USDA to $400,000+ and Over 4 Property Mortgages!
USDA - Are you looking for a $400,000 100% Mortgage?
The Continuing Education classes that I attended last week included USDA training. With the new income levels we could do a home for $400,000 purchase! Remember that income for 1-4 family members is $75,750 or 5-8+ is $100,000. This includes all family income based on who is signing the note and mortgage. There are credits for childcare, etc. Again it is 100% financing of the appraised value of the purchase of a home if higher - not the sales price!!! Credit scores can be 620 and lower if there are compensating factors. 620 requires less documentation. We can also use NO SCORE - non-traditional credit such as cell, insurance, rent and so on. We can refinance an exisitng USDA Rural Housing loan but only if originally USDA. Collections do not always have to be paid off! Note that underwriting time is longer - up to 6 weeks for total process. Some of the loan file must go to USDA for approval which holds things up slightly. Make sure you put 45 days at least in your contract. Call for quotes!
Over 4 properties?
We have a loan program to purchase or refinance a Second Home if a borrower has over 4 properties financed. LTV is 70% and rates are normal market rates. Credit score must be good!
Primary homes may have up to 10 financed properties - LTV can be 80% and on occasions 90% depending on credit score.
Call Elagene Trostle for more information!
843-342-3900 x8
1-877-342-3900 x8
843-338-9017 cell
ET@TrostleTeam.com
www.FairwayIndependentMC.com/ElageneT
The Continuing Education classes that I attended last week included USDA training. With the new income levels we could do a home for $400,000 purchase! Remember that income for 1-4 family members is $75,750 or 5-8+ is $100,000. This includes all family income based on who is signing the note and mortgage. There are credits for childcare, etc. Again it is 100% financing of the appraised value of the purchase of a home if higher - not the sales price!!! Credit scores can be 620 and lower if there are compensating factors. 620 requires less documentation. We can also use NO SCORE - non-traditional credit such as cell, insurance, rent and so on. We can refinance an exisitng USDA Rural Housing loan but only if originally USDA. Collections do not always have to be paid off! Note that underwriting time is longer - up to 6 weeks for total process. Some of the loan file must go to USDA for approval which holds things up slightly. Make sure you put 45 days at least in your contract. Call for quotes!
Over 4 properties?
We have a loan program to purchase or refinance a Second Home if a borrower has over 4 properties financed. LTV is 70% and rates are normal market rates. Credit score must be good!
Primary homes may have up to 10 financed properties - LTV can be 80% and on occasions 90% depending on credit score.
Call Elagene Trostle for more information!
843-342-3900 x8
1-877-342-3900 x8
843-338-9017 cell
ET@TrostleTeam.com
www.FairwayIndependentMC.com/ElageneT
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