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Getting a house is one of the biggest purchases that most people make in their lives – and can also be considered to be one of the most exciting ones. A house is more than just a home; it can also be a significant financial investment.
These are some of the steps that you should take to get your USDA Home Mortgage request processed smoothly:
You may process a request to prequalify for a loan. It provides you with a general estimate of what you can financially afford, and also to find out if you’re eligible for a USDA mortgage. This is an important step which can both save you time and effort because it narrows down the properties that you are eligible to purchase.
Receiving a preapproval letter brings you one step closer to your dream home. After getting prequalified, you have to gathering some of the required documents: such as your W2s, tax returns, pay stubs, investments and other assets, and also your employment history. Once you’ve been approved and that you’ve already received your preapproval letter, then sellers will begin to consider your offer more seriously.
However, keep in mind that having a preapproval letter doesn’t necessarily mean that your loan has already been approved. Your application still has to undergo a thorough review before your mortgage application gets approved.
As soon as you get your preapproval letter, you may now find a credible realtor and start your house hunting. Your preapproval letter will make things much easier for you and your real estate agent. You’ll also be able to secure your dream home much easier.
Once you’ve found your dream home, you may now start to make a deal. Just ensure that your real estate agent is well aware that you will be using a USDA mortgage. Your real estate agent should also prepare your proposed deal so that the house seller will start taking care of the closing costs. If the seller isn't closing the deal with the closing costs, keep in mind that the USDA home loan allows money as gifts from family and non-family members to cover the closing costs. Just remember that you must provide a letter or any documentation that can be used to prove that the money is a gift.
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Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
