One Thing to Know About the USDA Mortgage Loan: Take a Look at Your Income

Don’t get us wrong, though: the USDA mortgage is quite the secret in the real estate market. Just check this article out for yourself. If there was a way for someone to get a home loan approval fast and easy, it would be the USDA. But there are certain guidelines to keep in mind.

Keep an Eye on Your Income and Your Debt

It’s called the debt-to-income ratio. How much debt do you have? Is it ruining your credit? Do you need Lexington Law or Independent Credit Solutions to help you through those muddy waters? Good. Do it. But bear in mind that if the debt, plus the mortgage amount, just happens to be over 31% of your actual monthly income, the specific loan might be a no for you.
The VA program, another mortgage program out there, sticks to the similar rule: 41% is their measuring stick. Jumbo mortgage loans, the conventional ones, however, tend to stick to lower ratios overall given the assumption that when you take out a home loan, you’re entrusted to pay it every month despite whatever debt you already have.

And That’s What the Mortgage Guideline Is For:

It’s to protect you from buying a home that might be too expensive. When debt continues to drown you out, foreclosure commences. That’s something this real estate market won’t want given the growth we’re seeing in down payment averages and home prices.
So what should you do? Get on the right path, and without a doubt, the USDA mortgage loan might be your best bet, because it has plenty of benefits! Clean up your debt. Fix your credit. Sign up with the HOPE Program.

4 Top Retweets for Real Estate Technology and Social Media

It sort of makes sense when you think about: the testament of technology does hold hands with social media, but what happens when you put together real estate technology super-powered by social media? You get a money generator that’ll only skyrocket a real estate market already growing as we speak. And how do we know that? Take […]

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The ONLY Way to Qualify for a Home Mortgage With Bad Credit

Contrary to what many may think, it just so happens that there are some home mortgage programs out there that’ll except a bad credit stain or two. If you haven’t signed up with Independent Credit Solutions or Lexington Law, you might still have a chance in getting a home loan approval provided you know what your […]

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7 Secrets of the USDA Mortgage You HAVE to Know

Ah, yes — the USDA mortgage, a term some real estate moguls tend to glance over as a supposed myth in the real estate industry without any real opportunity for prospective homeowners, largely because many agents look for the “good” deals, nail them, and move on. But contrary to what many believe, the USDA mortgage […]

Should Your Ex-Spouse Buy the Home From You for Tax Reasons?

The answer could very well be yes — for obvious tax reasons. Now we’re not saying, though, that taxes will benefit the buyer in this case. Rather, this will be a mutual benefit in selling the home during a divorce, and here’s why: Being Free and Clear of the Obligations The situation has to fit; we’ll say that […]

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What Tax Deductions to Claim on Real Estate Marketing

It’s no secret that real estate marketing and advertising will cost a pretty penny, and although the industry right now’s making many waves of growth, what with foreign investors crawling out of the woodwork and surging home prices clear across the board, you’re still going to want to maximize as much of those tax deductions […]

3 Things About the Fed Interest Rate Hike You Need to Know

First off, it’s quite astonishing on this news alert that we should be aware of, given the fact that the Federal Reserve hasn’t upped the interest rate in nine straight years…. Until now. And to make it even more interesting, the Federal Reserve plans on increasing that rate four more times in the future. What does […]

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