Do I Qualify For A Usda Loan – USDA Loan Requirements 2021 – USDA Loan – First Time Home Buyer
Do I Qualify For A Usda Loan – Choosing The Best Company
Do you live in a rural area and wondering about using a USDA loan to buy a home? What are the usda loan requirements? In this video, we discuss the usda loan process step by step, income requirements, credit score requirements and also talk about some of the differences in usda vs fha.
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➡Eligibility Requirement Link – https://www.usdaloans.com/program/eligibility/
FHA Loan and VA Loan Mentioned in this video:
➡NEW FHA Loan Requirements – First Time Home Buyer – FHA Loan 2021 – https://youtu.be/JwGB0CEZOww
➡VA Loan First Time Home Buyer – VA Loan Explained – https://youtu.be/yO1G-EA0LAU
What is a usda loan? A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture
➡ What is usda mortgage insurance? Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. USDA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.
➡ What is the current upfront mortgage insurance premium for usda loans? The UPMIP is currently at 1% of the base loan amount. This applies regardless of the amortization term or LTV ratio.
➡ How do you calculate the monthly mortgage insurance premium for a usda loan? Purchase Price x Percent of Amount Financed x 1.01 x .0035 / 12
Example Below using a $200,000 purchase price putting ZERO down:
$200,000 x 1.01 = $202,000
$202,000 x .0035 = $707
$707 / 12 = $58.92 / month
USDA loan 2021 requirements
✅No Minimum Credit Score but 640 is easier to get approved
✅No Max Loan Amount
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅The home must be the borrower’s primary residence and meet eligibility area and cannot be used to purchase income producing property
✅Borrower must have steady income and proof of employment and there are household income limits.
FHA Videos You May Find Helpful:
➡How to calcuate PMI on a FHA Loan – How to get rid of PMI – FHA Loan 2020 – https://youtu.be/1UDea_zyhqM
➡FHA Loan Qualifications – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/1SC6WgAJ2yk
➡FHA Loan 2020 – FHA Loan Requirements – First Time Home Buyer – https://youtu.be/wp-2c_EdcrU
➡FHA Pros and Cons – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/fOWjRGQmKDM
➡Buying a home using FHA – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/8KCzd8GPH_w
Home Buying Videos You May Find Helpful:
➡HOW TO GET APPROVED FOR A HOME LOAN – First Time Home Buyer – https://youtu.be/K3_JTAMhhi4
➡5 Most IMPORTANT Steps to writing an offer on a house – First Time Home Buyer – https://youtu.be/Eskq9g_9sOo
➡ Buying Real Estate in a CRAZY Market – https://youtu.be/WLH0UlGmD9U
➡Step by Step Process of Buying a House in 2020 – https://youtu.be/myJ1h0ykhts
➡Do I get my deposit back if I cancel escrow? – https://youtu.be/0RMy9iNTu54
➡What Stays when buying or selling a house? – https://youtu.be/XH6c9-omN24
➡Appraisal vs Home Inspection – https://youtu.be/cwjokWbr1Go
I hope you appreciate this update on usda loans for first time home buyers for the housing market 2021 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2021 forecast and the housing market 2021 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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Other videos you might find helpful:
➜➜Why a Housing Crash Isn’t Likely In 2021 – Housing Market Update – https://youtu.be/UgWK5Kte6EQ
➜➜Foreclosures and Evictions Extended Again – https://youtu.be/SAhMUlMw3oQ
➜➜HOUSING MARKET CRASH IN 2021 IS A JOKE – NEW HOUSING UPDATE – https://youtu.be/_yMNZaD5WEE
➜➜What does a BIDEN Housing Market look like – Housing Market 2021 Forecast – https://youtu.be/p7-rh12p2eE
➜➜Buying Real Estate in a CRAZY Market – Housing Market 2020 Real Estate Market Update – https://youtu.be/WLH0UlGmD9U
#HousingMarket2021 #USDA #FHA