USDA Eligibility Map Killeen TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Killeen? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Killeen.


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The big requirement for USDA is that it’s property specific.


It’s actually 0% down payment which is Great!


So because your down payment for a USDA Loan in Killeen is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

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What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?



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What are the requirements for the USDA program?




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So, Typically what that means is.



Specifically, they don’t finance this program for farms in Killeen.

It has to be a Single Family home in the Killeen area, without a barn structure on the property.

Then it also has some home price limitations.

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And they may even get most or all of that back.

If the seller is covering all the fees.



What type of home buyer is this program ideal for?


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They’ll do homes with Casitas So no real other restrictions.


USDA Loan Killeen – Do You Pre-Qualify?

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Well hi there, I'm Michael Hausam of TheHausam Group at Vista Pacific Realty.

So the question I want to address today iswhether you as a homebuyer or a mortgage borrower should use a mortgage broker ora direct lender.

What's the best place to go to get a loan? Now as far asdefinitions go, a direct lender is somebody, an institution, that's lendingtheir own money; whether it's a bank like Bank of America or Wells Fargo or Chaseor a mortgage banker, like Quicken Loans or Loan Depot.

a mortgage broker is acompletely different animal ;that's a third party intermediary, who's basicallytaking your loan package and taking it to a direct lender.

So what's the bestone to use? Well in my background, as I've mentioned before, I started out in thereal estate business on the mortgage lending side.

I first worked for afinance company, that was a division of an automotive company that made mortgageloans; and then I went to work for a bank and then I work for two differentmortgage bankers, and now I can broker loans as a mortgage broker.

So the quickanswer is: the best place to get a mortgage loan is through a mortgagebroker.

'Cause that's what I do! But as self-interested as that answer is,it's also the right one, as far as I'm concerned, because I have my license witha mortgage broker because I want to be able to obtain the best possiblefinancing for my clients.

But there are reasons for that.

Consideration number1: your profile.

If you've got extremely good credit and your income and assetsare very simple, you can basically get a loan from anywhere.

But if yourcircumstance is more complicated, if your credit isn't great, if your tax returnsare complicated or your employment is complicated or your assets arecomplicated, then you might have a difficult time finding a direct lenderwho will make that kind of loan.

A mortgage broker willhave the experience and probably dozens of different avenues to take your loan.

So that's the first consideration.

Now the 2nd consideration is the type ofloan that you want.

If you want to borrow six hundred and seventy nine thousandsix hundred and fifty dollars or less and you want a standard thirty-yearfixed-rate loan, that's a Fannie Mae Freddie Mac agency loan, and everybodymakes those loans.

But if the loan you want or the loan you need or the loanthat you qualify for doesn't meet those requirements, it's a little morecomplicated.

If you've got credit or asset or income issues, you're probablynot going to be qualifying for a Fannie Mae or Freddie Mac loan.

Nn that case itmay be difficult to find out which bank will make the loan for you.

Also someborrowers have extremely unique profiles as far as high net worth individuals, andthey want to cross collateralize brokerage accounts, other properties,significant assets that they have and it takes a custom high-end private bankerto make those loans.

I also had a circumstance recently where a borrowertried to see if I could match a rate and quote given to them by their creditunion.

Well at that time their credit union was offering a special promotionfor people that were in the ministry - the wife worked for a church - and adifferent promotion for people in education and the husband was a teacher.

They also had a special credit with their credit union because of the timethat they'd been members of the credit union.

Well the circumstances in thatsituation were such that these borrowers got an amazing deal that wasn't readilyavailable in the marketplace.

Consideration number 4 is thetransaction itself.

Where is the loan going to be handled? Maybe you're notaware and haven't been paying attention to the mortgage business like I havelately, but Wells Fargo and Bank of America and Chase have all announced aton of layoffs; they're consolidating operations.

I just ran into this with a buddy of mine that had a really good relationship withthe lady at his local B of a branch.

Well he was talking to her about gettinga loan, but it turns out that other than just taking the loan application itself,a hundred percent of everything that was going to be done on his loan was handledout of state.

The people would've had no idea who he was and, more importantly, no ideaabout what was going on here in Orange County real estate.

The other issue thatcame up with that loan is that this particular banker didn't have any ideawhat a conditional loan approval was.

It's something that I use in my realestate business extensively and that's the type of loan that you get a borrowercompletely underwritten by a human underwriter; the loan is completelyapproved before finding a house.

Well, B of a won't do that type of loan.

Theywould give a pre-qualification letter but they wouldn't get anybody to signoff on the loan.

Well that has an impact on the transaction.

So we ended up notusing Bank of America because they couldn't help us the way that we neededto be helped.

Also another consideration is if you're using a local mortgage bankor local mortgage broker and the representative is right here in thecounty, there's some pressure that can be brought to that individual that wouldn'tnecessarily be the case if you just pick up the phone and talk to somebody wayoff in Michigan at Quicken.

Being a real estate agent (and I'm here at an openhouse right now) it's very common to have mortgage bankers and mortgage brokerscome in here to the open house to try to get business from me.

Well can youimagine if I'm in a transaction with one of those mortgage bankers or mortgagebrokers and something goes sideways, it's not just that one transaction thatthey're gonna be thinking about.

It's all the other transactions that they'rehoping that I'm going to send to them and you as a borrower can benefit fromthat situation.

Whereas if you're on the phone to some21 year old recent college graduate that's got a headset in the cubicleoutside of Detroit and you're one of seventy-five people and his pipeline,your tragic circumstance or urgency isn't gonna mean quite as much.

And thatcould impact you in your transaction Consideration number four is simplycosts.

And let's be honest ,when it comes down to it, the question that's alwaysasked is not, "How good is your service and where is your processing centerlocated?" It's, "What's your rate and fees?" So let me give you a little bit of atutorial on how it works for mortgage bankers.

Their loan officers are giventheir rate sheet, "This is today's rates and this is what you have to go out intothe marketplace with," and if you're dealing with one of those individuals,they have their rate for the day and you get that opportunity, whereas with themortgage broker I'll get 75 or 80 different lenders whoare all competing for my business.

So what happens is they because they don'tneed to pay a loan officer and have office space and all that for a retailbranch, they're delivering on a wholesale basis; so they deliver dramatically lowerrates to me as a mortgage broker and then I, seeing all of these differentlenders competing against one another, can figure out the loan for you and theprice for you, as these guys are all trying to fight it out.

You then benefit;so that's one huge advantage that a mortgage broker has, is that at the clickof a button, literally the click of a button, they can do far more shoppingeffectively then you can do picking up the phone calling all over town andcomparing rates.

Now for my particular clients, what I do if I'm representingyou as a home buyer, I offer substantially discountedorigination fees; as for me the loan piece isn't the way that I make myliving.

The loan piece is the way that I make sure that my clients get the bestservice, the best terms, and the best performance, so that theirtransaction holds together.

It's absolutely impossible, other than in themost unique of circumstances, that I can't dramatically undercut the costsand fees of any mortgage banker or mortgage broker for my real estateclients.

So if you'd like to learn more about that or if you'd like a simplerate quote, you can call nine four nine four one three two three seventy one.

Youcan email me Michael@HausamGroup.


also right above my head there should bea little round button with an 'i' when you move the cursor; click on that andthat will take you to my website and you can get more information there, as well.

Lastly, please follow and subscribe to this youtube channel.

I very regularlydo advice for borrowers, for home buyers, and home sellers; tips and other littlethings to help make your real estate experience easier and happier.

Thanks somuch for watching and have a great day!.

FAKE NEWS on Mortgage Stress Test / Private Lender Stress Test / UNSUBSTANTIATED

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If the elevator tries to bring you down, gocrazy.

Punch a higher floor.

This is Dan on your inside team at Growella.

It's Monday, July 9, 2018.

Get ready.

It's today's The Mortgage Minute-and-a-Half.

People be like put me in work work work workwork work.

And employers obliged.




Just the act of looking for jobs suggestsconfidence among U.



The jobs report also showed U.





Rates are holding near the lowest in six weeks.

Today's mortgage rates are in the dirt dirtdirt dirt dirt dirt.






You don't need twenty percent down to buya home.







Forgivable money.

And it's there, if you want it.


Lenders don't care so much what you put down.

They just want to know you can make your monthlypayments.

So, talk to a lender and find out what's possible.

You can't know until you ask.


Go on and click the like button.

What's blue and not heavy at all.

Light blue.

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