USDA Loan Pre-Approval: Everything You Need to Know
USDA loan pre-approval provides an accurate idea of the loan size you may qualify for and gives you a competitive advantage when making offers on homes.
March 10, 2025 12 MIN
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USDA loan pre-approval provides an accurate idea of the loan size you may qualify for and gives you a competitive advantage when making offers on homes.
Seller concessions can be used to cover your out-of-pocket closing costs, with the USDA setting the maximum contribution limit at 6% of the home’s purchase price.
Having student loans won’t prevent you from qualifying for a USDA mortgage, but they will count toward your debt-to-income ratio, which can affect how large of a loan you are eligible for.
If you’re looking for an affordable option beyond a traditional site-built home, an FHA loan on a manufactured home could be the key to achieving your homeownership dreams.
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Six figures used to buy you a pretty sweet house: about 140% of the typical home. Now? About 90%. What happened?
A typical first-time buyer house payment eats up 50% of the median income. But these aren't uncharted waters. It just feels terrible because the early 2020s were comparatively so cheap.
This week's economic data have barely touched mortgage rates. It's now all about market, business and consumer sentiment.
Nearly every major agency is predicting rates in the 6s or higher for 2025. But could rates drop into the 5s? There's a solid case for that argument.
The average age of first-time buyers is now a record-high 38. How to buck the trend.
A new-construction home can save you the hassle of remodeling and could be more cost-effective than an existing home in the long run. But these are far from a fool-proof homebuying strategy.
Homeowners may need to wait up to 12 months before refinancing a government-backed mortgage or cash-out refinance. Some refinances are available right away for homeowners who can benefit from its terms.
USDA direct loans are more challenging to qualify for but offer lower monthly costs. USDA guaranteed loans are more widely available but have slightly higher, although still competitive, interest rates and payments.
Disputing items on your credit report can derail your mortgage approval, even if the account is inaccurate. What to do instead.
With some hard work, your credit score can skyrocket 100 points or more. Here's what it might take.
