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Archive for the ‘income limits’ Category
USDA Loans Taking Longer – Review Process
November 17th, 2009 | 
Author: Our USDA Guaranteed Home Loans are underwritten by our in-house underwriting staff, but after it is approved through our staff underwriters, the loan then must be forwarded to USDA for their approval of the loan, since they are the ones guaranteeing the loan. This is similar to what happens when a mortgage insurance company requires loans to be submitted to and approved by them prior to insuring the loan. Read More
USDA Rural Guaranteed Asset Limits not restrictive
It used to be that if you were applying for a 100% USDA Rural Guaranteed Mortgage, you couldn’t have more than $5,000 left over at closing because the main purpose of the loan was to help people purchase homes in “under” served areas with no money down. That restriction has changed for this USDA no money down program. Read More
$8,000 Tax Credit and USDA Guaranteed Loan
There has been some questions as to if you qualify for the $8,000 First Time Homebuyer Tax Credit if you are financing a home purchase with a USDA Rural Guaranteed Loan. The answer to this is: YES, as long as you qualify for the tax credit. Read More
Adjusted Income Calculations for USDA Loans
Understanding Adjusted Household Income:
If you check out my previous post, you will see that the USDA sets maximum income limitations based on family size for qualifying for the Oregon USDA Guaranteed Rural Home Loan. However, it is possible that you may have “adjustments” to your income that will help qualify for the Oregon USDA Rural Development Home Loan. Read More
Posted in $8000 tax credit, 100% Financing, Eugene/Springfield, first time home buyer, income limits, Mortgage Loans, Purchase loans, USDA Zero Down | 
Tags: 100% Financing, Farm Home Loan, FmHA, rural loans, small town lending, urban growth boundary, USDA Rural Guaranteed Mortgage Loan | 
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USDA Qualifying Income to Debt Ratios Explained
The Oregon USDA Guaranteed Rural Home Loan does not have a maximum loan amount like FHA. This loan depends on your repayment ability and the appraised value of the home you are buying. We will determine the ratio of your Gross (before taxes) Income to your new monthly Oregon USDA Guaranteed Rural Home Loan payment. This is referred to as the Front End Ratio and generally like it to be around 29%. It can go higher if there are compensating factors like a great credit score or extra savings. There are a number of compensating factors when working on a Oregon USDA Rural Home Loan. However, they must be actual factors and not just a “these are good people and will make their payments,” type of note. Read More
