Two Things You Need To Know For USDA Loans...

Good morning!

 

If you are considering a USDA loan there are two things you should be aware of…

 

1) There are geographic restrictions. Not every area is eligible for USDA financing.

 

The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for USDA financing.

 

Here is the link to check your address: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

 

2) USDA has household income caps. In other words, it’s possible to make too much to qualify for a USDA loan.

 

You will need to enter your total household income into the link below and see if your family qualifies.

 

Here is the link to check the income for your area… https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

 

USDA is a great program. …100% financing with a low fixed interest rate.

 

If you have any other questions or want to see if you qualify just give me a call or shoot me an email!

 

That’s it for today!

 

Have a good day today!  …and thanks for reading.

 

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog Posts

How To Get An FHA Loan If You’ve Recently Been Out Of Work…

Good morning!

If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house…

I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation.

There are just a few main guidelines that FHA likes to see for the borrower in this situation to be eligible for financing…

1) Current employment of at least six months.

2) Documentation of two years of employment prior to the absence. Acceptable documentation includes w-2’s, paystubs, or a written verification of employment.

3) Acceptable scenarios include an individual who took several years off to raise children but has now returned to work.

If you know someone in this situation and they want to purchase a home, have them give me a call and I’ll try to help!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

How Mortgage Companies Treat Your Bonus Income

Good Morning!

When it comes to bonus income there are three things to be aware of when you are getting a mortgage…

1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.

2) The employer has to indicate that the bonus or overtime income will likely continue.

3) We will use a two year average of bonus and/or overtime income. So, if you got a lot this year, but not last year then we will have to use an average of both years.

If you or someone you know needs a mortgage – let me know! I would love to help you out!

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here

My Previous Blog Posts