Are Your Debt Ratios Too High for a USDA Loan?

Are Your Debt Ratios Too High for a USDA Loan?. Where Are Mortgage Interest Rates Headed In 2019? – Sept 25

Are Your Debt Ratios Too High for a USDA Loan? video duration 3 Minute(s) 31 Second(s), published by Metroplex Mortgage Services on 20 03 2015 - 21:51:27.

http://www.USDALoanPro.com - USDA loans and high debts ratios - Wondering if your debt ratios are too high to qualify for a USDA loan? The USDA qualifying I recently discussed the differences between manufactured and modular homes along with the available mortgage options, but today we are going to be very .

In this video I cover why you should look at USDA loans if you are considering buying a home
This is a great home loan option which requires no down payment Kentucky Mortgage Loan information for homebuyers buying a home in 2019 with updated information in regards to credit, income, assets
Home Loan Ron Siegel discusses local and national current events, politics, personal and business finance with a few mortgage tips along the way
A Southern California .

http://www.USDALoanPro.com - USDA loans and high debts ratios - Wondering if your debt ratios are too high to qualify for a USDA loan? The USDA qualifying guidelines take compensating factors into consideration. Sean Stephens from Metroplex Mortgages in Florida, Texas, Alabama and Tennessee shares his expert advice on how to qualify for a USDA loan even with high debt ratios.

Read more: http://www.usdaloanpro.com/blog/usda-loans-with-high-debt-ratios/

Download our FREE USDA Blueprint for Success! http://www.usdaloanpro.com/blue-print-for-success/

GET MORE INSIGHTS

More ProTips from USDA Loan Pro:

Subscribe on YouTube:
http://www.youtube.com/subscription_center?add_user=MetroplexMortgage

Website:
http://www.usdaloanpro.com

Facebook:
https://www.facebook.com/MetroplexMortgage

Twitter:
https://twitter.com/USDALoanPro

USDA Published guidelines for debt ratios are 29% for housing and 41% for total overall expenses. However, when utilizing the GUS underwriting system and the response is an “Accept”, those debt ratios are considered eligible. The one exception would be in the case of a manual underwriting downgrade which would eliminate the ability for automated processing and those associated benefits.

Installment accounts with 6 months or less remaining may be removed from the debt ratio calculation completely. This guideline does not apply to revolving accounts such as credit cards. Please be advised that the payment may continue to be included in the debt ratio at the discretion of the lender’s underwriter.

What about paying off debt during the loan process? For example, what if funds are available to pay off either a credit card or installment account after a contract has been signed and the loan is in process? This can be permitted, but please note that many lenders have specific overlays on this topic and may not allow accounts to be paid off after application has been made. Metroplex Mortgage Services will permit accounts to be paid off as part of the application process and prior to closing. Please remember that all funds used to pay off accounts must be documented from an eligible source.

Metroplex Mortgage Services are experts in USDA loans. Request a call back on our website now to find out how we can help you qualify for a USDA home loan. Visit: http://www.usdaloanpro.com/contact-us/

We help with Florida USDA loan qualifying, Texas USDA loan qualifying, Tennessee USDA loan qualifying and Alabama USDA loan qualifying.

Do you have a question about USDA Loans? Submit your question in the comments for next week's episode.