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FAQs

USDA / VA / FHA Appraisal Requirements

Posted in FAQs, Guide to FHA Home Loans, Guide to USDA Home Loans, Guide to VA Home Loans, Home Buying Tips & InfoPosted by Shane Latzachipping paint on a cement block structure

In order for a loan to be financed, certain USDA, VA or FHA appraisal requirements must be met. The following will need to be repaired in order to avoid a re-inspection of the property: Paint ANY chipping or peeling paint will need to be scraped and painted, no matter how minor it may be. Remember to remove the old paint chips that have fallen onto the ground and dispose of them properly. Siding ANY missing…

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FHA Loans vs. USDA Loans

Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Shane LatzaYoung couple consulting with mortgage broker about FHA vs. USDA home loan options

When choosing a loan program, it’s important to understand your options. Let’s take a look at two different types of popular government loan programs – FHA loans and USDA loans – and how they compare to one another. Weighing Your Options: FHA Loans vs. USDA Loans Government mortgages are backed by the government, as their name indicates, meaning that the government ensures repayment to the bank or lender if you happen to default on your…

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USDA Loan Fees for the 2023 Fiscal Year

Posted in Guide to USDA Home LoansPosted by Shane LatzaHomeowner calculating changes in mortgage payments based on 2016 changes in USDA loan fees

The USDA Loan fees for FY 2023 are an upfront guarantee fee of 1.0% of the loan amount and an annual fee of 0.35% of the loan amount. These fees apply to both home purchases and refinance transactions during the 2023 fiscal year, which runs October 1, 2022, through September 30, 2023. Back on October 1st, 2016 the USDA implemented the changes to the loan fees, reducing the guarantee fee from 2.75% to 1.0% of…

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What is Considered “Rural” When It Comes to USDA Home Loans?

Posted in Guide to USDA Home LoansPosted by Shane LatzaHand holding house against green field, representing USDA rural property

USDA home loans are a terrific option for many home buyers who qualify, as they offer 100% financing and very competitive interest rates. In order to qualify for a USDA mortgage in New York, you must meet certain specific USDA eligibility requirements. These requirements include the criteria that the property being purchased must be located in a rural area. But what does rural technically mean when it comes to USDA loans? We break it down here….

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New York USDA Loan Income Limits

Posted in Guide to USDA Home LoansPosted by Shane LatzaUSDA Loan concept. Man holding book.

As of July 13th, 2023, the USDA Rural Development Single Family Housing Guaranteed Loan Program has updated the USDA home loan income limits for counties throughout the United States, including counties in New York State. USDA loan income limits vary based on geographic location and household size. This latest update has increased income limits for some regions, while the limits for other areas have remained the same as they were during 2022. Understanding USDA Mortgage…

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