Would this property qualify for a USDA loan? 10513 Norris Place Upper Marlboro, MD 20774-9260

By: choicefinance.net
In: Uncategorized
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qui

We need to get a pre approval letter contingent upon our credit scores going up. We have our house, want to close in sixty days. We are working with a credit restoration company who said in 60 days our scores will go up 100 points, which we will then qualify for the loan. Can you provide a pre qualify letter based on this information. We have the down. Thanks.

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Answer #1

Unfortunately, this property is NOT eligible. You can see for yourself here http://eligibility.sc.egov.usda.gov/eligibility/w…

Why do you want a USDA loan? Please respond here with more details OR send me an email to help@choicefinance.net

Answered By: choicefinance.net Level Rating

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Answer #2

I don't know how many homes in PG are even eligible for USDA financing. I am sure there are slices but it will be somewhat limited. Just so you know both the property and the borrowers both have to qualify. The home must be in a certain area and you are income restricted based on family size. There are also major changes to the program starting Oct 1. There will be monthly fees as opposed to none now and the upfront fee is also increasing. The goal of this is to make it revenue neutral as opposed to another gov't program because frankly our government doesn't have the funds it used to have. Hope this helps please email bmendelson@monarchmtg.com if you need more information.

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