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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

  1. ONLY 3 CREDIT TRADE LINES NEEDED to avoid manual downgrade
  2. NEW! Only 1 year out of BK chapter 7 now eligible if mortgage not included!
  3. One (1) day out of Chap 13 eligible to apply for loan! No waiting period
  4. Currently in Chap 13? Client eligible with 12+ months of on time payments and trustee approval
  5. Credit Scores down to 581!
  6. Non-taxable income can be grossed up 125%
  7. Judgments w /payment plans and 3+ mos. of payments OK except Federal
  8. Installment debts w/10 payments or less may qualify to be removed from DTI ratio
  9. Medical collections and charge offs not included in DTI ratio
  10. USDA repair escrow no longer has a dollar limit. Repairs cannot exceed 10% of loan amount.
  11. Standard Trade Lines must show 12 month payment history (open or closed)
  12. Non-traditional trade lines showing 12 months no lates - must be open or closed within six (6) months prior to application.
  13. Co-signed debts may be allowed to be removed from ratio at UW discretion
  14. Cancelled checks not required if independent landlord confirms he/she only accepts cash.
  15. 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.
  16. Site value no longer restricted to 30%
  17. Up to 6% seller concessions – gift funds from household members permitted
  18. 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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