USDA Loan Boundaries to Change

USDA ZERO DOWN FINANCING in TEXASUSDA Loan Boundaries to Change  October 1, 2013

by Tim

One of the best mortgage products available today is the USDA home loan. It allows borrowers to purchase a home with zero down, as long as the home is within a “rural” geographical area as designated by USDA.

USDA is a little different than other government-backed programs like FHA and VA, in that the first thing the lender will review is the location of the property.

Even if the borrowers are fully qualified from an income and credit perspective, the USDA loan cannot be approved if the property is not located in an eligible area. And these eligible geographic areas are about to change.
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a Lender’s “needs list” for financing real estate

Below is a list of items needed for financing; which can be sent to the Lender between now and when you have a property under contract:

  1. Lender Needs ListLast 60 days of pay stubs
  2. Complete 2010 and 2011 FILED tax returns (all pages, schedules, and w2’s)
  3. All 2012 W-2’s
  4. Bank statements for most recent 2 months (all pages)
  5. Most recent retirement account statements (all pages)
  6. Copy of drivers licenses and social security cards for all applicants
  7. Employer contact info to verify employment
  8. Realtor contact info to help with contract preparation
  9. Your chosen homeowner’s insurance agent contact info
  10. Credit card authorization or check for appraisal fee (fee determined by lender)

If you have fixed income

  1. Annual Social Security Benefits statements
  2. Documentation of other retirement income (if applicable)
  3. 1099’s for 2010 and 2011 and 2012 for all fixed income
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