- Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
- So far in 2017, $188 billion has been loaned to veterans and their families through the program.
- VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.
The Pros and Cons of the USDA Guaranteed Loan
If you can’t pay cash for your new home you’ll need a mortgage and, if you’re not in the market for a luxury home, you’ll need a mortgage created for those with a more modest income. Home Buying Checklist
Thankfully, the United States government offers several programs, including the VA loan, the FHA-backed loan and the USDA Rural Development guaranteed loan. If you aren’t a current or former member of the military, you’ll have only the FHA and USDA products to choose from if you want a government-guaranteed loan. While both products have advantages and disadvantages, let’s take a look at those of the USDA guaranteed loan. Oswego Home Buying Checklist
Advantages of the USDA Guaranteed Mortgage
If you are short on cash and long on the desire to own a home, you’ll be glad to learn that the USDA loan was created specifically for low-to-medium income homebuyers. It requires no down payment and the borrower can use gift money to cover closing costs and even accept up to 6 percent of the sales price from the seller in the form of closing cost concessions. Home Buying Checklist
These are, of course, compelling reasons to consider using the USDA mortgage program, but there are other advantages as well:
5 Tips For Choosing a Closing Date
One of the decisions you’ll need to make when you make an offer to purchase a home is the closing date. Yes, it goes into the contract and all efforts, from the time the contract is accepted by the seller until you’re handed the keys, are aimed at meeting this date. Lisle Home Buying Checklist
If you are the seller, by the way, you should know that the closing date, like many of the contract terms, is negotiable, as long as the buyer’s lender can fund the loan by the chosen date. We have often seen protracted negotiations over closing dates since both the buyer and the seller have a vested interest in this contract clause.
That said, there are several things to consider when choosing a closing date aside from when your lease terminates (if you are currently renting) and the estimated date on which the lender will be ready to fund the loan. Naperville Home Buying Checklist
GUIDE TO BUYING A HOME
The home buying process is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence, an investment property or that perfect vacation getaway. Bolingbrook Home Buying Checklist
Today’s real estate market can offer more opportunities, yet can be filled with more risks than ever before. There are a multitude of factors to consider and decisions to make when Buying a home . When buying, it’s crucial to have all the available resources necessary to make a well-informed decision, together with the time required to make use of them. Aurora Home Buying Checklist