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Government Mortgages

What is the Minimum Credit Score for an FHA Mortgage?

Posted in Government Mortgages, Mortgage & Refinance ProgramsPosted by Maple Tree Funding

Unfortunately, there isn’t just one answer to the question “what is the minimum credit score for an FHA Mortgage.” Obtaining a mortgage is more than just having a good credit score. It also includes factors like having a steady income (work history) and reserves or assets for a down-payment. These additional factors along with your credit score help to determine whether or not you qualify for an FHA mortgage. FHA Mortgage Qualification Requirements The FHA Department…

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How To Find A USDA Eligible Property

Posted in Mortgage & Refinance ProgramsPosted by Maple Tree Funding

When shopping for a home, there are many factors to consider. One important factor to consider is the type of mortgage or home loan you will use to finance your home purchase. USDA mortgages offer a variety of benefits and advantages, and there are numerous areas throughout the state of New York where home purchases do qualify for USDA home loans. This leave many NY home buyers curious as to whether or not they are…

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Do I Qualify For a USDA Loan?

Posted in Mortgage & Refinance ProgramsPosted by Maple Tree Funding

If you’re interested in buying a home in a rural area of New York state, a New York USDA loan may be a good mortgage option for you to consider. USDA mortgages are designed to help people purchase homes in designated rural areas. Offered by the United States Department of Agriculture, these loan programs allow for 100% financing and offer a number of additional benefits to homebuyers, including: Competitive interest rates No cap on seller’s concession (based…

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2014 USDA Eligible Areas Update

Posted in Mortgage & Refinance ProgramsPosted by Maple Tree Funding

Last week, The Agricultural Act of 2014 was approved by the Senate and the House.  Part of this Act includes an important provision championed by the National Association of Home Builders (NAHB) that will enable millions of Americans to maintain access to critical rural housing programs.  These changes that were in place would have restructured eligible USDA area’s making some areas become ineligible. More than 900 communities nationwide will now be able to maintain their “rural”…

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2014 USDA Eligible Rural Area Changes

Posted in Mortgage & Refinance ProgramsPosted by Maple Tree Funding

In January 2014, specific areas will be affected in whether or not they are USDA eligible. Implementation of the 2010 Census Data will occur on January 15, 2014, which will modify the eligible rural areas for Rural Housing loan programs. The future eligibility area maps can be viewed on the USDA Eligibility website. Properties in areas that will no longer be designated as rural will not be eligible for Rural Housing purchase loan programs as…

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