Can't Qualify For a USDA Rural Loan – Next Best Solution
Date: November 15, 2011Often USDA Rural Loan applicants will not qualify for a USDA Loan for various reasons including income that exceeds USDA guidelines, property not being located in an eligible area, owning another home, excessive debt-to-income ratios, condition of the house, etc. In these circumstances there are other loan options for borrowers to consider including:
VA Loans –no money down option for former and current military personal | |
FHA Loans – the most flexible qualifying loan program that requires a 3.50% down payment, which can come from flexible sources such as family member gifts and loans against 401k accounts | |
FHA 203k Renovation Loans – permutation of the FHA loan that includes a renovation budget to address property deficiencies post-settlement | |
Conventional Loan with monthly mortgage insurance premium - borrowers with a minimum 3% down payment and 680 middle credit score a conventional loan provides a low down payment mortgage solution without any upfront fees that are customary with USDA, VA, or FHA loans. There will be a monthly mortgage insurance premium charged, which is usually much less than a comparable FHA loan | |
Conventional Loan with no monthly mortgage insurance premium – borrowers with a 5% down payment can finance an upfront mortgage insurance premium into the mortgage loan up to 97% loan to value. This program requires higher credit scores than a conventional loan with a monthly mortgage insurance premium |
USDARuralLoan.com Loan Officers are full service mortgage brokers and while our primary niche is USDA Loans we take great pride in offering the best solution to our Clients. To learn more about all of your financing options please call (866) 747-2882 to speak to one of our Loan Officers.
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