USDA Home Loans Are Available
I have had many people contact me in the last couple of months requesting information or inquiring whether or not USDA Home Financing is available. There have been stories of Loan Originators using stalling tactics to hold back their prospective clients from going to "THE OTHER LENDER" who claims to have available USDA financing.
Today I am happy to say that USDA Home financing is indeed available, however with Congress yet to commit a new round of appropriation/ funding to the USDA Program, many lenders have decided to add a set of overlays (additional self-prescribed guidelines) that protect the lender against any liability. Most lenders are manually underwrting these loans, so that means the requirements are a bit more strict.
USDA Loans are available at Academy Mortgage, however with the following requirements:
1. Loan must have a 1st payment date of October 1st, 2010 (or later).
2. Borrower's first mortgage payment must be collected at closing. Academy will submit payment to investor.
3. Minimum FICO score for product (until further notice): 680 (no exceptions)
4. No Bankruptcies in past 36 months
5. Ratios limited to 29/41 (no exceptions)
For more information, please contact me at 480.344.3671 or you can visit me at www.tedcanto.com