Q&A: How do USDA rural housing direct loans work?

Question by gmoney: What is the difference between streamline refinance vs regular refinance on fha loan?
My husband and I were recently married, dosage link we are in the process of trying to refinance our home. We wanted to know the pros/cons of streamline refinance. We are also wanting to add me to house loan to see if added income helps with rate? I am getting the impression they (wells fargo) is wanting us to do regular refinance. They said it is a standard 3800 no matter where we go or what we do. Any others know anything about either?

Best answer:

Answer by Caveat Emptor
The FHA Streamline refi option is available to those with existing FHA loans in good standing. The conditions are that you can refi for the existing loan balance only (no cash out) and the new loan payment must be lower than the current payment. It is “streamlined” because there is no requirement for a new appraisal and no LTV requirement. The closing costs can be paid in cash or folded into the new loan balance.

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Question by David P: How do USDA rural housing direct loans work?
My family may be forced to move to VA out of necessity, viagra just as we were in the middle of the homebuying process. We know VA has a stronger USDA home loan program than our current state does, treat and is good for families with lower incomes, viagra dosage so we’re interested in giving it a try. But we are a little unsure how the whole thing works. In particular, we would like to know if you have to already be a VA resident to apply, and if so how long do you need to live there for?

Best answer:

Answer by liveinmd
USDA is for specific rural areas and has income limits so make sure to check for where you want to move. The program is not sponsored by the states, it is federal money, so you do not have to be a
VA resident but, like all mortgages, until you have a property and a sales contract, you can’t make Application. First, determine which county you want to move to and check the income limits; there is a direct and a 502 guaranteed program-direct has lower income limits and is directly through the USDA and guaranteed is through a bank but allows higher income. Once you locate a county, you can check local lenders for participation. USDA loans require you can show that you can and will repay the loan so you will have to prove you have a job and steady income.

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