Hellow guys, Welcome to my website, and you are watching NEW USDA Loan Requirements 2024 - First Time Home Buyer - USDA Loan 2024. and this vIdeo is uploaded by Jeb Smith at 2024-02-19T05:15:01-08:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | NEW USDA Loan Requirements 2024 - First Time Home Buyer - USDA Loan 2024 |
| Video Uploader | Video From Jeb Smith |
| Upload Date | This Video Uploaded At 19-02-2024 08:15:01 |
| Video Discription | Are you a first time home buyer interested in buying a house using a usda loan in the 2024 housing market? What are the most recent USDA loan requirements for 2024? What credit scores do you need? How long do you need to be employed? How much downpayment does USDA require? What are the pros vs cons of USDA Loans? In this video, we are going to discuss the 2024 USDA Loan Requirements, answer some common questions around USDA and show you how to do some basic USDA calculations with regards to Mortgage Insurance ⏩ FHA Loan Requirements 2024 - https://youtu.be/CApGLR5u6j0 ✅ - Get a Personal Referral to a Mortgage Expert or a Professional Realtor - http://www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - http://www.becominghomewise.com USDA also has the Direct program (which we didn't mention) made directly by USDA – it is more restrictive to qualify (lower income limits), but payments can be subsidized! More info can be obtained at the Income & Property eligibility site link below (click the Direct program). The qualifications discussed in this video are specific to the Guaranteed loan program. USDA Info: ➡USDA Income and Property Eligibility Site - https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do ➡Regulation, Handbook, & Training Modules on specific topics - https://www.rd.usda.gov/resources/usda-linc-training-resource-library ➡How to contact the USDA Directly -https://www.rd.usda.gov/sites/default/files/rdsfhglpcontactlist_07_21.pdf What is a usda loan? A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture ➡ What is usda mortgage insurance? Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. USDA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment. ➡ What is the current upfront mortgage insurance premium for usda loans? The UPMIP is currently at 1% of the base loan amount. This applies regardless of the amortization term or LTV ratio. ➡ How do you calculate the monthly mortgage insurance premium for a usda loan? Purchase Price x Percent of Amount Financed x 1.01 x .0035 / 12 Example Below using a $200,000 purchase price putting ZERO down: $200,000 x 1.01 = $202,000 $202,000 x .0035 = $707 $707 / 12 = $58.92 / month USDA loan 2024 requirements ✅No Minimum Credit Score but 640 is easier to get approved ✅No Max Loan Amount ✅MIP (Mortgage Insurance Premium ) is required. ✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this) ✅The home must be the borrower's primary residence and meet eligibility area and cannot be used to purchase income producing property ✅Borrower must have steady income and proof of employment and there are household income limits. I hope you appreciate this update on usda loans for first time home buyers for the housing market 2024 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith. Please let me know your thoughts below: what are your predictions for the housing market 2024 forecast and the housing market 2024 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house? Jeb Smith (Huntington Beach Realtor/orange county real estate) DRE 01407449 Coldwell Banker Realty I N S T A G R A M ➳ https://www.instagram.com/jebsmith ➡T I K T O K➳ https://www.tiktok.com/mrjebsmith #HousingMarket #USDA #FHA |
| Category | Entertainment |
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