Tag Archives: USDA

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.

#CardTappApp is the Sponsor this week and can custom tailor any app for the sales your in.  The owner was a #MortgagePro that was seeking to gain more exposure! #Checkitout CARD TAPP APP – CLICK HERE

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