Just because a USDA loan has less stringent qualifications doesn’t automatically mean everybody can qualify for the program. For starters, it is established for a specific segment of the borrower market, specifically low-to-moderate income families who have lower chances of obtaining conventional mortgages. A USDA loan lender looks for a certain range of qualifications in your application to determine if you are eligible for the program. Here are the most common considerations that lenders … [Read more...]
How to Apply for a USDA Guaranteed Home Loan
The USDA loan application process is similar to any other loan process to start, but the USDA has final approval, which is different than any other loan program, including VA and FHA programs. If you know that the home you wish to purchase or refinance falls within the USDA boundaries, you can apply for the loan with a USDA approved lender and go from there. You must find a lender that has USDA approval; however, not every lender has that, which means they are not authorized to provide this type … [Read more...]