THE BEST HOMEMADE ALFREDO SAUCE EVER!

The most creamy and delicious homemade alfredo sauce that you will ever make!   This is a tried and true recipe and you will agree that it is the best recipe out there! 

I just had to post my favorite alfredo recipe that I have created here on the blog.   There are a few secret ingredients that set it apart from all of the rest.  If there is one thing I can always count on my family to eat it is my homemade alfredo sauce over pasta.  We recently had some company over for dinner and I made these Chicken Bacon Garlic Alfredo Roll Ups and they always are a huge hit!

Source: therecipecritic.com

How Long to Keep Outdated Home Loan Papers?

Even as technology moves closer to a paperless society, some printed original documents must be kept, including home loan documents. When it comes to keeping home loan papers, employing the “better safe than sorry” philosophy may lead to piles of papers, especially if you own multiple properties or have refinanced several times. Knowing what to stash and what to trash will help cut through the clutter.

Tip

While you’re busy tossing papers into the bonfire, remember to keep your HUD-1 statement. This is an itemized list of all costs associated with the purchase of your current home and includes tax deductible items and costs that can be added to your cost bases when figuring capital gains tax when you sell.

Keep the Most Important Papers

Actual contract papers detailing your home purchase and original loan should be kept for the life of the loan. Other loan paperwork, such as refinancing agreements, should be kept for at least three years; some recommend keeping these as long as ten years. This type of paperwork could come in handy if monthly mortgage statements seem inaccurate or if there’s a sudden unexpected change in your monthly interest rate, for instance. Other paperwork, such as paid monthly mortgage loan fees, should only be kept as long as you feel necessary, such as several months, to ensure the payments were credited to your account.

Taxing Matters

Home loans usually have tax implications and the IRS provides explicit guidelines on what to keep. Individuals are required to produce records proving any income, deductions or credit claimed for at least three years from the date of a return. If you failed to file a tax return in any given year, there is no statue of limitations. In that case the IRS recommends you keep documents related to those records indefinitely. Keep records of any home improvements made as well, as these could come in handy for tax purposes and if you ever decide to sell the property.

Done Deeds

The U.S. government recommends that you hang onto any deeds as long as you own the property, but if you’ve paid off your mortgage and the deed to your property has been recorded in land records, the documents can be tossed. That’s because most municipalities have copies of these documents available online. Before discarding these papers, make sure you have a document labeled “release” or “certificate of satisfaction.” You can verify this with the title company that handled your closing.

Better Safe Than Sorry

It’s important to figure out where to store your key records. For instance, online or cloud-based records can be hacked, and hard drives can fail. Keeping paper records in a locked fireproof cabinet or safe deposit box helps ensure papers stay secure. Just make sure you remember where you’ve stored the materials, and that you tell any other party named on your home loan where to find such documents.

KOREAN GROUND BEEF AND RICE BOWLS

Korean Ground Beef and Rice Bowls are so incredibly easy to make and will become a family favorite!  This makes the perfect weeknight meal.

This right here is my boys favorite weeknight meal.  They beg me to make it every week.  Since we have been so busy with Lacrosse we have been having it every week.  It requires minimal ingredients and requires little effort to make.

Easy, minimal ingredients, and my kids devour it.  This meal became my new BFF.

Source: therecipecritic.com

VA Home Loans

Eligibility Questions

If you have specific questions regarding VA home loan eligibility, please contact the Regional Loan Center that has jurisdiction on the state in which the property is located.

VA Regional Loan Centers

There are two convenient ways for you to contact your Regional Loan Center about non-eligibility related questions. You can obtain the telephone numbers, addresses, and website addresses or e-mail your Regional Loan Center.

Vegan Chocolate Chip Cookies

If you’ve been looking for the best vegan chocolate chip cookie recipe, your search is over! We’ve tested this recipe 10 times and every batch turned out great! Finally, a vegan chocolate cookie recipe that really works!

Source: bakerbynature.com

Reverse Mortgage Lump Sum

A reverse mortgage lump sum is a large tax-free cash payout at closing.

No mortgage payments are required on the lump sum as long as at least one borrower (or non-borrowing spouse) is living in the home and paying the required property charges.

How to easily get a lump sum estimate

You can quickly and easily estimate a lump sum payout using our reverse mortgage calculator. Be sure to select the “Lump Sum/LOC” option on page 4.

Alternatives to lump sum

If you don’t need all of the money right now, it probably doesn’t make sense to take all available proceeds as a lump sum at closing. You might consider a line of credit instead. The line of credit is ideal because it gives you the same amount of money, but you can borrow only when you need it.

The available line of credit will also grow and compound larger based on a guaranteed growth rate, giving you access to additional equity automatically.

Note that the line of credit is only available on the variable-rate HECM. The fixed-rate HECM only offers a lump sum payout.

How the reverse mortgage lump is calculated

FHA changed the HECM a few years ago to limit the reverse mortgage lump sum available at closing. The purpose of the change was to encourage long-term financial sustainability by preventing seniors from borrowing and using the reverse mortgage proceeds to quickly. The following details how the lump sum is calculated for both of the main HECM programs.

Fixed-rate HECM

If your mandatory obligations are less than 60% of the principal limit, you’ll be given a lump sum for the difference between your mandatory obligations and 60% of the principal limit.

For example, if the principal limit is $100,000 and your mandatory obligations are $40,000, you’ll be given an additional $20,000 lump sum at closing. The total of the mandatory obligations and additional lump sum are $60,000, or 60% of the principal limit. No other cash will be available.

If your mandatory obligations are greater than 60%, you’ll be given an additional 10% of the principal limit (not to exceed the principal limit).

For example, if the principal limit is $100,000 and your mandatory obligations are $80,000, you’ll be given an additional $10,000 at closing (10% of the principal limit). Again, no other cash will be available.

As an additional example, let’s assume the principal limit is $100,000 and your mandatory obligations are $95,000. Because the additional 10% would exceed the principal limit, the lump sum is limited to $5,000.

Variable-rate HECM

If your mandatory obligations are less than 60% of the principal limit, you can take a lump sum of up to 60% of the principal limit at closing. The remaining 40% of the principal limit will come available at the one-year anniversary of the loan in the form of a line of credit.

If your mandatory obligations are greater than 60%, you’ll be allowed to take up to an additional 10% of the principal limit at closing (not to exceed the principal limit). The remainder of the principal limit, if any, will come available at the one-year mark in the form of a line of credit.

How much of a lump sum can you get?

If you would like to get a reverse mortgage lump sum estimate, check out our reverse mortgage calculator.

EASY VEGAN BANANA BREAD

This is the best vegan banana bread recipe ever, and it is so easy to make! The classic loaf is made using 1 bowl with simple ingredients and many options- make it oil free, with or without walnuts or chocolate chips. This is the only banana bread recipe you will need!

Source: noracooks.com

FHA vs. Conventional Loan: The Pros and Cons

Another edition of mortgage match-ups: “FHA vs. conventional loan.”

Our latest bout pits FHA loans against conventional loans, both of which are popular home loan options for home buyers these days.

In recent years, FHA loans surged in popularity, largely because subprime (and Alt-A) lending was all but extinguished as a result of the ongoing mortgage crisis.

Simply put, the FHA stepped in to fill the void after private lenders closed up shop.

Some even claim FHA loans are the “new subprime” due to the dubious mix of low down payment and credit score requirements, despite originally being geared toward low and moderate-income borrowers.

But you don’t have to be a subprime borrower to take advantage of an FHA loan. In fact, some borrowers may have excellent credit and still go the FHA route because it makes more financial sense.

FHA and Conventional Loans Both Offer a Great Low Down Payment Option

  • You can get an FHA loan with a 3.5% down payment
  • Or a conventional loan with just 3% down
  • FHA is more flexible in terms of credit score
  • But be sure to consider the cost of mortgage insurance when comparing the two

First off, whether you go FHA or conventional, know that the down payment requirement is minimal. So you don’t need much in your bank account to get approved.

As noted, FHA home loans have become insanely popular. The main selling point of an FHA loan is the 3.5% minimum down payment requirement coupled with a low credit score requirement. That’s a one-two punch.

However, in order to qualify for the government loan program’s flagship low down payment option, you need a minimum credit score of 580. A score below 580 requires a 10% down payment, which most home buyers don’t have.

And 580 is just the FHA’s guideline – individual banks and mortgage lendersstill need to agree to offer such loans. So there’s a very good chance you’ll need an even higher credit score with many lenders.

Of course, a 580 credit score is pretty dismal…and you should certainly strive for better, even if you are able to qualify for an FHA loan.

 

Along with that, an eligible donor can provide gift funds for 100% of the borrower’s closing costs and down payment. And no reserves are required if it’s a 1-2 unit property. In other words, you don’t need much if any cash to finance your home purchase with an FHA mortgage.

But thanks to new guidelines issued by Fannie Mae and Freddie Mac, you can now get a conventional loan with just 3% down .

That means the FHA is no longer winning in the down payment category if you ignore credit score. Both FHA and conventional loans can be had for very little down!

However, the FHA vs. conventional loan battle doesn’t end there. We need to consider other factors, such as credit score.

FHA Loans Good for Those with Poor Credit

  • There’s not one clear winner for all loan scenarios
  • It will depend largely on your credit score
  • FHA loans tend to benefit those with low credit scores
  • While conventional loans are often cheaper for those with better credit

While FHA mortgages require a slightly higher minimum down payment, you only need a 580 FICO score for approval.

Meanwhile, conventional mortgage loans require a minimum 620 FICO score. So it might be easier to go FHA vs. conventional if you’re struggling credit score-wise.

The screenshot above from the Urban Institute details when FHA wins out over conventional lending, and it tends to happen if credit scores fall below 720. The gray shaded sections show when FHA financing is the better deal.

We can see that FHA financing is remarkably cheaper for borrowers with credit scores between 620-679, and marginally cheaper for scores between 680-719.

The blue shaded sections show when you’re better off going with a conventional home loan. The biggest benefit seems to be for borrowers with credit scores of 760+.

Of course, you’ll need to plug in your actual numbers into a mortgage calculator to see what works for you.

The other major selling point to an FHA loan is that the minimum credit score is 500. Again, this is subject to lenders actually offering programs for scores this low.

And as mentioned, scores between 500 and 579 require a higher minimum down payment of 10%.

But FHA loans can be a good option for those with bad credit and little set aside for down payment who are determined to get a mortgage.

FHA Loans Hugely Popular with First-Time Buyers

Chances are if you’re a first-time home buyer, you’ll use an FHA loan over a conventional loan.

Just look at the chart above from the Urban Institute, which details the FTHB share of purchase mortgages by loan type.

As you can see, the FHA was dominated by FTHB with an 82.8% share in October 2018. Yes, nearly 83% of those who used an FHA loan for a home purchase were first-timers.

Meanwhile, only 47.8% share of purchase loans backed by the GSEs (Fannie Mae and Freddie Mac) went to first-timers.

The reason this might be the case is due to the low credit score requirement coupled with the low down payment requirement.

Since first-timers are often short on down payment funds (because they aren’t selling a prior residence and using the proceeds toward the new home), FHA tends to be a good fit.

FHA borrowers also generally have higher DTI ratios, higher LTVs, smaller loan amounts, and lower credit scores relative to GSE borrowers.

Are FHA Mortgage Rates Lower than Conventional?

  • FHA rates are typically lower than conventional rates
  • But the spread can vary and not be all that different
  • You also have to consider the entire housing payment
  • Factoring in mortgage insurance and closing costs

Speaking of mortgage rates, FHA loans tend to come with slightly lower interest rates, though one has to consider the entire payment (with mortgage insurance included) to determine what’s the better deal.

The box above actually assumes an interest rate of 4.70% for an FHA loan and 4.66% for a similar conventional one, though you’ll need to consider actual and current mortgage rates. This is somewhat unusual since it’s usually the other way around.

This spread can vary over time and there’s a good chance FHA mortgage rates will be lower than conventional ones in the future, so pay attention to current rates on both products as well.

I wouldn’t bank on FHA rates being higher, so if reality turns out to be different, it can certainly change the outcomes in the table above.

FHA Loans Subject to Mortgage Insurance

  • Mortgage insurance is unavoidable on an FHA loan
  • And will often remain in force for the entire loan term
  • Conventional loans allow you to drop MI at 80% LTV
  • Which is a huge advantage

We’ve talked about some benefits of FHA loans, but there are drawbacks as well.

The major one is the mortgage insurance requirement. Those who opt for FHA loans are subject to both upfront and annual mortgage insurance premiums, often for the life of the loan.

The upfront mortgage insurance requirement is unavoidable, and nearly doubled from 1% to 1.75% back in 2012. And the annual premium can no longer be avoided.

Since 2013, many FHA loans now require mortgage insurance for life, making them a lot less attractive and expensive long-term! The never-ending FHA MIP could be the tipping point for some.

However, the FHA recently lowered annual mortgage insurance premiums by 50 basis points, which could make FHA loans a cheaper option in many cases.

Additionally, it’s possible to execute an FHA to conventional refinance to dump the MIP once you have the necessary home equity. So it doesn’t really need to stay in-force for life.

Keep in mind that FHA loan offerings are also pretty basic. They offer both purchase mortgages and refinance loans, including a streamlined refinance, but the choices are slim.

In other words, you’ll most likely be stuck with a 30-year or 15-year fixed, or a 5/1 adjustable-rate mortgage. So if you’re looking for something a little different, the FHA probably isn’t for you.

At the same time, the max loan-to-value ratio for a cash out refinance is a very low 85%, which makes them a poor choice for tapping equity. But they’re mostly used for home buying anyway.

Conventional Loans Offer Many More Options and Just 3% Down!

  • Access to more loans programs (fixed, ARMs, etc.)
  • And you can get financing on more property types
  • Including vacation homes and investment properties
  • And the minimum down payment requirement is lower!

Now let’s discuss conventional loans, an alternative to FHA loans that tend to offer a lot more variety.

With a conventional loan, which includes both conforming and non-conforming loans, you can get your hands on pretty much any home loan program from a 1-month ARM to a 30-year fixed, and everything in between.

So if you want a 10-year fixed mortgage, or a 7-year ARM, a conventional loan will surely be the way to go.

And now you can get a conventional loan with just 3% down, which actually beats the FHA’s down payment requirement slightly!

Another benefit of going with a conventional loan vs. an FHA loan is the higher loan limit, which can be as high as $726,525 in certain parts of the nation.

This can be a real lifesaver for those living in high-cost regions of the country (or even expensive areas in a given metro). With an FHA loan, you might be stuck with a maximum loan amount just above $300,000.

For example, it caps out at $314,827 in Phoenix, Arizona. That pretty much ends the discussion if you’re planning to buy even semi-expensive real estate there. Your only option will be a conventional mortgage loan.

Anything above the FHA loan limit is considered a jumbo loan, and will often come with a higher mortgage rate and tougher underwriting criteria, such as a higher down payment requirement and more limited debt-to-income ratios.

However, jumbos are still technically considered conventional mortgages because they aren’t government loans. And more importantly, they aren’t capped at a certain loan limit because they live outside the requirements of Fannie Mae and Freddie Mac.

For those who need a true jumbo loan, a conventional mortgage will be the only way to obtain financing.

Are Fannie Mae and FHA the same thing?

People seem to confuse these two, so let’s put it to rest. The answer is NO.

Fannie Mae is one of the two government-sponsored enterprises (a quasi-public company) along with Freddie Mac that issues conforming mortgages, whereas FHA stands for Federal Housing Administration, a government housing agency that insures mortgages.

They have a similar mission to promote homeownership and compete with one another, but they are two completely different entities.

No Mortgage Insurance Requirement on Conventional Loans

  • If you put down 20% or have 20% equity
  • You won’t have to pay mortgage insurance
  • Some lenders may even waive MI regardless of the LTV
  • By offering a slightly higher interest rate

You won’t be subject to mortgage insurance premiums if you go with a conventional loan, assuming you put 20% down, or have at least 20% home equity when refinancing.

Even if you’re unable to put 20% down, there are low down payment loan programs that don’t require private mortgage insurance to be paid out of pocket.

In fact, the Fannie Mae Homepath program only requires a three percent down payment with no minimum borrower contribution (and you can get up to a 3% credit for closing costs).

Additionally, there are select lender programs that offer 3% down with no MI, so in some cases you can put down even less than an FHA loan without being subject to that pesky mortgage insurance.

Of course, you can argue that the PMI is built into the rate when putting down less than 20%, even if it isn’t paid explicitly.

So you might get stuck with a higher interest rate if you make a small down payment and don’t have to pay PMI.

As noted, conventional mortgages require a down payment as low as three percent, so low down payment borrowers with good credit may want to consider conventional loans first.

You Can Get Conventional Loans Anywhere

  • All mortgage lenders offer conventional loans
  • Whereas only some banks originate FHA loans
  • Not all condos are approved for FHA financing
  • And you can’t get an FHA loan on second homes or non-owner occupied properties

Another plus to conventional mortgages is that they’re available at pretty much every bank and lender in the nation.

That means you can use any bank you wish and/or shop your rate quite a bit more. Not all lenders offer FHA mortgage loans, so you might be limited in that respect.

Additionally, conventional loans can be used to finance just about any property, whereas some condo complexes (and some houses) aren’t approved for FHA financing. If you’re actively shopping, real estate agents will probably point this out to you.

The FHA has minimum property standards that must be met, so even if you’re a great borrower, the property itself could hold you back from obtaining financing. In other words, you might have no choice but to go the conventional route.

The same goes for second homes and non-owner investment properties. If you don’t intend to occupy the property, you will have no choice but to go with a conventional loan.

Let me make it very clear; the FHA home loan program is only good for owner-occupied properties!

Final Word: Is an FHA Loan Better than a Conventional One?

  • There is no definitive yes or no answer
  • You have to look at your loan scenario specifically
  • Consider how long you’ll keep the loan and what your goals are
  • Compare and contrast and do the math, there are no shortcuts!

These days, both FHA and conventional loans could make sense depending on your unique loan scenario. You can’t really say one is better than the other without knowing all the particulars.

And as noted, you or the property may not even qualify for an FHA loan to begin with, so the choice might be made out of necessity.

Both loan programs offer competitive mortgage rates and closing costs, and flexible underwriting guidelines, so you’ll really have to do the math to determine which is best for your particular situation.

Even with mortgage insurance factored in, it may be cheaper to go with an FHA loan if you receive a lender credit and/or a lower mortgage rate as a result.

Conversely, a slightly higher mortgage rate on a conventional loan may make sense to avoid the costly mortgage insurance tied to FHA loans.

Generally speaking, those with low credit scores and little set aside for down payment may do better with an FHA loan, whereas those with higher credit scores and more sizable down payments could save money with a conventional loan.

Also consider the long term picture. While an FHA loan might be cheaper early on, you could be stuck paying the mortgage insurance for life. With a conventional loan, you’ll eventually be able to drop the PMI and save some dough.

What a lot of folks tend to do is start with an FHA loan, build some equity (typically through regular mortgage payments and home price appreciation), and then refinance to a conventional loan. In that sense, both loan types could serve one borrower over time.

Your loan officer or mortgage broker will be able to tell if you qualify for both types of loans, and determine which will cost less both short and long-term.

Ask for a side-by-side cost analysis, but also make sure you understand why one is better than the other. Don’t just take their word for it! They might be inclined to sell you one over the other…

Lastly, be sure to consider the property as well, as both types of financing may not even be an option.

Tip: If you want a zero down loan, aka have nothing in your savings account, consider VA loans or USDA home loans instead, both of which don’t require a down payment.

There is also the FHA 203k loan program, which allows you to make home improvements and get long-term financing in one loan.

Now let’s sum it all up by taking a look at a condensed list of pros and cons for FHA and conventional loan programs.

FHA Loan Pros

  • Low down payment requirement (3.5% down)
  • Lower credit score needed (580 for max financing)
  • Lower mortgage rates
  • May be easier to qualify for than a conventional loan (higher DTIs allowed)
  • Shorter waiting period to get approved after foreclosure, short sale, etc.
  • No prepayment penalty
  • No asset reserve requirement (for 1-2 unit properties)
  • Gift funds can cover 100% of closing costs and down payment
  • Streamlined FHA refinances are fast, cheap, and easy

FHA Loan Cons

  • Slightly higher minimum down payment requirement (3.5% vs. 3%)
  • Subject to mortgage insurance (for full term of mortgage in many cases)
  • Must pay upfront and monthly mortgage insurance premiums
  • Mortgage insurance harder to cancel
  • Fewer loan type options than conventional loans
  • Only available on owner-occupied properties
  • Many condominium complexes aren’t approved for FHA financing
  • Loan limits are lower in more affordable regions of the country
  • Generally only allowed to have one FHA loan at a time

Conventional Loan Pros

  • Lower minimum down payment requirement (3%)
  • No mortgage insurance requirement if 80% LTV or lower
  • Can cancel existing mortgage insurance at 80% LTV
  • Can be used on all property and occupancy types
  • Many more loan program options
  • Can hold numerous conventional loans
  • No maximum loan limit and conforming limit higher than the FHA floor
  • More lenders to choose from (nearly every bank offers conventional loans)
  • Easier qualifying guidelines for those with student loans
  • Might be able to close your loan faster

Conventional Loan Cons

  • Higher credit score requirements (minimum 620 credit score)
  • Higher mortgage rates
  • May be more difficult to qualify than FHA loan
  • Mortgage insurance still required for loans above 80% LTV
  • Reserves may be required to qualify
  • Possible prepayment penalty (not common these days)

FLUFFY PANCAKES

These Fluffy Pancakes are thick homemade pancakes from scratch that are melt in your mouth delicious. If you’re looking for a recipe for pancakes, this is the best one!

I’ve tried so many pancake recipes and have never found a homemade pancake recipe that was worth keeping until I found this fluffy pancake recipe.

Source: everything.com

Pre-Qualification vs. Conditional Loan Approval?

Pre-Qualification
Getting pre-qualified is like getting an estimate from a lender, detailing how much of a loan you can likely afford. It serves more as a guide of what you may qualify for, rather than a conditional loan approval. Pre-qualification is helpful for determining the loan amount you can afford. Open the “Getting Pre-Qualified” window below to get pre-qualified.

Conditional Loan Approval

Conditional Loan Approval means that you complete a loan application and provide salary, asset, and credit documentation. We then verify the information you provided and if it meets our guidelines, a Conditional Approval Letter is issued. A credit report is generated for each borrower during the conditional loan approval process. Click on the Apply button on the right to start the process.

INSTANT POT MUSHROOM RISOTTO

I promise, this is the EASIEST risotto you will ever make right in your pressure cooker without any stirring or any kind of fuss! The risotto comes out perfectly – amazingly rich and creamy, loaded with mushrooms, spinach, peas and freshly grated Parmesan!

Source: damndelicious.net

 

USDA Home Loans

A USDA Home Loan is a home loan program, also known as USDA Rural Development Guaranteed Housing Loan Program, that is issued by qualified lenders and backed by the U.S. Department of Agriculture (USDA). The USDA Home Loan is provided to eligible low-to-moderate income homebuyers to encourage affordable homeownership in eligible rural areas of the United States. USDA Home Loans help families who may not qualify for conventional loans.

Advantages of USDA Home Loans

  • Zero Down Payment:
    USDA Home Loans require no money down from the buyers. To qualify for a zero-down-payment, a buyer must purchase in a qualifying rural area and meet income limits
  • 100% Financing:
    USDA Home Loans are 100% financing loans. However, you still have to pay for the inspection, appraisal, and closing costs.
  • 30-Year Fixed Rates:
    Convenience to pay off your loan with a fixed-rate for 30 years.
  • Roll in Closing Cost:
    The closing cost can be rolled into the loan if the home appraisal is more than the purchase price.

Eligibility Requirements for USDA Home Loans

  • U.S. Citizenship or Permanent Residency
  • The Property Must Be in a USDA Eligible Rural Area.
  • Owner Occupied Only:
    USDA loans fund only owner-occupied primary residences. Income-producing property and vacation homes do not qualify.
  • Credit Requirement:
    Applicants should have a good credit history. However, there is no minimum credit requirement for the USDA loan. A good credit score will help you become eligible for an automated underwriting process.
  • Income Requirement:
    The USDA requires applicants to have a stable income that is verifiable.
  • Location Requirement:
    The USDA home loan helps low-to-moderate income people purchase a residential home in a rural area.
  • Property Requirement:
    1. The home must be occupied as a primary residence.
    2. The property must have direct access to a driveway, road, or street.
    3. The property must have adequate utilities such as water and wastewater disposal.
    4. The property cannot be used for commercial purposes.

Why Drew Mortgage?

Drew Mortagage Associates, Inc. is more than a mortgage lender. We’re comprehensive mortgage planners. We can help provide you with mortgage loans or refinance your loans to a lower interest rate or reduced term. Our professional home loan officers will provide you the best mortgage loan that suits your financial needs. We will assist you throughout your mortgage loan process and will guide you while filling up the mortgage loan application form. Drew Mortgage Associates, Inc. is the most preferred mortgage company in MA. If you’re struggling to close with traditional mortgage companies in MA, Drew Mortgage Associates, Inc. can help!

FAQ’s

  • What areas are eligible for USDA home loans?

    USDA eligible areas are mostly rural areas and semi-urban areas. You may be surprised to know that some areas that you considered semi-urban areas are actually rural areas.

  • What is the importance of credit history in qualifying for a USDA loan?

    There are no specific criteria when it comes to credit history for you to qualify for a USDA loan. However, having a good credit history is always beneficial and it increases your chance to qualify for mortgage loans.

  • Is USDA loan only for first-time homebuyers?

    No, the USDA home loan is not only for first-time home buyers. Previous home buyers may also use the USDA loan program.

  • Who is eligible for a USDA loan?

    Any individual or family who wants to purchase a home as their primary residence in a qualifying rural area may be eligible for a USDA home loans.