Refinancing a USDA loan- blownmortgage.com
-
Upload
mortgage-commentator -
Category
Real Estate
-
view
473 -
download
0
Transcript of Refinancing a USDA loan- blownmortgage.com
a USDA loan
BLOWNMORTGAGE.COM
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
When interest rates are as low asthey’ve been refinancing a USDA loanis quite popular. It’s possible for youto refinance a USDA loan, if youalready have one, but in order to doso, there’s some criteria you mustmeet.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
Steps to Refinancing a USDA LoanThe first step in qualifying for a USDA loan refinance is simply,you have to have an existing USDA loan. You can’t refinance aFHA loan or Conventional loan into a USDA loan, you must havean existing USDA loan to refinance it into another USDA loan.When refinancing a USDA loan you don’t need to worry aboutthings like an inspection, as it’s not required. Some other USDArefinancing requirements are;
Your existing USDA loan must be currentYour NEW loan must result in a lower monthly payment,including interestYour existing loan must be a USDA loanNo cash-out option is allowed when refinancing a USDA loan
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
Qualifications and RatesThere actually isn’t a maximum on the loan amount when itcomes to USDA loans. The maximum loan amount that youqualify depends on you. Your debt-to-income ratio cannotexceed 30% of your gross monthly income (before taxes) andyour grand total debt ration can’t be more than 40%. So themaximum really depends on your debt ratio and what you canafford. Your total monthly income also has criteria that needsto be met before you can qualify for a USDA loan refinance.This criteria varies by area, so be sure to ask your USDAapproved lender, and they can help you find that informationbased on the area for you.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
In addition to your debt ratio and incomerequirements, the maximum amountallowed to be financed is 102% of theappraised value of the home, the USDAwill allow up to 102%, but could changewithout notice, be sure to stay on topof the requirements by talking with aUSDA approved lender.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
USDA Approved LendersIt’s important to shop around for your USDA approvedlender so you know you’re getting the best lender, options,and rates. The USDA loan program is quite different thanother mortgage loans and many of the ins and outs of theapproval process can get confusing for traditional loanofficers, so it’s important to find a loan officer thatspecializes in USDA loan programs
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
TO LEARN MOREBLOWNMORTGAGE.COM
LENDER HOTLINE: 888-581-5008
CL ICK HERE
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
Justin McHood is Americas MortgageCommentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:Justin McHood
Mortgage Commentator
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
LEARN MORE ABOUT MORTGAGE COMMENTATOR:
MORTGAGECOMMENTATOR.COM
@MORTGAGECOM_
FACEBOOK.COM/MORTGAGECOMMENTATOR
LENDER HOTLINE: 888-581-5008
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008