USDA Loans In Calvert County Maryland

by Brian Mayer on January 31, 2014

USDA Loans In Calvert County Maryland   In Calvert County your household income must be below $101,000 for 1-4 people living in the household and 133,300 for 5-8 people living in the household. Currently ALL of the houses in Calvert County are eligible for a USDA loan. There is no loan limit however the income […]

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Income Calculation For A USDA Loan

December 28, 2013

Income Calculation For A USDA Loan   When calculating income for a USDA loan we look at both the ability to repay the loan and to ensure that the household income is under the income limit for the county. Types Of Income Used When calculating for the income limit we look at every income and […]

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No Money Down Loans

December 28, 2013

No Money Down Loans   There are four ways to get a no money down loan on your mortgage. #1 VA Loan – Program is strictly for veterans and active military #2 Portfolio Loan – A local bank could have a no down payment loan option #3 Down payment assistance program coupled with 5% down […]

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Income Limits For A USDA Loan

December 28, 2013

Income Limits For A USDA Loan   The income limits for a USDA loan determine the maximum limit of money a household can make and still obtain a USDA loan. This calculation is based on everyone living in the house not just who is on the loan. There are no exceptions and this limit is […]

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USDA Eligible Area Changes October 1, 2013

August 25, 2013

New USDA Areas in Southern Maryland   October 1, 2013 USDA will enact the new eligible area maps across the country. These maps are based on the 2010 census and the change has been postponed several times however it looks like this time is it. If you are reading this article after October 1, 2013 […]

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Should You Refinance? It Depends…

August 22, 2012

Should You Refinance?   A lot of people ask me if they should refinance simply based on what the current interests are however that is only one component of the equation. Goals Here are the two questions I ask up-front that help make things simple. #1. What is your primary reason for refinancing? Often its […]

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No More USDA Loans In The Chesapeake Ranch Estates (The Ranch Club)

August 21, 2012

USDA Loans in Chesapeake Ranch Estates   Yes its true, as of October 1, 2012 there will be no more USDA or Rural Development loans in the Chesapeake Ranch Estates in Lusby Maryland. Unfortunately after the most recent census they are no longer considered eligible per the population density. This is really unfortunate as there is an […]

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Changes to USDA Mortgage Insurance October 1, 1012

August 21, 2012

New USDA Mortgage Insurance   As of October 1, 2012 the annual MI on all USDA loans is increasing from .3% to .4%. This should not be a huge concern as the rate is still relatively low especially compared to FHA which is at 1.25%. On a 200k loan the MI will go from $50 […]

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Frequently Asked Questions About USDA Loans

August 4, 2012

Most Frequently Asked Questions About USDA Loans   Q. How much money do I need? A. There is no down payment required however there are closing costs and you will need an earnest money deposit. Closing Costs – Are negotiated in the contract. The seller can contribute up to 6% and the lender can provide a credit […]

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USDA Loan Repairs | USDA Rehab Loan

August 3, 2012

Repairs | Rehab with a USDA Loan?   With the huge increase in short sales and foreclosures, more and more houses are being sold empty or in need of repairs. Sellers may not have the money, sellers in a short sale often see no incentive to do any repairs, and banks selling foreclosures are simply […]

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