Because they are intended for primary residence, buyers cannot use a USDA loan for investment property. The USDA loan program is designed to provide an affordable, minimal-barrier route to homeownership for low- and middle-income earners. In order to qualify, the property must be located in a USDA-eligible area and serve as the buyer’s primary residence. … Read more
Being aware of financing is key for any home purchase, but especially in an auction. Here are some of the ways to finance your real estate auction purchase. While auctions can provide a way to purchase foreclosures at lower prices, the foreclosure process typically involves selling properties as-is without any home inspections or appraisals. However, … Read more
The real estate market is aging, with over half of owners living in homes built before 1980. That can make finding your dream house challenging unless you hire a professional to build it. As stressful as that sounds, construction-to-permanent financing streamlines the process. Learn more about this type of loan to see if it is … Read more
If you’re interested in a USDA home loan, connecting with a local USDA loan specialist is a crucial first step As experts in Rural Development programs, these professionals can guide you through the unique requirements and benefits of USDA financing With thousands of USDA-approved lenders nationwide, tracking down specialists in your area is easier than … Read more
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#Demystifying USDA Rural Loans with a Handy Calculator Buying a home in a rural area comes with its own set of challenges. With limited options and resources, rural homebuyers often find it difficult to navigate the mortgage process. This is where USDA rural loans can come to the rescue. Offered by the United States Department … Read more
Buying a home can be an exciting yet stressful time. As a first-time homebuyer, I was thrilled to start the homeownership journey but quickly overwhelmed by all the associated costs One expense that was particularly confusing to estimate was closing costs on my USDA loan As a refresher, USDA loans are a great option for … Read more
Most preapprovals are good for 90 days, but some lenders issue 60-day and 30-day limits. Best practice is to get preapproved for a mortgage just before you begin serious house hunting. Experian, TransUnion and Equifax now offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com. When a lender issues a mortgage preapproval letter, the … Read more
Social Security benefits can be used as proof of income when applying for a personal loan Borrowing money doesnt necessarily stop once you hit retirement age. Even if youre collecting Social Security benefits and have other sources of income, you could face a major expense that exceeds your available funds. If thats the case, you … Read more
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners. USDA loans help first-time home buyers … Read more