USDA

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Kaci2782

29 Posts

Posted - 04/02/2008 : 4:55:45 PM

QUICK. Is there alot of lenders that will do these guaranteed loans in Texas? And can someone give me more info about this loan who close one? Thanks because I have a complete file that can't get MI because of score that I need to close asap.

meridian1

376 Posts

Posted - 04/03/2008 : 2:57:28 PM

Wells Fargo, Wachovia , Greystone, Chase,Suntrust, TBW are some of the lenders that i know of.Go to http://www.greystonefinancialonline.com and click on the link "Click here for Handbook and Forms" at the bottom of the page. Great study material for USDA loans. Also make sure that the property is in eligible area and borrowers income falls in the eligibility range.

quote:
Originally posted by Kaci2782

QUICK. Is there alot of lenders that will do these guaranteed loans in Texas? And can someone give me more info about this loan who close one? Thanks because I have a complete file that can't get MI because of score that I need to close asap.

MALo

217 Posts

Posted - 04/26/2008 : 10:46:22 AM

Am I correct in assuming that you need to have FHA to originate these loans?

Thanks

aeastburn

283 Posts

Posted - 04/26/2008 : 9:49:29 PM

No anyone can do them. No FHA approval needed

minhhoang

32 Posts

Posted - 08/22/2008 : 12:25:20 PM

sunttrust is the way to go...their underwriting is super quick

KellyVanguardNM

510 Posts

Posted - 08/29/2008 : 07:43:05 AM

90% of the loans I closed in the last 2 months were USDA loans. It is quickly replacing FHA in rural areas. It offers 102% financing. Reasonable credit. Fico's as low as 585 (at least with my lenders) No limits. I use First Horizon (soon to be MEtLife) for these as well as Taylor Bean. My understanding is that if a lender is VA approved then they will be USDA approved. I will double-check.

quote:
Originally posted by Kaci2782

QUICK. Is there alot of lenders that will do these guaranteed loans in Texas? And can someone give me more info about this loan who close one? Thanks because I have a complete file that can't get MI because of score that I need to close asap.

jillstatz

657 Posts

Posted - 08/29/2008 : 09:52:03 AM

Chase and Wells Fargo are good USDA lenders. Chase is probaly a little faster with the underwriting time than what Wells is.

You do not have to be VA or FHA approved to do these loans. Talk to a rep at the company that you are wanting to use and they will get you set up.

MisterVA

6765 Posts

Posted - 08/29/2008 : 12:48:53 PM

You can often combine USDA with state housing programs, too.

windyctymktg

591 Posts

Posted - 08/30/2008 : 7:50:09 PM

I woudl agree that Chase and Wells are pretty good with USDA. Lately the pricing has been quite a bit better at Wells though.

msancheznj

2243 Posts

Posted - 09/01/2008 : 10:34:58 PM

How about some ideas on how to prospect for these types of loans?

KellyVanguardNM

510 Posts

Posted - 09/02/2008 : 06:48:47 AM

I provide free training classes on this program for the Realtors..at their office or mine... with DPA going away.. at least for now... it is something they are eager to hear about.