USDA Student Loan Updates

USDA has long seen the benefit of a College Degree - and in fact USDA Home Loan Underwriters will use Higher Education as a "compensating factor" when a family is close on the debt ratios!  Unlike FHA and VA home loan underwriting, though, the no money down home loan programs offered through USDA COUNT deferred Student loans IN the total debt … [Read more...]

Comparing No Money Down Home Loans in NC

There are MANY  No Money Down Home Loan Options available to buyers in North Carolina.  This No Money Down Home Loan information is accurate as of today. If you get No Money Down Home Loan Information somewhere else, it may be inaccurate or out-of-date. What ARE the No Money Down Home Loan Programs? The No Money Down Home Loans are special mortgage … [Read more...]

USDA Home Loans and Deferred Student Payments

People are moving to the Raleigh / Cary Metro area to go to one of the more than 20 Universities and Colleges we have in the area... and after graduation, they often stay in the Triangle because we have jobs.  As folks are ready to put down roots and buy a home in Raleigh, they need to know how those Student Loans might affect them when they apply … [Read more...]

Credit Scores and First Time Home Buyers!

How Credit Scores are calculated is changing, and the minimum scores required for mortgage loans are going HIGHER!   It's important to know that Trans Union began making changes to the way they calculate credit scores, and if you don't change your credit strategy - you might not be able to purchase! If you are using VA Benefits, you need a … [Read more...]

USDA Rural Development Loans and Liquid Assets

Some borrower's we talk to have ALWAYS been good savers, and they are drawn to the USDA Rural Development Home Loan program because it allows them to keep their savings (it's a 100%, NO downpayment required loan!)!   There use to be a rule that said you could not have more than $5000 left in liquid assets after closing to qualify for a USDA … [Read more...]

Applications for FHA / VA/ USDA Mortgages Up!

According to the Mortgage Banker's Association in Washington, DC, the applications for "Government" backed loans is MUCH higher than for any other segmant in the market.  Traditionally, if you were interested in purchasing a $300,000 house - you would consider a Conventional Mortgage Loan.  We would often do those loans as 80-15-5 with the borrower … [Read more...]

Three Trade Lines

What's a trade line???  It's a line of credit that is (preferrably)reported to all three credit bureaus. Credit cards, Car Loans, Personal Loans from finance companies are all tradelines.  Some are better than others - for instance, personal loans from Beneficial will not help you get the highest score.  A loan with Best Buy is easier to get than … [Read more...]