What are FIVE goals you need to have when qualifying for a USDA loan?
What are FIVE goals you need to have when qualifying for a USDA loan?
As we can all agree, planning and preparation play an important part when it comes to qualifying for a mortgage and in today’s video I will discuss 5 Must-Have Goals to keep in mind when qualifying for a USDA loan.
Also, if you have not yet done so, please download our USDA Blueprint for Success with the link below, this education resource helps break down the USDA process step by step and is great for both Realtors and homebuyers alike!
- Credit Qualifying
In order to qualify for a USDA loan, minimum credit conditions will be required, but please understand that having a certain credit score does not guarantee approval. While a minimum score can open the door to potential loan programs, a combination of you score and overall credit profile will be reviewed for actual approval.
- Budget, Budget, and Budget
When I talk about budget with our clients it is important to understand both the maximum monthly payment your budget will allow along with what you have budgeted for out of pocket expenses such as deposits, appraisals, and any closing costs.
- Taxes and Insurance
When calculating your payment, taxes and insurance play an important role and because they vary from property to property, this means that you could have the same sales price on two different homes, but also have different payments.
- Stability
A homebuyer’s stability during the loan qualification process is critical. Communicate with your lender in situations where you are thinking about opening any new accounts, inquiring for credit, transferring funds, changing employment, or even things like an upcoming marriage or possible divorce.
- Patience
This one is easier said than done, because the home buying process can be extremely emotional, don’t let the ups and downs or the day to day frustrations get to you. Remember to stay involved, continue to be positive, constantly review potential properties with your Realtor, and above all stay patient.
I realize that we covered a lot today and even though not all lenders specialize in USDA loans, because of the experience here at “Metroplex” we are able to help homebuyers maximize their USDA qualifying ability.
As a top ranked USDA Approved Lender, we are here to help! Just call or email to discuss your scenario and let us show you the “Metroplex” difference!
SeanS@MPLX.org
(800) 806-9836 Ext. 280
As always, I want everyone to make it a great day and I look forward to seeing your right here for the next tip of the week!
