Tag Archives: USDA

Whacked Out Wednesday – Most Under Utilized program & Strong suit!

#WhackedOutWednesday – The most under utilized program out there = The USDA Loan!!  It’s also a strong suit for what we do! Super excited to help others know this loan, I think this would be my go to loan, not necessarily FHA.  I think LO’s just naturally go to this program with those with a lower FICO or think this is the better 1st time home buyer program.  While there are some guideline differences, zero down is better than 3.5% down all day.

This is a strong suit for what we offer, and we go down to 580 FICO on USDA! Allow manually underwritten programs and have little to no overlays.  The map has been expanded and the income allowed updated, my advice, check this out on your next loan! #SellWell

Here is for the map for loan limits;  https://www.rd.usda.gov/files/RD-SFHAreaLoanLimitMap.pdf 

Here is for the link to find the eligibility; https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

I am expanding with whom I am doing business with and seeking those that want to grow their business in 2018!  I am helping broker’s left and right set up social media campaigns to help source new business! I am an AE, that helps YOU grow YOUR business and ask for a small piece of the pie to help! #LetsDoBusiness

Two for Tuesday – Large Deposit guides – USDA / VA Loans

#TwoforTuesday – LARGE Deposit guidelines for USDA and VA loans.  Bottom line make sure you “LOOK” at the bank statements you get from clients BEFORE you turn them in.  Make sure you know the various large deposit guidelines to prescreen the statements prior to turning them in.

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Whacked out Wednesday – The most under utilized Program!

#WhackedOutWednesday – The most under utilized program is the USDA loan in my opinion.  And today, because it is a #StrikeZone for me, I wanted to highlight some things for you mortgage pro’s.  This is a fantastic program, and guidelines and “zones” have been updated.  You’ll be surprised, you might find this is a great loan to segment an advertising campaign with.

I’m including a few links today, and the 1st will be a link to gain GUS approval on your end.  Many Broker’s seem to not have this set up, and you can do so right from my website.  2nd link will be the calculator to help you see if someone qualifies for this loan.  I go over several guidelines you should know, from what constitutes a large deposit to DTI ratios to look for.

I believe this is a great program, and a #StrikeZone for me.  Here’s the links to help you;

  1. The link for the GUS sign up for you brokers — CLICK HERE!
  2. The link for the qualification calculator for USDA —- CLICK HERE!

For those of you that like ideas to source new business, here’s definitely one of them to segment and see if there’s a USDA zone near you.  #SellWell

 

Two for Tuesday – Mortgage Insurances

I ♥ GOVIE LOANS, USDA, VA or FHA are a specialty of mine.  I do these loans for my Broker #partners down to 560 FICO!  Today being #TwoforTuesday I wanted to address the up front insurance fees and monthly MI’s for all these programs.  And provide a guide on this that could help you remember them.

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I WAS WRONG!  LOL, I remember that majority of FHA loans are typically over 90% LTV and not a 15 year.  But I am placing the charts for each product below;

FHA FIRST:

FHAMIP3

Here’s where I was wrong, looks like if you have less than 78% LTV on a 15 year FHA loan the MI stays on the loan for 11 years and can fall off.  I guess I forgot that 🙂

FHAMIP4

NEXT IS VA, I ♥ VA loans and it seems my Brokers educate me on this loan more than any.  The guidelines are so awesome for this loan, did you know you can payoff debt with sellers contributions?  Check out the Chart below and identifies based on the “branch of military” what the funding fee is;

VA-Funding-Fee-Chart

And Last but certainly not least the chart for the USDA Guarantee fee;

post-infographic138

#SELLWELL