better. Now though lastly if you're a veteran who happens to be disabled 10 percent or more there is no upfront mortgage fee that there is no VA funding fee it doesn't exist for you. Okay seasoning from bankruptcy many Americans through the last few years they've had a hard time and they did file a bankruptcy on a conventional loan 4 years must have elapsed from the discharge not from when you started but from when it was finished before you're allowed to apply for a conventional loan. On an FHA loan it's only two years and on a VA loan it's only two years. Short sale seasoning. Well a lot of people ask what's a short sale? Well at a time when people owed more than the house was worth, they often went to the bank and said, hey my house is worth three hundred I owe four hundred and the bank accepted three hundred thousand dollars. That was called a short sale. Well if you have a conventional loan if you want to apply for a conventional loan it would be four years after a short sale. For an FHA loan it's three years must have elapsed from the time of the short sale and for a VA loan it's only two years. Again Vets win, they earned. A foreclosure well yes some people went into really hard times on a conventional loan we are looking at seven years before you can buy a home againOn an FHA loan it's only three years and For the vets - two years from a foreclosure okay Time back to work after an extended absence. Well on a conventional loan there is actually no real time frame but the lender will take a look they just want to make sure it's reasonable and everything is considered as a make sense situation you can be back to work for one month after or six months or a year off. On an FHA loan FHA guidelines require six months back to work with pay stubs proof they've been back to work for six months before they'll accept that income. On a VA loan it varies perl ender some lenders will accept right back to work some might want six months or three months a lot of them will require just get past the probationary period on the job and you're good to go. Occupancy on a conventional loan you can buy for a rental, you can buy for a second home if maybe you want to live in the mountains or down by the beach on the weekends or obviously for an owner-occupied property. For a FHA and VA loan it is owner occupied.

USDA Home Loan Explained - $0 Down USDA Program

usda loan areas Really quickly I want to talk about FHAand VA properties or loans compared to a conventional type product. A lot ofsellers are now are kind of shying away from FHA loans and and VA loans becausethey have different stipulations on the appraisals. They've got some old verbiagethat makes it a little bit troublesome sometimes. Things like handrails andchipping paint a few other things that come up on appraisals that can causeissues. They have to be remedied prior to actually moving in. They're legacy typerules that are still around today that don't make a lot of senseso sometimes sellers and selling agents don't like taking those offers. So whenat all possible they want to see conventional offer. I think it's a littlemisguided. Ultimately those two products are amazing for us especially the VAproduct it's an amazing amazing product. Unfortunately sellers right now arebeing told to shy away from them because of those things. So be aware of thatunderstand what you're getting yourself into. If you have to go FHA or VA though,they're great loans. usda loan house requirements

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Pennsauken Township NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Pennsauken Township is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Pennsauken Township. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda rates

BUT, there are several USDA Loan eligibility requirements in Pennsauken Township that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Pennsauken Township! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

usda 100 financing

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

credit score needed for usda loan

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

agriculture home loans Benefits of a VA Loan The following are benefits that you can enjoy from a VA Loan that you can avail from Fairway Independent Mortgage Corporation 0% Down Payment Conventional loans generally require up to 20% down payment in order to secure a home loan. But for those who are qualified, the 0% down of VA Loans is a lifeline. No PMI Private Mortgage Insurance (PMI) is a requirement for borrowers who finance more than 80% of their home's value. It results in an additional monthly expense. Since VA Loans are government backed, banks do not require you to buy PMI anymore. Competitive Interest Rates Conventional loans without government backing have less competitive interest rates because banks are taking on more risk. The VA guaranty is advantageous since it gives lenders a greater degree of safety and flexibility. This means that the borrower gets more competitive rates than non-VA loans. This, along with no PMI, can substantially lower your monthly payment. Call Fairway Mortgage at 843-757-7552 NOW! Easier to Qualify VA Loans are easier to qualify for because the loan is backed by the government. Therefore, banks assume less risk and have less stringent qualification standards for applications under VA Loans. On the other hand, non-VA loans hold stricter qualification procedures which makes it harder for prospective homebuyers to qualify. Basic Allowance for Housing Basic Allowance for Housing (BAH) is a significant benefit for qualified active military members. Lenders can count your Basic Allowance for Housing as effective income. This allows borrowers to use BAH to pay some or all of their monthly mortgage costs. BAH varies based on the borrowers: Pay grade, Geographic location, Number of dependents No Pre-Payment Penalty The pre-payment penalty is the result of paying off a home loan before it matures. It is a way for financial institutions to recoup some of the interest payments that lenders miss to collect. The VA Loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty. With the absence of a pre-payment penalty, borrowers are free to consider future home purchases and refinancing options. Call Fairway Mortgage at 843-757-7552 NOW!.

Home buyers seeking USDA loan 'on hold' during government shutdown

usda house loan hey this is Rich from Rich on Moneytoday we're going to talk about VA loans how to get a VA loan everything about VAloans I'm going to get through quickly before I do that let me first talk alittle bit about Who I am again my name is Rich Carey I have a website calledwwww rich on money. Com and it's a website where I talk about real estate Ihave 20 properties that are paid off they're all in Alabama I've collectedthem mostly while serving overseas in the military as I talk about how I dothat on my website I have a conservative conservative approach to investing andto real estate and I kind of talk about all that stuff on there so if you wantto be awesome I recommend subscribing to my blog andsubscribing to this YouTube page also give this a video a thumbs up if youlike it and I'm going to talk about this VA loan stuff today so um leave me acomment about what you're planning on doing with your va loan whether youalready have one or you're just trying to get one or where you're planning onbuying a house just let me know what your situation is I'd love to know allright here we go let's get into it how to get a VA loanwhat is a VA loan a VA loan is a it's a mortgage that helps veterans finance thepurchase of a home with good learn good loan terms in an interest rate they'retypically better than what you'd see on other mortgages VA loans are notactually made by the VA they're made by lenders you know just random lenders abunch of different lenders out there will give VA loans the VA is the onethat actually gives a guarantee the VA and the VA doesn't guarantee the wholeloan a lot of people think they guarantee the whole thing the VAguarantees about 25 percent of the loan that gives but that gives the lenders alot more breathing room to give you a lower rate to give you no moneyand you know just to make it easier for military members to borrow money and sothere's no there's this thing called a yeah where I got to find the name ofthat thing County loan limit and the county loan limit for most locations is484 is that right yeah 484 thousand dollars three hundred and fifty that'slike the max you can ball no money down without having to put some extradownpayment on top when you get into more expensive areas it's actuallyhigher than that like Honolulu Denver it goes up to seven hundred twenty-sixthousand dollars and there's a chart that you can link to on my website thattells you what it might be for your area if you think yours might be higher thanthe 484 but there's no limit to how much you can borrow but there is a limit tohow much you can borrow without needing a down payment so I just kind of wantedto point that out who can get a VA loan well you know something there's likethis list of criteria if you are it's open to veterans active duty servicemembers National Guard reservists and there's just like this list of differentthings depending on you if your active duty then you've served at least 90consecutive days during wartime or 181 days during peacetimeyeah six years of service the National Guard you have a spouse of a servicemember who has died in the line of duty like you can go on the website and lookup and see if you think you can get a VA loan and then what you really need to dothough is get a Certificate of Eligibility a CoA and you're gonna getthat from by talking to a lender or that there's actually three different ways toget a Certificate of Eligibility but that's real you'll actually know you'llknow that you're good and you're gonna and that you can get a loan and you canget that three different ways you can apply online using a VA ebenefits portalyou can apply through a VA approved we can apply by mail using a form 26 - 18 8 0 and you have to provide like some proof that want certain documents andthen when you have a Certificate of Eligibility you know you're good to geta loan so who can qualify for a VA loan I guess I mean like income and createyou know credit score I'll say credit score of 620 is about what you needthat's pretty low if your credit score is like a lot lower than 620 I don'tthink you should be trying to get a house loan you should probably be tryingto fix whatever's going on with your financial situation and worrying aboutgetting a house later but 620 can get yourself a loan the theaverage the national average of 699 so it's lower than the national averagethere isn't an income threshold but they want to see stable income and they wantto see if you have enough money left over at the end of the month to pay yourbills and do different things like that you'll be able to like I mean you shouldget pre-approved just like you would for a normal conventional loan go getpre-approved for a VA loan and then you'll have an idea where you stand Iwant to give you the pros and cons of a VA alone some pros there is no privatemortgage and certain insurance no PMI you have to pay those are catch to thatlater but usually if you have less than 20% down you got to pay private mortgageinsurance and that's kind of expensive well that doesn't exist with VA loanshooray next Pro low interest rates they can be as low and then they sometimescan be lower than a conventional loan that's because of the guarantee that theVA can give and that's awesome no money down is usually higher risk but becauseof the guarantees the VA is they guarantee 25 percent of the loan up to acertain limit they can afford to give us low lower interest ratestotally awesome thank you VA thank you government the next Pro I want to talkabout no money down that's a big one being able to finance a property that nomoney down is a huge blessing it can get very interesting because you can even dono money down on a two Plex three Plex four Plexand you can live in that you have to live in it actually you can live in thatfour Plex as long as you live in one of the units you can actually rent out theothers and take those all as income in fact the income from those other eunuchscan actually count towards you qualifying for the loan boy that'sawesome another pro no prepayment penalty now it's kind of rare to haveprepayment penalties this days but VA loans never have prepayment penaltieshere's a con or a bad part of getting the VA loan I said there's no privatemortgage insurance all right but there is something called a funding fee and sothey're gonna get you right they're gonna get you they they're gonna you'regonna pay you know at least a two point one five percent fee on the entire loanif you're gonna be no money down that can be rolled into the loan but you'regonna pay that so that's kind of like another form of a PMI private mortgageinsurance not super excited about that but it's the price to pay to fund the VAand to have no money down that can become lower I think as you pay 10% of20% down but I would argue in that case you might as well just go with theconventional loan the next con I want to talk about is a VA appraisal a lot oftimes when you buy a house with a mortgage the lender is going to order anappraisal and they're gonna make sure everything's hunky-dory this isdifferent than that this is a VA appraisal they're a little more analabout it they're looking for different things they want to make sure the houseis like safe and they're like they actually won't allow the house to be inbad shape at all like it can't be a fixer-upper if there are a lot of thingsthat are broken they will let you close so they're more strict than a normalappraisal would be and if they find things they don't likethey're gonna make somebody fix it before closing so there's two problemsthat the VA appraisal can can can cause for you one is they can make you theycan find a bunch of things that have to be fixed before closing and slow down orprevent the loan from going through number two is the appraisal can come intoo low and that can cause you to have to bring more down payment to the tableto get the loan closed just a problem with the VA the VA appraisal appraiserscan I've heard can be a pain in the ass there's just something to think aboutagain a quick pause to plug myself again if you're enjoying this please like itplease share it tell your friends tell your family rah-rah-rah give me like athumbs up on the youtube there and leave a comment for me thank youthe VA loan process I'm gonna go through like the loan process pre-approvalfinding a property putting a property under contract and underwriting you wantto get pre-approved you just like before you go out and find a property and makean offer you get a letter from the bank saying we've already looked at this guyand we're pretty sure that he qualifies for at least this much money and soyou're gonna have to give them a bunch of your you know w-2s and tax forms andinformation up front so they can give you this like pre-approval letter andyou'll want to do that then you want to go out and find a property which meansyou want to work with the real estate agent should you work with the realestate agent because you got a payment big fat Commission yes you should butyou want to find a very good real estate agent and make sure that they're earningtheir money that 3% to 6% they're gonna know that 3% they're gonna get half ofthe 6% at 3% they're gonna get make sure they're earning it what I've done a lotof my career is I've told real estate agents you're not meeting my needs andif you're not meeting them I'm gonna find somebody else and in some casesI've went and found somebody else they're gonna make a lot of money fromyou so make sure you're happy with them and if you're not happyreal estate agents don't sign something that that means it can't change agentsor something don't don't sign that exclusivity paperwork or whatever theywant you to sign that just tell them like look if I'm unhappy with you I'mgonna I'm gonna change it's just like a common very common sense thing but youneed to go out and find that property you need to put the property undercontract that's the next part of the process putting it under contractinvolves you having certain contingencies right you can say I wantto buy this house and so here's my offer and we're gonna put this under contractbut I'm not gonna buy it unless the following things I'm not gonna buy itunless the VA law or the VA appraisal comes in high enough I'm not gonna buyit unless I do another inspection and I make sure that there's nothing wrongwith a house that I can't accept I'm not gonna buy it you know unless I getfinancing right you can put in these contingencies and that's very importantwith putting the property under contract then there's the underwriting processthe underwriting part is like it's under contract now the real magic happensnow the paperwork gets going now the lender orders the the VA appraisal whichis that thing that I actually you know I've told you is a little bit scarysometimes so that all goes on while the while the appraisal is going on andyou're going and you're finding out that there might be little things that haveto be fixed you can ask the seller to fix it or maybe he's gonna say no andyou have to fix it or maybe you got to walk away while that's going on they'relooking at your financials and they're like oh wait this looks funny give usmore information about this and whenever they have a question you seem to getthem that information very fast so it doesn't slow anything down the next partof the process when they're happy with the appraisal happy with all thepaperwork then you can go to closing right here's the thing I like to talkabout I never go to closing you can go to the closing if you've never been to aclosing a man is what go to wine it's kind of interesting I guess the firsttime it's not interesting that the the third or fourth or fifth timeI don't go to closings you know you can have like your real estate agent that'srepresenting you or somebody else just you can have a power of attorney thatsays you can sign for me and you don't even go to the thing and I don't evenbother going anymore they're all there are alternatives to VA loans and I'lltell you about some of them there's something called an FHA loan an FHA loanis something where you can get is something that's available to everybodynot just military members that meet certain criteria and it's only threepoint five down if you qualify for it so it's something you could check on lookinto it and you have to have at least a 580 credit score which is really low andif you don't have 580 then you got to put 10% down and you do need to pay PMIright 1. 75 percent up front and in in a monthly payment on top of that so theyget you on PMI but three point five down payments not bad then there's somethingcalled a USDA loan a USDA loan is actually called the section 502 singlefamily housing guaranteed loan program it's a zero down payment mortgageavailable in qualified rural or suburban areas it's actually available in about97% of the country the 3% is not available in is essentially in bigcities right every super you know high populated areas essentially like ifyou're in a fairly big city it's probably not available there you shouldcheck check if it's available in your area USDA loans so you can qualifyit's for it's for families that are low to moderate income so you should be likemaking less than a hundred thousand to qualify for this type of loan theyactually want people to be under a hundred thousand to qualify for this notover there's a conventional loan and I'll tell you why I like a conventionalloan in some cases over a VA loan I like a conventional loan because if you havethe 20% down you won't pay the private mortgage insurance and you won'tthe funding fee that's like two point one five percent with the VA law so onthe long run you'd save money over the long run with a conventional loan and20% down over you know a VA loan and you would have put some equity into theproperty and some people are nervous about not putting equity into a propertyme being one of them and buying stuff no money down interest rates of the VAloans they're gonna be lower because of the guarantees that VA is able to giveso that's great and you can refinance with a VA home loan there's twodifferent types of refinances you can do you can do a cash out refinance I thinkyou have to pay point five percent funding fee for that or actually no Ithink it's higher I think it's a higher fee that is you need to pay a prettyhigh you need to pay a higher fee for the cash out refinance they might belike the same the same fee as the original and you got to fill a bunch ofpaperwork you gotta do the the inspection again but you can pull cashout right if the house is worth a hundred thousand more then you do arefinance for the new value of the house and you get a brand new loan but youkeep that you can keep the extra equity as cash and then spend it wherever youwant and that's awesome actually I wouldn't do that but some people mightsay that's awesome they could take the money and do something else some peoplewould take the money and invest in more real estate and they grow faster andthat might be a smart move but if you spend it on like you know whiskey andhookers then that might not actually be a good idea male or female hookerseither one you know equally bad so there's also something called aStreamline refinance interest rate reduction refinance loan I think I saidrefinance try it twice the Streamline refinance also known as interest ratereduction refinance loan that is the one that has a very low fee you just pay thepoint five percent funding fee and then like some verysimple closing costs I think you don't have to order an appraisal becauseyou're not pulling cash out you're simply refinancing to a lower rate itcould happen very fast it's very easy go for itlast point I'm gonna make please like this please subscribe please go to mywebsite and check it out give me some comments last point I'm gonna make youcan assume a VA loan this is very strange but you can assume a VA loanwhat does that mean if I had a VA loan I could let somebody else who wouldqualify for a VA loan assume that loan from me they could take over thepayments take over my interest rate take over my monthly payments and take overthe balance of the loan for me and it would just transfer to them instead ofthem getting an entirely new loan and just like you know me paying off my loanand them getting a new loan literally could just change the loaned over tothem they could assume my loan that could be very lucrative if I got my loanthree or four years ago and that interest rates have went up a lotthey're higher now I could sell somebody a loan that has a lower interest rate sothat's very interesting something to look intoone thing you two things you want to make sure of you want to make sure thatthe bank releases you you know the responsibility to repay the loan if youdo this and you want to make sure that the VA gives you your credit back sothat you can get a VA loan somewhere elseonce you've transferred this VA loan to somebody else the two things you want todo that's everything I have on VA loans in this blog post and on this videotoday I hope it's been helpful this is rich on money signing out. usda home loan guidelines

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Mount Olive Township NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Mount Olive Township is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Mount Olive Township. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda loan credit requirements

BUT, there are several USDA Loan eligibility requirements in Mount Olive Township that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Mount Olive Township! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

usd loan

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda credit score

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

section 502 guaranteed rural housing loan program Hi this is Scott Hastings with Mortgages byScott, powered by On Q Financial. You might wonder why I'm standing in the middleof a field and that's a good question. The reason is I'm talking about USDA loanstoday. Although this looks like a very rural areaI'm only really about a mile and a half from downtown Davidson. A lot of people wouldn't think that Davidsonwould have any areas that are USDA eligible but there really are. A lot of people give me a all looking fora loan where they don't have to put any money down and there's no mortgage insurance, andthat is a USDA loan. USDA loans are great, the only thing is thatthey are not eligible for all borrowers because of income requirements or caps on householdincome, and they are not available on all properties. The income requirement is going to be basedon the number of people that live in the house, not just the number of people on the loan. Most loans are going to go by who is on theloan, so in this case if you have 3 people who live in the house, but only 1 person isgoing to be on the mortgage, the income is only going to be considered, as far as qualifyingfor the loan itself, by the person who's on the loan. But USDA is going to count the number of peoplewho live in the household. So if a husband and wife both work, but onlythe husband is on the loan, and if their income together is less than the maximum householdincome limit for that USDA area then they are good to go. But if together their income exceeds the maximumincome limit for that area then unfortunately they wouldn't qualify. Also not every home is going to be eligiblefor a USDA loan. And there's not really a map where you canjust look at it and say "Oh that whole area is USDA eligible". You have to go to the USDA website and youcan put in the address of the property and it will tell you whether it's a USDA eligibleproperty. You can also go in there and type in the amountof monthly income the borrower has and see if that household income exceeds the maximumincome requirement. There are some tips and tricks on gettingqualified for a USDA loan where you might not think that you would normally be eligible. One is a mortgage credit certificate and certainthings like that so if you have any questions at all about a USDA loan please give me acall.

Are VA Loans More Risky?

usda 0 down loan Good morningThis is Ellen Mitchel with REMAX Allstars This morning I am happy to have William Cabanfrom Cross Country Mortgage here People may not know but there are over 1 anda half million veterans currently living in the state of FloridaYet there are a lot of misconceptions regarding VA loans that both buyers and sellers haveSo I wanted to invite William here this morning to clear some of those up for usThank you so much for having me Ellen I really appreciate itMy name is Will Cabin with Cross Country Mortgage specifically with the TeamWe have offices throughout Florida New York New JerseyOur team specifically we specialize specifically with VA loansWe do it because of the fact that we feel that in the state of Florida there are somany veterans that are not served the way that they should beAnd unfortunately there are a lot of agents listing agents listing side buyer side whojust dont understand the product well enough And Im here to go over some of the myths thatare associated the common myths not all of them but just the most common myths that areassociated with va loans and kind of debunk some of those myths so we have an idea ofwhat the truth is versus what we hear in the marketRight So some of the most common myths are The appraisalstake forever in this market right To be honest with you in the state of Floridaits posted were one of the few states that actually have it posted on the va websiteWe are supposed to have the va appraisal back in 5 days okay and we can send the link toyou so we can show you that Second myth is borrowers are less qualifiedThis is what breaks my heart because on an average credit scores income your assets toclose and your overall education advanced degrees etc are higher from an average standpointthan your fhas your conventionals and your jumbos combinedSo that myth is just simply not true Most of the time our va clients are very wellqualified So that myth is completely debunkedAnd then we have sellers have to pay the closings costs rightBecause all the time sellers have to pay this they have to pay that they have to pay allthe fees They dontTheres not a single fee that sellers have to payOne fee that most people are misconcepting theres a misconception about paying is thepast inspection And actually the veteran can pay that in thestate of Florida Were one of the few states that can actuallymake the veteran pay for that Most of the time we dontWell take care of that So that myth is completely debunkedAnd then outside of that is fha and va are the same type of loanIts not Its completely different theyre both governmentloans but theyre completely different types of loansSo because of that theres misconceptions of well Im not gonna take it because it is anfha loan and its zero downpayment so its inferior The client doesnt have skin in the game whichhurts my heart when I hear that because the only way you get a veteran a va loan is bybeing a veteran active duty or service or putting your time in as they saySo thats the skin of the game That really is the skin of the gameAnd then the last one in this market is you cant finance condosAnd to be very very honest with you va loans have two components that are really greatThe first is if a condo is approved its approved more or less for lifeAnd there is only one document that we need to get in order to make that approved condofinancable and its insurance related So its not even related to the condo itselfits just an insurance document Outside of that we have about ten percentten times more condos approved in the va channel than we do through fha and conventional combinedTheres something I dont know maybe about five or six hundred condos that are approved versusthe six that are approved for fha So these are the most common myths that wecome across But by no means are they all mythsBut these are the most common that we see in the marketSo Im just glad to present that Im just glad to be here and talk about thatThank you so much Well youre certainly you know clearing upa lot of things for me A lot of conceptions that I had had over timebut were obviously wrong So I look forward to having further conversationabout that OkayIf you liked this video and found it useful please below go ahead and like it also leaveany comments Will will be happy to send you a list of thefive or six hundred condos that are available that are va approvedAbsolutely As well as the five common misconceptionsand the truth about those misconceptions the myth busters if you willSo please go ahead and like us below and we will doing a follow up seriesAny questions that you put below we will answer them for you and we will cover them in futurevideos Thank you so much and have a great dayThank you. usda first time home buyer

USDA Loan Limit in NJ | (888) 464-8732

USDA Loan Limit in West Milford NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in West Milford is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in West Milford. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda payment

BUT, there are several USDA Loan eligibility requirements in West Milford that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in West Milford! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

what is usda financing

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda loan application

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda home loan income requirements So Steve, What are the requirements for the USDA program? So USDA has a few interesting requirements First of all, you'll need to have at least a 580 credit score Some lenders require a 620 credit score Your household income has to be under the county maximum Like a lot of down payment assistance programs This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying What's unique about this one is the home has to be within a designated area. So, Typically what that means is. NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don't qualify But we only need to go 10 miles away to where there's an open area where there's Several homes that qualify. USDA stands for United States Dept of Agriculture But it's NOT a farm loan. Specifically, they don't finance this program for farms. It has to be a Single Family home without a barn structure on the property. and then it also has some home price limitations. The Threshold is a little bit lower than say an FHA loan for the loan limits. Ok, and how does this program differ from other Down payment programs? So it's different because it's not really a down payment program but it allows financing up to a 100% of the purchase price And it's interesting because you can actually use this program with 1 or 2 of the other programs. If you need closing cost assistance But, what's unique it's a 100% Financing So you don't need a 2nd or a 3rd lien on the property. Your interest rates are typically lower Than if you combine it with a down payment assistance programs And you don't have to repay any down payment assistance It has a monthly factor It's like mortgage insurance upfront It's financed at a monthly component Much less than FHA So if you can qualify for this program It's better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program. Great! And on average How much does the home buyer have to come in with out-of-pocket? So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close. The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit. And they may even get most or all of that back. If the seller is covering all the fees. One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price We can finance the closing costs Up to that appraised amount So, no other loan I know that we can actually finance the closing costs. on that type of loan What type of home buyer is this program ideal for? So certainly those that don't have access to money for a down payment Anyone that wants to live that doesn't have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area It's also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people. And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They'll do manufactured homes They'll do homes with Casitas So no real other restrictions. Just if it conforms to the FHA guides then it should qualify for USDA There's a couple little quirky things That you don't run into very often Like you can't actually have a barn on the property It definitely can't be for agricultural purposes It has to be for residential purposes Ok Great! Thanks Steve.

VA Loan Program

usda income eligibility Are you aware of boththe pros and the cons of VA home loans? (upbeat music) Hey everybody, I'm Nick Steffl with the Whissel Realty Group and today, I'm here to talk to you about both the pros and thecons of VA home loans. VA of course stands for Veterans Affairs as in the Department of Veterans Affairs and the VA loan is oneof the best benefits when it comes to having the GI bill which has been around ever since 1944 for our active suit duty service members and our veterans. So when it comes to the VA loans, let's talk about boththe pros and the cons when it comes to using your VA loan. First of all, when itcomes to the VA loan, let's talk about the 0% that you can put down on a home. A lot of home buyers are frustrated when it comes to the down payment that they have to put on a home but with the VA loan, you can put down 0% and get into that home that you love. Secondly when it comes to your VA loan, you're able to get typicallymuch easier qualifications when it comes to getting prequalified. Usually in your conventional loans, they have higher standards. With the VA loan, it's abit easier to get qualified. And also, you're going tohave a lower interest rate on your VA loan than you typically would on a conventional loan. Thirdly, when it comes to your VA loan, one of the benefits is going to be private mortgage insurance. Private mortgage insurance is something that you typically have to pay if you put less than 20%down on a conventional loan. But with the VA loan, it doesn't matter what amount that you put down, it could be 20, 19, 15, 0% down, and you never have to worryabout private mortgage insurance which saves you hundreds ofdollars every single month. So let's talk about the disadvantages when it comes to using your VA loan. First of all, with your lower down payment that you're going to have, you're also going to havetypically a higher principal on that loan as well and with that, you're going to have alittle bit more interest over the life of that loan. Secondly, when it comesto the disadvantages of your VA loan, you have a funding fee, a one time funding feethat you have to pay for this VA loan andthat's usually going to go from zero to 3% of the value of the loan depending on your military service history and the size of your down payment. Finally, when it comesto the disadvantages of using your VA loan,you're going to have a limit on how much you can borrow. So if you're trying to purchasea 5 million dollar mansion here in San Diego, that'susually not going to work with the VA loan. But, if you're looking for a home that you and your familydo need at a lower price, that's something that we can use and get you into thathome that you do need. So if you have anyquestions about the VA loan or any kind of other loan types, give me a call 619-933-7155. I would love to connect you with one of the lenders that we work with. Have them get you approved and once we do that, youand I will go searching for that perfect home and getyou the home of your dreams. (upbeat music fades). usda home loan guidelines

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Cranford NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Cranford is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Cranford. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda first time home buyer

BUT, there are several USDA Loan eligibility requirements in Cranford that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Cranford! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

usda rural

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda loans texas

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda loan information [MUSIC PLAYING] Hello, and welcome toCalHFA's lender training. My name is Molly Ellis. Our focus in this video isour VA first mortgage program, basic guidelines,and the best ways to layer closing cost assistanceto benefit your veteran. First, let's talk aboutour CalHFA VA program. It's a VA first mortgage withan affordable interest rate. It has a maximumloan-to-value of 100%, and a maximum combinedloan-to-value of 105%. The minimum creditscore is 640, and the maximum debt-to-incomeratio is 45. Technically, CalHFA doesn'thave a loan amount limit. However, we do chargea high balance fee for any loan over $484,350. This would only beapplicable if the VA loan limit in the countythe property is located allows you to exceed $484,350. Otherwise, you'd have toadhere to the VA loan limit. For pricing and thehigh balance fees, please check out the ratepage on CalHFA's website. A unique feature ofCalHFA's VA program is that it can beused for a borrower whether or not they area first-time homebuyer. What makes our program so greatis the closing cost assistance. Layer the CalHFA VA program withour MyHome Assistance Program to allow the veteranto move in with little or no cash out of pocket. The loan amount for MyHome is3 and 1/2% of the sales price, or the appraised value,whichever is less, which could cover most ofthe veterans closing costs. Or if the borrower works fora California public school, they can use CalHFA's SchoolTeacher and Employee Assistance Program. This loan will get them up to4% in closing cost assistance. You can use only one, eitherMyHome or the school program. Either way, the interestrate is 3 and 1/4% simple interest withdeferred payments. Please do not calculate apayment into the borrower's DTI, as it is not required. Now when we add MyHomeor the school program to the CalHFA VAloan, the veteran does need to be afirst-time homebuyer. And remember, the definitionof a first-time homebuyer is someone who has not owned andoccupied a principal residence in the past three years. Both have to be used withthe CalHFA First Mortgage, and must be insecond lien position. When you're working witha first-time homebuyer, homebuyer education is requiredfor at least one borrower on the loan. CalHFA does not allow for amanually underwritten loan on a VA loan. That covers our VAFirst Mortgage Program, and the mortgage assistancethat can be layered with it. Now let's move on to propertyrequirements and maximum lender origination fees. The property requirementsfor these programs, for the most part,follow VA guidelines. Also make sure you adhere toany lender or investor overlays. The sales price ofthe property must be within CalHFA's publishedsales price limits. A one-year home warranty isrequired for first-time home buyers, unless they'repurchasing new construction. The property cannotexceed five acres, and manufacturedhomes are not allowed. If the propertymeets VA guidelines for an accessory dwellingunit, then as allowed, you can use the rental income. Now let's talkabout lender fees. First, you must be aCalHFA approved lender. Even though CalHFA usuallycaps the lender fees at 3%, on a VA loan, you'llneed to follow VA requirements, includingallowable and non-allowable fees. Our rates are at par. So you have to chargeorigination on these loans. But with the closingcost assistance from MyHome or theschool program, the borrower willstill have very little out-of-pocket expenses. If VA allows, you can chargean additional processing fee of $250 for MyHomeor the school program. You may not charge any otherfees, like origination fee or per diem interest,on the subordinate loan. We want to help make this easy. So we have provided sometools to help you process loans with CalHFA programs. The Loan Program HandBookfor each one of our programs includes all the detailsabout the program in one easy handbook. The Loan Program Matrixprovides a quick reference of terms and requirementsfor all CalHFA programs. The very popular LoanScenario Calculator will help you calculateloan amounts and print results for your borrowers. You can find these toolsunder Lenders/Real Estate Agents on our website. Click on Loan Program HandBooksfor the program handbooks, the calculator icon for theLoan Scenario Calculator, and the Tools, Affidavits, &Docs tab for the Loan Program matrix. Now let's look at the funstuff before we close. Our single-familylender training team offers in-person trainingclasses every month across the state. Attend a four-hour workshop tolearn all about CalHFA's phase programs. Classes are announcedeach month on our website and through our monthlyeNews announcements. To sign up for a class,visit CalHFA's website, choose the Training Calendarlink under Lenders/Real Estate Agents, and sign up for a classthat will work best for you. We also provide customizedmarketing materials that can be downloadedfrom our website by clicking on theLenders/Real Estate Agents section of the website. Choose the Loan Officers tab,then choose the Sales Tools & Marketing Materials link. For any questions you may have,contact single-family lending at 916-326-8033. Or you can email ourlender services division at LenderTraining@calhfa. Ca. Gov. Thank you so much for your time. Now get out there andhelp more veterans have a place to call home.

How to Get a VA Loan

usda credit requirements What are the top five benefits of usinga VA home loan? Well that's what we're talking about today and we're startingright now! Hey everyone welcome back to my channel, I'm Angela O'Hare a Realtorhere in Las Vegas Nevada with The O'Hare Team at Urban Nest Realty. If this is yourfirst time here, consider subscribing now by clicking that button down below and eventhat bell for notification. If you're watching this on Facebook, be sure toclick on the link in the description to watch the full video on youtube andsubscribe there. so the topic today is, What are the top five benefits for usinga VA home loan? Backed by the US Department of Veteran Affairs, VA loansare designed to help active-duty military personnel, veterans, and certainother groups become home owners at an affordable cost. Here's an overview ofthe top five benefits of a VA home loan. Number one, there's no down payment. Imean really, no down payment. Most home loans required to make some sort of downpayment, but the VA home loan is the exception. With a VA loan you can financeup to a hundred percent of the purchase price. The VA loan is a true no moneydown opportunity. Number two, there's no mortgage insurance either. I mean really,no mortgage insurance! Typically when you get another home loanyou have to pay for some sort of mortgage insurance if you're not putting20% down. Since VA loans require no down payment nor mortgage insurance, that makesit VA backed mortgage very affordable upfront and over time. Number three, VAloans come in many varieties. A VA loan can have a fixed interestrate or an adjustable rate, it can be used to buy a house, a condo, a brand newbuild, manufactured home, even a duplex or any other type of property. Or you canuse it to refinance your existing mortgage. Number four, it's a heck of a lot easier to obtain a VA loan. You know like allmortgage types, you're gonna have to provide some kind of specificdocumentation, like your acceptable credit history and your work history tomake sure that you can afford the monthly payment. But as compared to theother loan types, the VA loan guidelines are so much more flexible. This is madepossible because of the VA loan guarantee. Number five, there's limitedclosing costs. The VA limits the closing costs that a lender can charge a VA loanapplicant, and this is another great reasons why the VA loan can be moreaffordable than any other loan type. If you're military veteran or stillactive-duty, you may be able to qualify for a U. S. Department of Veteran Affairsloan. If you would like a referral to one of our VA lenders to see if you qualifyfor a VA loan, reach out to us by email at theohareteamlv@gmail. Com thankyou so much for serving and let us serve you! If you like this video be sure tohit the thumbs up button, leave a comment down below, and consider subscribing tomy channel if you're interested learning all things real estate in the Las VegasValley. And remember if you or anyone you know is thinking about buying or sellingin Las Vegas, have them give me a call at 702-370-5112. Thank you so much for watching and I'll see you on the next one!. apply for usda loan online

USDA Loan Limit in NJ | (888) 464-8732

USDA Loan Limit in Pleasantville NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Pleasantville is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Pleasantville. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda guarantee fee

BUT, there are several USDA Loan eligibility requirements in Pleasantville that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Pleasantville! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

homes that qualify for usda loan

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usda credit requirements

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

section 502 guaranteed rural housing loan program Good morningThis is Ellen Mitchel with REMAX Allstars This morning I am happy to have William Cabanfrom Cross Country Mortgage here People may not know but there are over 1 anda half million veterans currently living in the state of FloridaYet there are a lot of misconceptions regarding VA loans that both buyers and sellers haveSo I wanted to invite William here this morning to clear some of those up for usThank you so much for having me Ellen I really appreciate itMy name is Will Cabin with Cross Country Mortgage specifically with the TeamWe have offices throughout Florida New York New JerseyOur team specifically we specialize specifically with VA loansWe do it because of the fact that we feel that in the state of Florida there are somany veterans that are not served the way that they should beAnd unfortunately there are a lot of agents listing agents listing side buyer side whojust dont understand the product well enough And Im here to go over some of the myths thatare associated the common myths not all of them but just the most common myths that areassociated with va loans and kind of debunk some of those myths so we have an idea ofwhat the truth is versus what we hear in the marketRight So some of the most common myths are The appraisalstake forever in this market right To be honest with you in the state of Floridaits posted were one of the few states that actually have it posted on the va websiteWe are supposed to have the va appraisal back in 5 days okay and we can send the link toyou so we can show you that Second myth is borrowers are less qualifiedThis is what breaks my heart because on an average credit scores income your assets toclose and your overall education advanced degrees etc are higher from an average standpointthan your fhas your conventionals and your jumbos combinedSo that myth is just simply not true Most of the time our va clients are very wellqualified So that myth is completely debunkedAnd then we have sellers have to pay the closings costs rightBecause all the time sellers have to pay this they have to pay that they have to pay allthe fees They dontTheres not a single fee that sellers have to payOne fee that most people are misconcepting theres a misconception about paying is thepast inspection And actually the veteran can pay that in thestate of Florida Were one of the few states that can actuallymake the veteran pay for that Most of the time we dontWell take care of that So that myth is completely debunkedAnd then outside of that is fha and va are the same type of loanIts not Its completely different theyre both governmentloans but theyre completely different types of loansSo because of that theres misconceptions of well Im not gonna take it because it is anfha loan and its zero downpayment so its inferior The client doesnt have skin in the game whichhurts my heart when I hear that because the only way you get a veteran a va loan is bybeing a veteran active duty or service or putting your time in as they saySo thats the skin of the game That really is the skin of the gameAnd then the last one in this market is you cant finance condosAnd to be very very honest with you va loans have two components that are really greatThe first is if a condo is approved its approved more or less for lifeAnd there is only one document that we need to get in order to make that approved condofinancable and its insurance related So its not even related to the condo itselfits just an insurance document Outside of that we have about ten percentten times more condos approved in the va channel than we do through fha and conventional combinedTheres something I dont know maybe about five or six hundred condos that are approved versusthe six that are approved for fha So these are the most common myths that wecome across But by no means are they all mythsBut these are the most common that we see in the marketSo Im just glad to present that Im just glad to be here and talk about thatThank you so much Well youre certainly you know clearing upa lot of things for me A lot of conceptions that I had had over timebut were obviously wrong So I look forward to having further conversationabout that OkayIf you liked this video and found it useful please below go ahead and like it also leaveany comments Will will be happy to send you a list of thefive or six hundred condos that are available that are va approvedAbsolutely As well as the five common misconceptionsand the truth about those misconceptions the myth busters if you willSo please go ahead and like us below and we will doing a follow up seriesAny questions that you put below we will answer them for you and we will cover them in futurevideos Thank you so much and have a great dayThank you.

The Pros & Cons of VA Loans

how to apply for a usda loan So Steve, What are the requirements for the USDA program? So USDA has a few interesting requirements First of all, you'll need to have at least a 580 credit score Some lenders require a 620 credit score Your household income has to be under the county maximum Like a lot of down payment assistance programs This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying What's unique about this one is the home has to be within a designated area. So, Typically what that means is. NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don't qualify But we only need to go 10 miles away to where there's an open area where there's Several homes that qualify. USDA stands for United States Dept of Agriculture But it's NOT a farm loan. Specifically, they don't finance this program for farms. It has to be a Single Family home without a barn structure on the property. and then it also has some home price limitations. The Threshold is a little bit lower than say an FHA loan for the loan limits. Ok, and how does this program differ from other Down payment programs? So it's different because it's not really a down payment program but it allows financing up to a 100% of the purchase price And it's interesting because you can actually use this program with 1 or 2 of the other programs. If you need closing cost assistance But, what's unique it's a 100% Financing So you don't need a 2nd or a 3rd lien on the property. Your interest rates are typically lower Than if you combine it with a down payment assistance programs And you don't have to repay any down payment assistance It has a monthly factor It's like mortgage insurance upfront It's financed at a monthly component Much less than FHA So if you can qualify for this program It's better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program. Great! And on average How much does the home buyer have to come in with out-of-pocket? So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close. The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit. And they may even get most or all of that back. If the seller is covering all the fees. One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price We can finance the closing costs Up to that appraised amount So, no other loan I know that we can actually finance the closing costs. on that type of loan What type of home buyer is this program ideal for? So certainly those that don't have access to money for a down payment Anyone that wants to live that doesn't have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area It's also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people. And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They'll do manufactured homes They'll do homes with Casitas So no real other restrictions. Just if it conforms to the FHA guides then it should qualify for USDA There's a couple little quirky things That you don't run into very often Like you can't actually have a barn on the property It definitely can't be for agricultural purposes It has to be for residential purposes Ok Great! Thanks Steve. usda rural loan

USDA Loan Limit in NJ | (888) 464-8732

USDA Financing in Tinton Falls NJ | (888) 464-8732

The USDA Guaranteed Home Loan Program in Tinton Falls is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan in Tinton Falls. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

usda first time home buyer

BUT, there are several USDA Loan eligibility requirements in Tinton Falls that you need to meet in order to take advantage of this home loan program.

USDA Loans in NJ Requirements Explained:

The first requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible in Tinton Falls! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

These income limits are based on market area and family size.

home loan for rural area

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

How to take advantage of USDA Loans in NJ:

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

usd loan

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

That means mini farms, and properties with farm acreage are not USDA Loans eligible.

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda approved lenders - Hey, it's Austin Schneiderhere and today we're gonna give you the pros andthe cons of a VA Loan. So a VA Loan is set upfor active and non-active military members as a perk for those who served in our military. Pro number one of a VA Loan is that there is no down payment required. Forget that 20%, forget that 3. 5%, you don't have to put anything down. Con number one is there's a VA funding fee which typically comes out to around 2% of the purchase price. Pro number two is you'regonna be saving money on Private Mortgage Insurance. You will not have to paythe up to a couple hundred dollars a month in thisMortgage Insurance. Con number two is thatthe VA Loan is intended for primary residence,meaning you need to be living in this home. Pro number three is that there's a higher debt to income ratio, meaningthat you can get a loan for a larger amount thanyou probably would be able to with a conventional loan. Con number three of a VALoan, it could be a turnoff to sellers, the 0% downsometimes makes them shake a little bit in their shoes, especially if it is acompetitive situation. Alright, guys, for moreon VA Loans pros and cons, visit us online at TheMortgageReports. Com. Thanks so much for watching, we'll see you on the next one. (upbeat music).

How to buy a home with no money down | USDA Home Loan Program

section 502 guaranteed rural housing loan program Good morningThis is Ellen Mitchel with REMAX Allstars This morning I am happy to have William Cabanfrom Cross Country Mortgage here People may not know but there are over 1 anda half million veterans currently living in the state of FloridaYet there are a lot of misconceptions regarding VA loans that both buyers and sellers haveSo I wanted to invite William here this morning to clear some of those up for usThank you so much for having me Ellen I really appreciate itMy name is Will Cabin with Cross Country Mortgage specifically with the TeamWe have offices throughout Florida New York New JerseyOur team specifically we specialize specifically with VA loansWe do it because of the fact that we feel that in the state of Florida there are somany veterans that are not served the way that they should beAnd unfortunately there are a lot of agents listing agents listing side buyer side whojust dont understand the product well enough And Im here to go over some of the myths thatare associated the common myths not all of them but just the most common myths that areassociated with va loans and kind of debunk some of those myths so we have an idea ofwhat the truth is versus what we hear in the marketRight So some of the most common myths are The appraisalstake forever in this market right To be honest with you in the state of Floridaits posted were one of the few states that actually have it posted on the va websiteWe are supposed to have the va appraisal back in 5 days okay and we can send the link toyou so we can show you that Second myth is borrowers are less qualifiedThis is what breaks my heart because on an average credit scores income your assets toclose and your overall education advanced degrees etc are higher from an average standpointthan your fhas your conventionals and your jumbos combinedSo that myth is just simply not true Most of the time our va clients are very wellqualified So that myth is completely debunkedAnd then we have sellers have to pay the closings costs rightBecause all the time sellers have to pay this they have to pay that they have to pay allthe fees They dontTheres not a single fee that sellers have to payOne fee that most people are misconcepting theres a misconception about paying is thepast inspection And actually the veteran can pay that in thestate of Florida Were one of the few states that can actuallymake the veteran pay for that Most of the time we dontWell take care of that So that myth is completely debunkedAnd then outside of that is fha and va are the same type of loanIts not Its completely different theyre both governmentloans but theyre completely different types of loansSo because of that theres misconceptions of well Im not gonna take it because it is anfha loan and its zero downpayment so its inferior The client doesnt have skin in the game whichhurts my heart when I hear that because the only way you get a veteran a va loan is bybeing a veteran active duty or service or putting your time in as they saySo thats the skin of the game That really is the skin of the gameAnd then the last one in this market is you cant finance condosAnd to be very very honest with you va loans have two components that are really greatThe first is if a condo is approved its approved more or less for lifeAnd there is only one document that we need to get in order to make that approved condofinancable and its insurance related So its not even related to the condo itselfits just an insurance document Outside of that we have about ten percentten times more condos approved in the va channel than we do through fha and conventional combinedTheres something I dont know maybe about five or six hundred condos that are approved versusthe six that are approved for fha So these are the most common myths that wecome across But by no means are they all mythsBut these are the most common that we see in the marketSo Im just glad to present that Im just glad to be here and talk about thatThank you so much Well youre certainly you know clearing upa lot of things for me A lot of conceptions that I had had over timebut were obviously wrong So I look forward to having further conversationabout that OkayIf you liked this video and found it useful please below go ahead and like it also leaveany comments Will will be happy to send you a list of thefive or six hundred condos that are available that are va approvedAbsolutely As well as the five common misconceptionsand the truth about those misconceptions the myth busters if you willSo please go ahead and like us below and we will doing a follow up seriesAny questions that you put below we will answer them for you and we will cover them in futurevideos Thank you so much and have a great dayThank you. usda loan house requirements

USDA Loan Limit in NJ | (888) 464-8732