How Long Does It Take To Qualify For A USDA Loan?

How Long Does It Take To Qualify For A USDA Loan?. Cincinnati USDA Mortgage Loan

How Long Does It Take To Qualify For A USDA Loan? video duration 3 Minute(s) 24 Second(s), published by Metroplex Mortgage Services on 05 04 2019 - 02:39:53.

https://www.usdaloanpro.com/blog/2019/04/03/can-you-qualify-for-a-usda-loan-if-you-have-recently-graduated/ Can you Qualify for a USDA Loan if you have USDA offers loan guarantees that allow up to 100% financing in designated rural areas that can be surprisingly close to metropoliitan areas.

. This video covers the income eligibility requirements for USDA loans and answers the following questions
- Are there purchase price or income limits on USDA Are you looking for a great deal USDA Loans in Cincinnati, Oh? Get pre-qualified today at https://simonsaysmortgage.com or call 513-833-1973 You have found .

https://www.usdaloanpro.com/blog/2019/04/03/can-you-qualify-for-a-usda-loan-if-you-have-recently-graduated/

Can you Qualify for a USDA Loan if you have recently graduated?

If you have recently graduated, how long does it take to qualify for a USDA loan?

As the saying goes, the more things change the more they stay the same. I start off by saying this because we are seeing more and more lenders issuing qualification letters that are not worth the paper they are written on and without performing any type of due diligence or apparent understanding of the guidelines and that is especially true when it comes to USDA loans.

The USDA loan program has recently updated their income eligibility guidelines and with that requires additional review for those unique scenarios which in the past have been acceptable, but under today’s guidelines are now treated differently.

With a growing number of students who have recently graduated from either college, a technical school, or other type of education course, this week’s video is important for recent graduates who are interested in the USDA No Down Payment loan program, but are unsure if they could qualify due to a lack of recent employment history.

However, before we get started, don’t forget to take advantage of our Second Chance Service.

This is a great way to get access to an expert second opinion which can be especially helpful for those recent loan denials or if you are just in need of guidance on how to make the most out of your home loan qualification.

Under previous USDA guidelines there was no minimum length of time an applicant must have held a position in order to consider employment income as dependable and we were able to substitute prior education and schooling for employment as part of the two-year history requirement.

However, under recently updated USDA income and employment guidelines those potential applicants who have just recently graduated, will need to have at least one year on the job before we can consider their base wages for qualifying.

USDA Guidelines now require a minimum of 1 year with current employer or employment continuity, but just to be clear, this does not require a buyer to always have one year with the same employer in order to qualify as long as we can show that continuance of employment between jobs exist.

However, for those applicants that are returning to the workforce after leaving a previous job to care for a child/family member or to complete education will require a 12 month employment history and this portion also applies to those recent graduates who have just entered the workforce and have no prior work history.

Keep in mind, many graduates are also working full or part-time while attending school and provided we can verify that work history and can show employment continuity, this could be considered towards the work history requirement.

Moreover, when you see the word annual income, this refers to income that we calculate for USDA income limits which are based on county limits and family household sizes.

Wow, I know we covered a lot today and the details can be downright overwhelming, but rest assured that we are staying on top of the USDA qualifying process.

Remember to just call or email if you have any qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those transactions that need a little TLC!

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