




home equity rates

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


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



best home loan rates





What is a USDA Home Loan?

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



refinance loan
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 Plano.


Then it also has some home price limitations.

house mortgage rates








arm mortgage





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?


conventional mortgage



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


USDA Loan Plano – Do You Pre-Qualify?

fixed rate mortgage

Hey everyone I am in Pleasant Grove thismorning (or this afternoon rather) with a good friend of mine Garrett Peterson.

Heworks for First Colony Mortgage and we are in the building, I just call it the instructurebuilding, it's the new building off of the Pleasant Grove Boulevard exit andFirst Colony is moving into here.

They're shutting down a couple of.

What they'reshutting down three offices in Lehi, Orem and Pleasant Grove.

So anyway First Colony and Garrett- a number of youpeople probably have worked with Garrett because I've referred him to a number ofyou and he's a great guy anyway just wanted to show you their office just alittle bit! This building is a really cool building with a great parking lot.

If youcome here and you have your Tesla or your BMW that needs to get charged there is a charging station for you while you come in and talk to Garrett! Just on the eastside is what, four charging stations so they're kind of cool! A lot ofthings going on here besides just this building: you've got a strip over herewith restaurants, and you've got all this going on with doTERRA over here they're constructing more hotels that are going to be coming online just upthe road, you know Macy's, the Walmart.

anyway a lot of stuff happening aroundhere! But anyway one of the things I wanted to just have Garrett share withyou for a second - because in a lot of areas we saw some days on market that inSeptember, October, November properties were staying on the market a little bitlonger.

It seemed like okay, we might be getting more inventory, but that didn'thappen very much.

Not a whole lot more listed.

But then December some of thedays on market went back, and shortened! So anyway I just want tohave Garrett share with you some of his insight just a little bit and if youhave questions get a hold of me and Garrett with First Colony ishappy to help you.

As far as the mortgage anda lot of those questions, I just refer to him anyway! But tell me just real quickwhat we were talking about and what you were seeing.

that things kind of stayed eventhroughout the year.

Yeah, our numbers were fairly consistentthrough the four quarters of last year as far as a first company standpointwith First Colony Mortgage.

Interest rates came down and helped a little bitthis year already compared to last year as well.

The process itself as far asclosing a loan takes right around three weeks, so as far as actually gettinga deal done, we haven't been standing in the way of anybody buying a house.

It'smore just a number of listings, which Brian is the expert on the number oflistings and the days on the market as well! But we're excited to move into ournew building here, yeah we're going to have everybody all together, all of ourunderwriters.

We're a local company, still kind of a hometown feel for us, and we'rejust excited to get everybody together and have a great production staff andget things done and keep the ball rolling.

The sign just went up two weeksago, it's just right off the exit of Pleasant Grove.

Yeah, Pleasant GroveBoulevard exit, in fact the sign, the First Colony sign is on the east side, so you got the prime sign position.

But anyway, you know one of the nice things Garrett hasdone for me a number of times is he's always willing to give a just a good-faith estimate.

So if you're already using a lender, he'll come in andjust say hey this is what we can do! Actually I've had clients thathave gotten within just a week or within just a few days of closing andsomething's come up with their lender.

Garrett's jumped into it! And he justsaid three weeks to close, but he's done even shorter than that for me insome emergency cases! So anyway even if you have a lender it's alwaysgood to just get a backup, so if something happens when you'regetting close to settlement you can jump in and just say, hey we need to seewhat you can do you.

We've had a lien come up or we've had somethinghappen or something like that, an appraisalinspection, I mean so many things can happen and if you've bought ahome or if you're starting the process, not to discourage you- but just know we try to minimize your risk.

As a Realtor, as aLender, we're just trying to minimize your risk and trying to help you get through the process, make sure you're getting the best deal possible that makes the mostsense.

And everybody's situation is different so we'd be happy to take a look at it.

Anyway, we're just gonna walk in the the first part right here of theiroffice.

I mean they've got so many windows I think everybody's an executive nowbecause everybody's going to have an office with a window, right! So here'syour Lobby, the front desk, really cool lighting.

Maybe we'll just walk aroundhere a little bit you can see you do have some offices in here.

So these aregoing to be the lenders that are just starting versus if you get somebody likeGarrett here, he's gonna have an office with them here with windowsfacing the parking lot and the mountains look at that view - that's awesome! Okay well we're gonna run, but yeah ifyou have any questions, for sure get back with me, whether it's RealEstate, Lending with First Colony Mortgage they're one of the great great companiesI like to refer a lot! So thank you, take care, I appreciate you letting me come and check out your office.

You're welcome anytime to stop by!.

CalHFA's Lender Training: Conventional First Mortgage Products

home equity rates

- FHA versus Conventional.

What is the difference? Hi, I'm Ledeana with Homes By Strand and RE/MAX Town & Countryin Port Orchard, Washington.

And we're gonna get started right now.

(upbeat music) I'm going to discuss the short version because the difference of these two loans can actually get quite complicated.

But my teaching style, let's keep it on the surface and let's get it to where you guys can immediatelyknow the difference between the two and then you're going to know which one that you really need to research more withyour lender, of course.


So conventional is aprivate sector loan that is not backed by The Federal Government.

It has what's calledprivate mortgage insurance which is called PMI, private mortgage insurance.

Super simple.

FHA on the other hand, that is a private sector loan as well but it's backed by The Federal Government.

And it has what's called MIP, mortgage insurancepayment that is required.

Alright? Now that MIP, that is insurance for the lender.

That is not yourinsurance as the borrower.

That is insurance on the loan, okay? And that is where The Federal Government says, "Hey, we're guaranteeing that you're "gonna get a portion ofthis loan back from us.

" They get a percentagethat they loaned, alright? And then those MIP payments that stayed for the life of the loan, that's also your insurance per se.

Now how all this gets broken down and where that moneygoes and how it's spent, that's not something that we need to be focusing on.

What we want to be focusingon is what is the difference between MIP and PMI is thattheir both mortgage insurance.

But one, is you're paying the government and the other one is that you're paying a third-party, okay? Now the major difference, like I just said is that MIP is for the life of your loan.

So as long as you own your property and as long as you aremaking your payment, then you are making the MIP part of your house payment.

With conventional, when you have the PMI, you can drop that insurance off once you have hit 20%, alright? So when you have paid down at least 20% of what you originally borrowed, you no longer have to pay PMI.

And that's where the biggest myth and confusion comes from, is because a lot of people think that when they get a conventional loan that they have to put 20% down at the gate.

And that's just not true.

There are some conventionalprograms out there where you can put as little as 3% down.

Now, the fees between FHA loan and a conventional loanare completely different.

You're always gonna haveyour lender origination fee which that lender origination fee, that's how you paid your lender to do their job for you and to fund this loan and to broker the paperwork, alright? But then there's also, there's some other feesthat what are called program lending fees.

And those are going to be different between the two.

That's why it's really important that if you know the surface difference between the two, then you're really gonna know which one is gonna be the best loan option for you, not only today but long-term, alright? Because the biggest mistake that I see clients make is that they want to get intoa property right now.

And so they're looking attheir finances right now, which that is important, correct? But sometimes, instead of waiting a month or two and having a little bitmore money to put down, they don't realize howmuch money they would be saving long-term bychanging the program.

So that could be doesyour credit score need to come up a little bit more? Do you need a little bit more money to put down to where you can get into a different program? Or do you need a little bit more money so you can actually buythe interest rate down? I mean, those are allthings that a good lender should be explaining to you.

And these are questions and things that you need to be aware of so you know what to ask, alright? But here's a couple ofother differences that, in my opinion, are pretty vital to understand.

There's a common myth.

A lot of people think that because FHA is a government-backedloan that it's harder to qualify for an FHA when it's actually quite the opposite.

And the reason why a lot ofpeople are confused with this is because with an FHA loan, you actually have to havetwo sets of qualifications you actually have to meet.

You have to obviously meet the lender, the banks, the personal private guidelines, and then you also have to meetthe government guidelines.

Because again, if the government isgoing to back the loan, you can bet your bottom dollar you're going to have tomeet certain requirements in order for them toguarantee a percentage to the lender.

But the great thing is, is that most everybody meets the government's qualifications and I stress on most, alright? But here's the thing.

When the lenders knowthat they're guaranteed to get a percentage of theoriginating amount back, when you know you're getting a portion of that back, they're a little bit morerelaxed on that whereas, when you get a conventional loan, nobody's guaranteeing that lender that they're going to get any money back should you as the borrower default.

So the conventional loans, those are actually theones where the standards are a little bit higher and they're not really hard to meet, it just takes a little more legwork as the borrower.

So you have to have a little bit more proof per se.

You have to be able tosubmit some more paperwork because again, you have one lender that's not guaranteed to get anything and then you have anotherlender that's guaranteed to at least get something.

So, does that make sense? Now, we can get into the nitty-gritty of what those requirements are but I think for the purpose of this video, I think it's really important that we just stick with the basics because your lender should be able to explain to you your ownpersonal circumstances.

So that's why it's really important that people understandthat conventional loans are not scary.

If you have the paperwork, if you can show your proofin the pudding per se, then sometimes a conventional loan is actually the best way to go because interest rates are typically a little bit lower.

And why is that? Well, because when you'repaying a higher percentage rate on the FHA side, that's also because aportion of that is going towards the government-backed portion.

Does that make sense? So, it's super simple.

You just need to finda really great lender who is really able to explain what their programs are and how they differ.

And that, folks, is your tips for today.

And if you need a good lender, I have a slew of them.

And why do I have more than one? Because every lender thathas different programs that will meet different criteria.

That's why a good agent has more than one.

And you can bet your bottom dollar, I've got just the one should you need one.

That's it for today.

We'll see you next time.

Don't forget to hit thesubscribe button below and also the little bellnotification down below as well, so you're kept in the loop and up-to-date on this home buying thing.

And you don't wanna miss any important information that I'll be sharing with you in the coming weeks.

And thank you so muchfor watching my video.

I hope to see you soon.

And bye for now.

