USDA Loans Near Plano TX Might Be Right to Help You Buy a Home

USDA Loans Plano TX

USDA Loans Plano TXUSDA loans near Plano, TX might be one of the government’s least-known programs to assist people with their mortgages. USDA loans are distributed by the US Department of Agriculture and are meant to help families in rural America buy homes and improve the homes they already have. In addition to providing loan money, the program also offers low interest rates and no down payments. Though USDA loans have these same basic similarities, there are different types of loans. Each of these different types is intended for different incomes, and provide different kinds of aid. The three major kinds of USDA mortgage loan programs are:

Loan Guarantees
These USDA loans near Plano, TX guarantee a mortgage issued by a local lender that participates in the USDA loan system. These loans are similar in structure to FHA or VA loans. They allow you to access the same loan interest rate and no down payment, but the loan will come through a local lender rather than directly from the USDA.

Direct Loans
Unlike loan guarantees, these mortgages are issued directly by the USDA. They are intended for low and extremely low-income applicants. How low the income is required to be to qualify varies from region to region.

Home Improvement Loans and Grants
These consist of both home loans and outright financial awards. They are designed to provide aid to homeowners so they can repair or upgrade their homes. Certain packages can combine both loans and grants, increasing the amount of assistance a homeowner can receive.

It can be difficult to decide which of the USDA loans near Plano, TX will best meet your needs and your ability to repay. Even if a person is able to determine which loan might work best for them, they still need to determine if they qualify. The terms of qualification depend on variables like income, location, credit history, and potential repayment plans. Trying to sort through all of this information to come to a decision about whether or not to apply for a USDA loan can be complicated. In order to make that decision, and to navigate the loan system, it is best to rely on the counsel of someone who has been through the process before. Summit Funding has helped many people understand their loan options and guided them through applying for the right kind of loans. Call (972) 864-3530 today to find out more about the advice and support Summit Funding can offer you to guide you through the loan process.

USDA Loans Plano TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

USDA Loans Near Plano TX: Single Family Housing Guaranteed Loan Program

USDA Loans Plano TX

USDA Loans Plano TXIf you are searching for a rural home in North Texas and you fear you may not qualify for a conventional home loan because you have a low to moderate income, take a look at one of the best home loan programs in the United States administered by the U.S. Department of Agriculture (USDA) – the Single Family Housing Guaranteed Loan Program.  You may be surprised to learn that USDA loans near Plano TX include loans for single family housing.  Many people assume that USDA loans are only for farms and ranches; but the USDA offers loans for family homes in rural areas as well.  Here’s what you need to know about the program:

▪What The Program Does
The Single Family Housing Guaranteed Loan Program helps approved lenders provide low- or moderate-income homebuyers the opportunity to own adequate, modest, decent, safe and sanitary dwellings as primary residences in eligible rural areas.  Applicants who are deemed eligible can build, rehabilitate, improve or relocate a dwelling in an eligible rural area.  The program guarantees 90 percent of the loan note to approved lenders to mitigate the risk of extending 100 percent loans to low- and moderate-income homebuyers.

▪ Who Is Eligible
Applicants who may apply for the program must:
  ▪ Meet specific income requirements
  ▪ Must agree to occupy the dwelling themselves and use it as their primary residence
  ▪ Be a U.S. citizen, U.S. non-citizen national or qualified alien
  ▪ Have the legal capacity to incur the loan
  ▪ Have not been suspended or barred from participating in federal loan programs
  ▪ Demonstrate a willingness to meet their credit obligations in a timely manner
  ▪ Purchase a dwelling that meets all of the program’s criteria

▪ Which Rural Areas Are Eligible
The USDA has an online search tool that lets you find specific property addresses to see if they are in eligible areas.

▪ How The Money Can Be Used
With these USDA loans near Plano TX, there are a number of ways you are allowed by law to spend the funds you receive through the guaranteed loan program that include purchasing a new or existing home, paying closing costs, repairing or rehabilitating the home purchased, buying essential items for the home like wall-to-wall carpeting, appliances and HVAC equipment, the purchase and installation of energy-saving equipment, the purchase and installation of equipment to accommodate a member of the household with a physical disability and more.

▪ Why The USDA Provides These Loans
Providing affordable homeownership opportunities promotes prosperity and prosperity creates thriving communities and an improved quality of life in rural areas of Texas and the rest of the United States.

▪ How To Get Started
To get started by finding out if you qualify for the Single Family Housing Guaranteed Loan Program, call an expert in USDA loans near Plano TX, Summit Funding, at (972) 864-3530.  You can also reach us online at www.thejbowenteam.com.

USDA LOANS PLANO TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

Home Equity Loans Plano TX: Make Your Home A Real Asset

Home Equity Loan Plano TX

Home Equity Loan Plano TXLife is expensive. Even the most solitary, self-sufficient soul needs to prepare for a rainy day. But some storms are bigger than we can ever prepare for. When disasters and emergencies bring us into stressful financial situations it is important to know that help is available when we take all of our assets into consideration.  Home equity loans in Plano TX are sometimes the very best way for people to keep their heads above water when the floods come up..

An equity loan is simply a loan up to the amount of money you have already paid toward the big asset you own. For a house, its the market value minus the amount you’ve already paid on your home. That means nearly every penny you’ve sunk into your house’s value can be attributed into a loan that you can then pay off after your crisis is over.  Home equity loans in Plano TX have been a real life preserver for many people who have proven that they are good home owners.

Keep in mind that a home equity loan is not for small amounts of money. You usually can’t take out smaller fractions of your home’s equity as loans, it’s often either all or nothing. This makes sense, as you know how much your home is worth to you as a financial asset and as your personal living space. You wouldn’t want to put it up for collateral for anything other than a real emergency, or a real investment. Often you won’t find any home equity loan even available for amounts less than $20,000. This means don’t risk your house as a way to pay off other debts. If you have extraneous debt on a credit card, heaven forbid, don’t take out a loan on your house to pay it off if you can help it at all. Your debt isn’t going away, and you still owe what you owe, only now the stakes may be higher if you can’t pay it off.

However, some things just came at you all at once, like health emergencies, and those things need to be taken care of as soon as possible. Other times, you need a large sum of money that you know will return higher rewards in the future, like on home renovation, or a necessary business car. In cases like that, look for a Home equity loans in Plano TX for you.

HOME EQUITY LOAN PLANO TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

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Home Equity Loan Near Plano TX: Here are Some Things you Should Know

Home Equity Loan Plano TX

Do you need cash for a major upcoming expense? You might be considering a home equity loan near Plano TX. This is a type of mortgage that allows you to convert the value of your home into tangible money by borrowing against your home. The equity will be the difference between your home’s market value and how much you currently owe. Therefore, if you have a $100,000 home, and you owe $40,000, you have equity worth $60,000.

Whatever the expense, a home equity loan is a viable option to consider. There are innumerable ways by which you could benefit from the money. Before you decide, there are some details about this sort of loan you should consider before jumping in.

Texas real estate law has some significant protections wrapped in a lot of complicated, legal language. There are some important things to note, such as debt limits. The amount you can borrow will also depend on your credit history and revolving debts, like any other loan. Your mortgage debts cannot, in total, be more than 80% of your home’s market value, and you can only borrow 85% of your home’s equity.

You can also only hold one loan on your home at a time, and only one per year. You may be able to borrow in other ways, but you cannot convert the home equity loan into another type of loan, either. If your property is listed as agricultural land for tax purposes, you cannot use it as collateral for a home equity loan near Plano TX.

A good lender should always explain your loan options, both equity and non-equity, and you should be cautious when choosing a lender. You need to be well informed about interest rates, taxes, and fees. Lenders cannot charge fees worth more than 3% of the loan, and can suffer penalties for not abiding by this rule. They may not insist you mortgage any other assets, and they also cannot require you to use the loan to pay any off any other debt, except that in relationship to the home, or owed to another lender.

There are many details involved in securing a home equity loan near Plano TX. Be thorough and prepared when you ask questions of your lender. It is essential that you proceed with all possible knowledge, and with a lender who will offer you all possible options, anticipate your questions, address all your needs, and help you choose the absolute best option. Summit Funding can help you through the home equity loan process. Call us at 972-864-3530 and let us help you decide what is best for your financial future.

Home Equity Loan Plano TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

Get Your Credit in Shape Before Applying For a VA Home Loan in Plano TX

VA Home Loan Plano TX

VA Home Loan Plano TXVA loans are guaranteed but, when applying for a VA home loan in Plano TX, you should be aware that poor credit can stand in the way and take the “guaranteed” out of the guaranteed loan. The Veteran’s Administration itself says that there are no credit score requirements for a VA loan but, as Military.com points out, lenders only want to take on borrowers who pay on time. If your credit in the last 12 months isn’t that great, you could be turned down for a VA home loan. The lender does have the freedom to review the complete loan package when making the decision to approve or deny. However, that opens the door for other factors to influence whether or not you get your home loan.

For example, you may be aware that having other debt when applying for a VA home loan in Plano TX won’t necessarily affect the outcome. Still, the lender and the VA will want to know that you have the resources to repay your home loan while still paying off other debt. That’s why you’ll have to list compensating factors if the debt ratio including your VA loan is over 41 percent. Acceptable factors might include low balances on your other debts, meaning that they will be paid off within a few months or under a year, or a letter from your employer guaranteeing a salary increase within a short amount of time. Anything that improves your immediate credit situation will count toward balancing what might seem like a credit risk at first glance.

The best way to ensure that your VA loan will be guaranteed is to address credit issues before you even apply. Bring your accounts current and keep them current so you can show at least a solid 12-month history. Pay off smaller debts before applying so that they don’t even appear on the underwriter’s radar. Don’t incur any new debt right before applying for a VA loan, and don’t apply for other types of credit even if you don’t intend on using them. Every time you apply for credit, it affects your credit report.

If you want to apply for a VA home loan in Plano TX but are unsure of the credit issues, call Summit Funding at (972) 864-3530. Joy Ziminskas and her experienced team know all the ins and outs of VA home loans and can answer any questions you have.

VA Home Loan Plano TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

References:

http://www.benefits.va.gov/BENEFITS/factsheets/homeloans/VA_Guaranteed_Home_Loans.pdf

http://www.military.com/money/va-loans/bad-credit-in-2012-fix-it-for-va-loan-in-the-new-year.html

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VA Home Loan Near Plano TX: What You Need To Know About VA Home Loans

VA Home Loan Plano TX

VA Home Loan Plano TXIf you are now or have ever been a member of the United States Armed Forces and you live in North Texas, you may be eligible for a VA home loan near Plano TX.  During World War II, Congress passed the Servicemen’s Readjustment Act, which included guaranteed home, farm and business loans to eligible veterans.  Over the years, the Act has been amended several times; but the one thing that hasn’t changed is that VA homes loans are still an affordable way for service members to own a home.

▸ What is a VA home loan?  A VA home loan near Plano TX is a way for service members, veterans and certain surviving spouses to become homeowners.  The VA offers home loan guaranty benefits and other housing-related programs that can help you buy, build, repair, keep or adapt a home that you are going to occupy.  The loans themselves are provided by private lenders like mortgage companies and banks but a portion of each loan is guaranteed by the VA, which means that lenders will be more likely to give you favorable terms.

▸ What are the advantages of a VA home loan?  Because the VA guarantees a portion of each loan, lenders can offer terms like:

▪  No down payment (as long as the sale price does not exceed the appraised value)

▪  No private mortgage insurance required

▪  Limited closing costs

▪  No penalty for early pay-off

▪  Assistance from the VA if you have difficulty paying your mortgage

In addition, you don’t have to be a first-time homebuyer.  In fact, you can use your VA home loan near Plano TX more than once, which means you can use your loan on a second or third home, provided it’s occupied by you as your primary residence.

▸ Who is eligible for a VA home loan?  Current and former service members and some surviving spouses are eligible for VA home loans. The length of your service, service commitment or duty status can determine eligibility for specific loan types.  It’s best to contact the VA to find out for sure if you are eligible.  Once you do, you must obtain a Certificate of Eligibility or COE to prove to your lender that you are eligible for a VA loan.

▸ How do you apply for a VA home loan?  Once you’ve determined your eligibility, you can take your COE to the lender of your choice.  Once you’ve found a lender, you can start their application process to determine your interest rate and what your premiums will be.  Even though your home loan will be partially guaranteed by the VA, you must still meet certain income requirements and have suitable credit.

To find out more about how you can qualify for a VA home loan near Plano TX, call us at Summit Funding at (972) 864-3530.  You can also visit us online at www.jziminskas.summitfunding.org to learn more.

VA Home Loan Plano TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

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USDA Loans Near Plano TX: 5 Things You Should Know About USDA Home Loans

USDA Loans Plano TX

USDA Loans Plano TXWhen you think about home loans, USDA loans near Plano TX are rarely the first thing you think of – but they should be.  The U.S. Department of Agriculture or USDA offers home loans with 100% financing, low interest rates, affordable payments and no down payments.  These USDA loans near Plano TX are becoming more popular every day because they are one of the most cost-effective programs for buying a home in the home loan marketplace.  Here are some important things you should know about them:

  1. Because the U.S. Department of Agriculture sets the lending guidelines for this program, it is also called the USDA Rural Development (RD) Loan program.
  1. Borrowers must purchase property in USDA-eligible areas to be considered for these loans.  To find out if your property is in an eligible area, check the USDA’s website for maps or ask a USDA loan officer.  Even if you think the area in which you’re looking for a home is not rural enough, know that roughly 97 percent of the land in the United States is USDA-eligible so it’s worth checking to see if your property is on the USDA’s maps.
  1.  In addition to your property eligibility, you must also meet certain credit and income standards to be eligible for a USDA home loan.  Because the USDA doesn’t require a down payment or a high credit score, qualification for these loans is easier than for other types of home loans.  But bear in mind that these loans are not for people with high incomes; they are meant for ‘moderate’ income earners.  The USDA defines moderate income earners as those earning up to 115% of their area’s median income.
  1.  The USDA allows sellers to pay borrower’s closing costs, up to 3% of the sales price.  For those borrowers who aren’t getting closing costs from sellers, they must produce two months-worth of bank statements to show that they have enough money to cover closing costs.  They must, however, not have enough cash to make a 20% down payment on the property as this would make them eligible for a conventional loan and ineligible for a USDA loan.
  1. There is only one choice when it comes to mortgage length and that is 30-year fixed-rate loans.  This is the safest type of loan, which means it is the most successful.

USDA loans near Plano TX are guaranteed by the U.S. government, which means they’ll reimburse lenders if borrowers default on the loans.  Low risk makes banks and mortgage companies anxious to offer these kinds of loans at low interest rates.  So, why not take advantage of a USDA home loan.  To find out more, call Summit Funding at (972) 864-3530 or visit www.jziminskas.summitfunding.org.

USDA Loans Plano TX
Summit Funding
(972) 864-3530

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The Basics of a Home Equity Loan Near Plano TX

Home Equity Loan Plano TXA home equity loan near Plano TX is a method where the borrower is able to use to equity of their home as collateral for the loan. This places the equity that you have in your home as collateral to enable you to get the loan you need to move forward. Usually these kinds of loans are used for large expenses. The kinds of expenses usually include things like large home repairs, college payments, or medical bills. The home equity loan usually leads to the large sums of money necessary to pay for these kinds of expenses because a person’s home is often their most valuable piece of property or asset, and that value is reflected in the amount of money a person can get in a loan for their home. As part of this loan it is important to note that the lender will take out a lien against the borrower’s home, and the value of a person’s actual home equity will be reduced accordingly.

Before a home equity loan near Plano TX can be taken out, there are several factors that must be considered, and these factors have only gotten more stringent in the aftermath of the recent financial scare. Usually a person must have a good credit history in order to take out a home equity loan. That credit history signifies to the lender that you have a good history of paying back your loans, and with that history they are better inclined to entrust you with such a large loan. At the same time the lender often takes into consideration the loan-to-value ratio. Practically speaking, this is the ratio between the amount of loan money that you are seeking and the value of the home that you are intending to use as collateral to bring about the loan.

If you want to find the right home equity loan near Plano TX to handle your large expense, then first you need find the right lender. Different lending agencies will have different requirements before they provide you with the loan, and different lenders will also have different loan-to-value ratios. In order to find the best loan terms for you, you want to shop around amongst the different lenders and find one that will provide you with the best and most reliable terms. After you’ve shopped around you will find that Summit Funding is the lender you’re looking for. They will be able to provide you with the kind of terms that will enable you to get a home equity loan to meet your expenses.

Home Equity Loan Plano TX
Summit Funding
(972) 864-3530

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Facts About Home Equity Loans Near Plano TX

Home Equity Loan Plano TXIf you need money to pay for your child’s college education or another major expense you should learn more about home equity loans near Plano TX. A home equity loan gives you the money for expenses, using your house as collateral against the loan.

What is a Home Equity Loan?

A loan for a fixed amount of money that’s secured by your home is called a home equity loan. You’ll repay the loan like your mortgage. The lender can foreclose on our home if you don’t repay the loan per your agreement. You can usually borrow up to 85% equity in your home. The loan amount is determined by your credit history, income and value of your home.

The amount that you can borrow usually is limited to 85 percent of the equity in your home. The actual amount of the loan also depends on your income, credit history, and the market value of your home.

Ask prospective lenders to explain all available loan plans. You’ll need to know more than the interest rate to choose a plan that’s right for you. A home equity loan may include application and processing fees, underwriting fees and appraisal or broker fees. Consider financing charges and the annual percentage (APR) before signing off on a loan.

The lender may force you to sell your home if you don’t pay your debt. Don’t assume you’ll be able to pay your lender back on time. Do some serious calculations ahead of time to be sure you’ll have the resources to pay back the loan in a timely manner. The lender will give you the full amount of the loan upfront, and you’ll pay them back according to the terms of your contract.

Watch out for mortgage loan services charging improper fees. Late fees and insurance fees aren’t allowed under mortgage contracts, but some unscrupulous lenders will try to add these charges to your loan. Shady lenders won’t supply you with an accurate statement or payoff amount, which makes it hard for you to know what you paid and what you still owe. Always look for proper accounting procedures when looking for home equity loans near Plano TX.

Compare loans from banks, credit unions, mortgage companies and other sources before making a decision. Shopping around is a smart way to ensure you get the best deal on home equity loans near Plano TX.

Summit Funding can provide home equity loans near Plano TX for people who need access to cash for emergencies, business start-ups, tuition and other reasons.  Call us at  972-864-3530 for more information about how you can secure cash from equity in your home.

Home Equity Loan Plano TX
Summit Funding
(972) 864-3530

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USDA Loans Near Plano TX: How A USDA Loan Can Help You

USDA Loans Plano TX

USDA Loans Plano TXIf you live in a rural area of North Texas, you can finance your home, farm or ranch purchase with USDA loans near Plano TX.  The United States Department of Agriculture not only provides funding for purchasing or establishing homes and farms, it also provides loans for home renovation and improvement as well as farm or ranch improvement, expansion, transition and strengthening.  This means that the USDA can help homeowners, farmers or ranchers who are just starting out or who are already established.

If you are a farmer or rancher, the USDA’s Farm Service Agency (FSA) can offer you a loan or subsidize a loan for you if you are unable to secure a loan elsewhere and if you can answer yes to any of the following questions:

▪  Do you want to buy or lease a farm or ranch?

▪  Do you need to buy equipment for an already established farm like irrigation pipes, a greenhouse, a tractor or livestock?

▪  Do you already own farm or ranch land and want to expand your business?

▪  Has your farm or ranch suffered a natural disaster like a drought, flood or large storm that destroyed crops or damaged buildings or equipment?

FSA loan programs are:

Guaranteed Loan Program – Guaranteed loans are made and serviced by commercial lenders like banks, credit unions and the Farm Credit System.  They are guaranteed against loss by the FSA up to 95 percent.  The FSA approves the loan guarantees and provides oversight.

Direct Loan Program – These loans are made and serviced by the FSA with federal government money.  In addition to providing the loan, the FSA has the added responsibilities of providing the borrowers with credit counseling and helping them to evaluate the adequacy of their real estate, facilities, machinery and equipment, financial and production management and goals.

Land Contract Guarantee Program – Land contract guarantees are available to farm or ranch owners who want to sell real estate through a land contract to a farmer or rancher who is either disadvantaged or just starting out.

Unlike loans from commercial lenders, USDA loans near Plano TX that you get through the FSA are temporary in nature.  The FSA’s goal is to help you until you can graduate to a commercial loan.

The world of USDA loans near Plano TX is a complicated one.  That’s why it’s important that you get the help of a professional.  If you are interested in a USDA loan and you feel you may qualify, call Summit Funding at (972) 864-3530 or visit http://joy-team.com .

USDA Loans Plano TX
Summit Funding
(972) 864-3530

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