Category: Mortgages

Categories
Government Loans Homebuying Mortgages Purchase

USDA Loans

USDA loans are mortgage loans guaranteed by the U.S. Department of Agriculture. The program is officially known as the USDA Rural Development Guaranteed Housing Loan Program (Section 502 Loan). USDA loans are also known as ‘Rural Housing Loans’, however USDA loans can be used in many suburban areas as well – dependent upon eligibility.

USDA loans are popular among today’s home buyers because the USDA program offers no-money-down financing where homebuyers can finance 100% of a home’s purchase price and can also use when purchasing a modular home. USDA mortgage rates are typically lower than the rates for FHA, VA and Conventional mortgage rates and may offer reduced mortgage insurance rates to its borrowers.

Originally designed to help rural Americans realize the dream of homeownership, the USDA Mortgage now services a wide variety of locations, homes and properties through USDA approved lenders. The USDA Rural Development Single Family Housing Guaranteed Loan Program is one of the most powerful mortgage options available for rural and suburban homebuyers.

USDA Loans come with significant benefits that provide homebuyers the opportunity to achieve loan terms that no other program can offer. Of the many benefits, the most cited is the ability to obtain 100% financing.

APPLY NOW
Categories
Homebuying Mortgages Purchase

Buying Your First Home

Deciding to buy a house and be your own landlord isn’t as simple as it sounds. People will tell you it is a great time to buy a house and it is, but there is more to it than that.

Owning a home is a major milestone that many people expect to achieve in their lifetime and buying a home (and mortgage) is one of the biggest purchases you will ever make. Homeownership offers stability, a sense of community and the incentive of financial security as you can see your investment grow over time.

However, homeownership is not for everyone. Even though an active and deep-rooted interest in homeownership endures in our country, not everyone is at the point and time in their life when buying a home is the right decision.

It is a big move and the journey is not necessarily intuitive. Buying a sofa or a car is one thing, the last lot in a cul-de-sac is something else entirely. And when the opportunity comes (the right house, the right price, the right neighborhood) you need to be financially and emotionally prepared to pull the trigger.

When speaking to first time homebuyers, we routinely ask them if they have considered:

  • The financial benefits of buying vs renting
  • The responsibilities of buying vs renting 
  • Neighborhoods, amenities or school districts 
  • How credit scores affect mortgage interest rates
  • How much house you can afford 
  • The steps and process of obtaining a mortgage
  • Ultimately, you determine when you are ready to genuinely embrace the freedom and opportunities of ‘The American Dream’ of homeownership. MortgageRight can help guide you through the home buying journey by helping you identify potential challenges before they arise. Our goal is to help make the process less daunting – and more rewarding.

Start the Process

Based on favorable economic indicators and changes in the mortgage process, it looks as if 2019 will be another banner year – and a great time to achieve the American Dream of Homeownership. So, if you’re considering becoming a homeowner and are thinking seriously about leaving your landlord, you will need to start gathering documents and organizing your finances.

MortgageRight can help guide you through the home buying journey by helping you identify potential challenges before they arise. Our goal is to help make the process less daunting – and more rewarding.

Please contact MortgageRight at 205.776.8401 or Contact@MortgageRight.com for more information about buying vs. renting.

APPLY NOW