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USDA Home Loans
Great News for USDA Loans - Lower Fees, 100% Financing !
The USDA lowered its upfront fee from 2.75% to 1.00% and its annual fee from 0.50% to 0.35%. These reductions will not only save you money, but may help you meet the eligibility requirements.
18 recently changed ELIGIBILITY GUIDELINES for USDA Home Loans
- ONLY 3 CREDIT TRADE LINES NEEDED to avoid manual downgrade
- NEW! Only 1 year out of BK chapter 7 now eligible if mortgage not included!
- One (1) day out of Chap 13 eligible to apply for loan! No waiting period
- Currently in Chap 13? Client eligible with 12+ months of on time payments and trustee approval
- Credit Scores down to 581!
- Non-taxable income can be grossed up 125%
- Judgments w /payment plans and 3+ mos. of payments OK except Federal
- Installment debts w/10 payments or less may qualify to be removed from DTI ratio
- Medical collections and charge offs not included in DTI ratio
- USDA repair escrow no longer has a dollar limit. Repairs cannot exceed 10% of loan amount.
- Standard Trade Lines must show 12 month payment history (open or closed)
- Non-traditional trade lines showing 12 months no lates - must be open or closed within six (6) months prior to application.
- Co-signed debts may be allowed to be removed from ratio at UW discretion
- Cancelled checks not required if independent landlord confirms he/she only accepts cash.
- Only two trade line now required with VOR. IF no VOR 2 trades plus 1 non-traditional trade or 1 traditional trade with 2 non-traditional.
- Site value no longer restricted to 30%
- Up to 6% seller concessions – gift funds from household members permitted
- Private rent verification from landlord now accepted & possible no cancelled checks
USDA Home Loans With 100% Financing And Attractive Mortgage Rates
USDA Home Mortgages 100% Financing
What is the definition of an Eligible Trade Line?
Eligible trade lines apply to any trade account currently open and active with repayment underway and showing a 12 month history with no lates. OR Past traditional trade lines that are now closed are also considered an eligible trade line if the closed account shows a 12 month payment history with no lates
Can Alternative Trade be used?
Alternative trade lines can be used providing they are currently open (or closed within 6 months of application date) and have a 12 month payment history with no lates. Alternative trade lines need to be reported on a supplemental credit report. Non-traditional credit may not be used to enhance poor payment records or low credit scores.
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