03.09.2014

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With the many short sales that were finalized in the recent years, prospective buyers are now looking to re-qualify to purchase a home. Before we get started don’t forget to download our USDA blueprint for success with the link below. Effective March 9th, 2016 USDA has updated their 3555 handbook which now includes revised guidelines on how to qualify for a USDA loan after a short sale. An applicant is ineligible for a mortgage loan if they pursued a short sale agreement on their principal residence to take advantage of declining market conditions and purchases at a reduced price a similar or superior property within a reasonable commuting distance.
Additionally, the lender has also been provided with the ability to grant an exception in accordance with existing USDA credit exception guidelines which would be viewed on a case by case basis.
In summary, USDA guidelines now permit more flexibility and depending on the circumstances, it can be possible to qualify for a USDA loan after a short sale.
Please remember that credit scores do not guarantee approval and minimum credit conditions will apply. Qualifying for a USDA home loan can be both difficult and overwhelming, but when you work with a lender that specializes and understands the USDA loan process can eliminate the uncertainty and open the door to homeownership. If you are looking to purchase a home within the next six months, download your free USDA Blueprint for Success!
So, keep us in mind for your next pre-qualification or if you have a current transaction experiencing financing difficulty and need an expert opinion.
Just call or email to discuss your scenario and let us show you the “Metroplex” difference! And don't forget, we are known for returning calls, replying to your emails, and responding to voice mails. Please remember that mortgage requirements are constantly changing so stay current and up to date by subscribing on the right for future video tips.
With a growing number of students who have recently graduated, but may have a lack of work history, this week’s video tip is important for those who are interested in the USDA loan program.
Also, if you have not yet done so, be sure to download our USDA Blueprint for success with the link below. Customarily we will need a two year verification of employment history, but for graduates who may lack recent work experience due to time at school, this can still be possible.
As mentioned, we must verify an applicant’s employment history for the most recent two full years and additional careful review must be taken for an applicant who has been with their current employer for less than 12 months. However, a reasonable allowance is permitted for applicants who are recent graduates provided this can be evidenced with proper documentation.
Remember, as previously discussed, repayment qualifying income such as overtime, bonuses, and commissions would need to document a 2 year history.
In summary, when schooling is to be substituted in place of work history, these can be case by case scenarios.  With that being said, please spread the word that options are available when trying to qualify for a USDA loan if you have recently graduated. In today’s economy, it is more and more common to see secondary employment or someone who may not be considered full time.
For cases when trying to qualify for a USDA loan with part-time income or a second job, this can still be possible but caution needs to be applied. Second or part-time job income refers to jobs taken in addition to the normal, regular employment to supplement the applicant’s income. In summary, it can be possible to qualify for a USDA Loan with Part-Time income or a Second Job, but having a two year history is a critical first step in this calculation. Often bankruptcies are not due to financial negligence but because of a traumatic event outside of the person’s control. Chapter 13 Bankruptcy: you file a repayment plan with the bankruptcy court to pay back all or a portion of your debts over time. USDA guidelines currently require that absent any exceptions, a Chapter 7 bankruptcy must be discharged for 3 years. However, when trying to qualify for a USDA loan after Chapter 13 Bankruptcy, we have much more underwriting flexibility with waiting periods after your discharge has been completed. Borrower receives written permission from the Bankruptcy Court or Trustee to enter into a mortgage application. Further, once the Chapter 13 plan has been completed, a credit waiver is not required provided the applicant can documents that they have demonstrated a willingness to make on-time payment for the 12 months prior to loan application.


I know we covered a lot today, but in today’s market it is critical to understand how you can qualify for a USDA loan after a Chapter 13 Bankruptcy. This is a common question that I receive, and while many associate the USDA program with a farm loan, in the past there have been issues and frustrations when the land value significantly outweighed the value of the home. However, recent positive guideline changes have opened up flexibility for properties with increased acreage.
As a point of clarification, the USDA program is designed for Single Family Housing and is not a solution for working farms or income producing properties. For example, if you had a property that appraised for $100,000 and the appraiser noted that the site value of the appraisal was at $35,000, then that portion would be at 35% of the appraised value thus exceeding the guideline.
This simple clarification clearly opens up the potential for larger acreage properties without the further burden required to document if the property could be subdivided.
This could potentially increase the amount of acres you can finance with a USDA loan and the available property types, thus helping more USDA qualified buyers. In summary, do not assume in cases of acreage that it may or may not be eligible for a USDA loan. Unique properties can require additional review upfront, so if you have any questions, contact my team so we can start to review and help determine how many acres you can buy with a USDA loan.
Work history can be critical when qualifying for a mortgage, but do USDA loans require 2 years at the same job? As with many guidelines, there is quite a bit of myth to this topic and today’s video tip will provide critical details. When I talk with buyers and Realtors, it is common to be asked if USDA loans require 2 years at the same job. As you can imagine, guidelines regarding employment history are critical when trying to qualify for a USDA loan.
There is no minimum length of time an applicant must have held a position to consider employment income as dependable.
However, the lender must verify the applicant’s employment for the most recent two full years and verify that the applicant’s income has been stable.
If an applicant indicates he or she was in school or in the military during any of this time, the applicant must provide evidence supporting this such as college transcripts or discharge papers.
If the applicant has recently re-entered the workforce after an absence to care for a family member or minor child, extended medical illness, or other circumstance reasonable to the lender, the applicant must provide evidence. The applicant should not have any gaps in employment of more than a month within the two year period prior to making the loan application. It remains the lender’s responsibility to analyze the gaps in employment as it relates to the probability of continued income. Applicants that have not been employed for 12 months with their current employer or have experienced a significant earnings increase are considered high risk. It is important to point out, that while you do not have to be on the same job for 2 years in order to qualify for a USDA loan, approved lenders must still determine stable and dependable monthly income from verified sources. Please remember that job stability provides strength with your qualifying and having long time employment at the same job can be a very strong compensating factor towards both underwriting and USDA Rural Development approval. This is a common question that I receive and depending on the loan program, the answer can vary. Commonly referred to as seller concessions, this is the amount that can be negotiated within the sales contract to help the buyer(s) with customary out of pocket expenses such as closing costs or pre-paids, otherwise known as settlement charges. When determining how much can the seller pay in closing costs, this can vary depending on multiple factors.
Investment properties are capped at 2% of the sales price regardless of down payment amount. Currently, FHA will allow up to 6% of the sales price towards seller concessions regardless of down payment.
Properly structuring the sales contract upfront can help save time and possibly help with the preliminary negotiations.
As you can imagine, this is critical when calculating maximum budget and could mean the difference between a USDA approval or denial.
Repayment income is for calculating debt ratios and the all important qualifying price range.
USDA Guidelines require that when attempting to qualify with income from sources such as Bonus, Commission, Overtime, Part-Time, Second Jobs, or Seasonal Employment, that the applicant have a two year history of receiving these income types (ideally from the same employer). On a side note, as discussed in a previous video tip, if you claim unreimbursed business expenses on your tax returns (Form 2106) then this amount will be deducted from both your repayment income and annual income. When asking the question, how does your income qualify for a USDA loan, hopefully this video will help get started, but please be sure to call us for any specific qualifying questions.


For those of you who have not yet heard, both Fannie Mae and Freddie Mac conventional loans have 3% down payment programs available. If you have not yet done so, don’t forget to take advantage of our Free 2nd opinion service, which is great for both existing transactions and any pre-qualifications who want an expert 2nd opinion. With recent down payment reductions by both Fannie Mae and Freddie Mac, conventional loan programs have become more affordable. It is common to associate 20% as the required down payment, but many do not realize that conventional loans have 3% down payment programs as well. In addition to their traditional 3% down payment option, Fannie Mae has added another feature under their HomeReady™  program which is designed for creditworthy, low to moderate income borrowers, with expanded eligibility in designated areas. Homeownership education is required through Framework, an online program approved by Fannie Mae. Improved interest rate and mortgage insurance (PMI) adjustments are available with the HomeReady™ program, and while this does fall under the Fannie Mae conventional umbrella, there are more requirements involved -  so if you have questions call us for details. While there is NO First Time Home Buyer Requirement, applicants may not have any other ownership interest in other residential properties at time of closing. Please remember that conventional loans have 3% down payment programs, but that minimum credit conditions will apply and sufficient equity will be required as on all programs.
Due to the fact USDA loans are known for 100% Financing, I am commonly asked what happens to your sales contract deposit with a USDA loan? If you have not yet done so, please take advantage of our free Second Opinion Service (SOS).
Typically, when purchasing a home, a buyer will have two sets of out of pocket expenses, a down payment and settlement charges. Appraisal Fees and Inspections: These are customary out of pocket expenses that should be paid for by check or credit card when the option is available. Closing Costs and Pre-Paid Items: These can be financed through a USDA loan only when the appraisal is high enough to allow for the increased loan amount.
Just to summarize, while it is possible to receive back your sales contract deposit with a USDA loan, this is not a guarantee and it will depend on other factors such as the appraised value and if the seller is paying towards any of the buyer’s settlement charges. Updated guidelines specifically address how to qualify for a USDA loan after a short sale, and today’s video tip will go over the details to keep you in the know.
This is a great resource for the USDA qualifying process and is designed for both homebuyers and Realtors alike. After filing for bankruptcy, many feel homeownership is a dream that is out of their reach. It is possible to qualify for a USDA loan after Chapter 13 Bankruptcy, but it is also important to remember that the type of bankruptcy impacts the qualifying process as well. Today’s video will answer the question and explain how many acres can be eligible with a USDA loan. With that being said recent improvements have been made to the guidelines covering allowable land value. Comparable sales in the area will help to justify if the site value is typical for the area.
If you do know of anyone that may have been turned down due to their time on the job, please take advantage of our free Second Opinion Service (SOS) and see if we can help turn their financing around! Lenders must ensure the applicant will have the required stable and dependable income to carry the mortgage debt. By knowing the question of how much can the seller pay in closing costs, this can help get the transaction started off on the right foot. Not everyone is paid the same way – some have commissions, bonuses, and even part-time employment. Buyers can also negotiate with the seller to pay all or a portion of closing costs to help reduce this expense. Reproduction of logos and designs, including the House-on-the-Hill logo, and commercial use of any of the trademarks by any third-party is subject to approval by Fannie Mae's Corporate Communications and Legal departments, and may require the execution of a formal trademark license.
How do these various types of income get calculated and what can be eligible for USDA qualifying?
Remember, if any funds are needed from the buyer at closing that the EMD will be credited towards this amount. While it is possible for this to be refunded at closing, this is dependent on several factors and is not guaranteed.



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