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The USDA offers several different types of home loans designed to increase home ownership in rural areas. Some models are more restrictive than others. The direct loan program is specifically designed for people with a low income, but a USDA guaranteed loan covers a wide variety of properties, locations and incomes, making it accessible to far more future homeowners. What Is a USDA Loan? The U.S. Department of Agriculture offers several loan options, including direct loans from the agency itself, guaranteed loans made through a residential mortgage lender, and loans for refurbishing and fixing up existing properties. For direct loans, the home needs to be under 1,800 sq. ft. in size, and the overall cost needs to be below the USDA loan limit. These subsidized loans can have interest rates as low as 1 percent and are designed for those with low or very low income.

What is a Rate Lock?

Oct 10
Category | The iServe Blog
Ever seen an amazing sale, headed to the store and realized that you just missed it by one day? If you’re just shopping for a new pair of shoes or a new game, you might have a mini-meltdown in Target and then move on. It is disappointing but doesn't impact your life in any big way. That same scenario, though, can have a huge impact on your life if it happens with your mortgage loan when you are buying a home. If you base your offer, budget and plans on a mortgage loan at a particular interest rate and then that rate goes up as you work through the loan process, you’ll be out a lot of money over the life of your new loan. A rate lock can help.

A rate lock is designed to protect you from increases in interest rates, while you are in the process of securing a mortgage or buying a home. The lock guarantees the rate offered by a lender for a specific amount of time. If interest rates go up after the lock is in place, then you can still may get the rate you for which you locked in (provided the loan closes and funds during the lock-in period). There is a catch though ...

What Is a USDA loan?

Oct 4
Category | The iServe Blog
If you dream of a Pinterest-worthy home in the suburbs, then a USDA mortgage might be the right product for you. This program is designed to increase home ownership in rural and suburban areas and is often overlooked by new buyers. The benefits of the USDA loan make it well worth your time to look, though, particularly if you can afford to make mortgage payments but do not have a large down payment ready. How USDA Loans Work USDA loans are backed by the Department of Agriculture and may be funded by a traditional lender or the USDA itself. A USDA loan generally offers no-down-payment options with low interest rates and covers a wide range of areas and incomes. There are three types of USDA loans, as of 2017 :
    Guaranteed loans: A private mortgage lender provides you with a mortgage loan and the USDA guarantees that loan. This process is similar to an FHA or VA loan.
  • Direct loans: These loans are made by the USDA itself and are not ...
VA Residential Lending Benefits Multi-Unit Purchasing By Michael Macari, Chief Communications Officer, National Asset Direct To understand the benefits of the VA Home Lending residential mortgage program is to fully understand just how far-reaching they really are. Dispelling the myth that VA benefits are complicated or restricting in their scope, one company is out to demonstrate that VA Home Lending extends to multi-unit residential properties- with all the provisions and protections our veterans have to make these purchases. It is true. Multi-Unit VA Residential Property Mortgages do come with the value benefits of normal VA lending- with a few nuances worth noting for the record. VA loans- which are provided by private lenders, go through regular channels to get approved and funded. A veteran- retired military, active duty, veterans, reservists and National Guard, finds a home, in this case, a multi-unit residential unit.

He or she ...

How Does a Mortgage Work?

Sep 26
Category | The iServe Blog
When buying a home for the first time , many people don't understand the process. When it comes to getting a mortgage, that confusion is compounded as the number of forms, insurance, earnest money and other issues seem to expand. As a mortgage provider, we've heard many questions over the years about mortgages and how they work. Here's a quick summary to help get you started. How does a mortgage work?
    Before starting your home-hunting process, get a few things in line. Look at your credit report and don't plan on doing a lot of borrowing until you've secured a mortgage for your home. Save money for your earnest money, closing costs and down payment. You can go through a preapproval process or start searching for a home. Many people prefer to be preapproved for a rough amount so they know how much home they can afford. This helps keep you from becoming attached to a home that is outside of your means and keeps your expectations realistic.
  1. Take a look at the type of mortgage programs for which you're eligible. If you can qualify ...
When it's time to buy your first home, it may be a very stressful process. You need to find the right place, make an offer, negotiate until you reach a final price and then start filling out a residential mortgage application. But one thing most first-time buyers aren't aware of is the importance your credit and documentation can play in securing a home loan. Here are some steps you should take before exploring your residential lending options so that you may get the best possible terms and rates for your home loan before filling out a residential mortgage application: 5 Steps You Should Take Before Buying Your First Home
    Check your credit reports. By checking all three major credit report agencies, Equifax, Experian and Transunion, you can see if there are any incorrect or derogatory marks on your credit history. Sites like Credit Karma are free for at least two of the reports. If there are any problems, work on getting them cleared up as quickly as possible.
  1. If needed, build a credit ...
Whether you’re looking at a promising new subdivision in a great school district or want to build your dream retirement home, there are differences in purchasing a new construction home that you won’t often run into with an existing home. Some of these issues will take more time, while others will impact your residential lending options . But what are these issues, and what difference do they make in the process? Here’s a short summary of some of the major differences. Buy It New: What You Need to Know About New Construction Homes
    It takes time to build. Though this may seem obvious, you’ll want to get some idea from the developer or builder of how long it will take and then add some time for things that go wrong, bad weather and other circumstances beyond your control. In general, a home will take five to six months to build, though that time may vary depending on the size of the home and the options you’ve purchased.
  • The basic model will look — and cost — much different from the model. Model homes in a development are ...
While your VA home loan benefits are usually ready and waiting, you have to do more than just let the military know you’re ready to buy a home. Learning more about VA loan eligibility and requirements and working with the most up-to-date information can ensure you know how the process works and that you take full advantage of all the benefits you are entitled to. Changes that happened in 2017 basically expand the program’s offerings and may make it more accessible to disabled veterans and other service members, veterans and eligible surviving spouses. A VA mortgage does not come from the Department of Veterans Affairs (VA); it comes from a bank or mortgage other lender. The VA simply guarantees a portion of the loan, which helps enable a lender to offer more favorable terms. Lenders must follow strict requirements to be able to offer a VA loan, and a VA loan is designed to be accessible and user-friendly for service members.   If you get a VA loan, you may benefit in a variety of ways, such as:
    Competitive interest rates
  • Relaxed credit ...
Veterans are flocking to Phoenix Arizona in record numbers; VA home mortgage loans have risen over 100% in the last year . What makes Phoenix and other, similar destinations so popular with service members and retired veterans? The answer lies in the benefits offered by VA loans, the great weather and easy affordability of these communities. Home Ownership Continues to Surge for Veterans

The overall rate of homeownership in the United States is 65%, but for veterans, the rate of homeownership soars to 82%, thanks to the affordable options offered with a VA home mortgage loan. With low or no down payments needed, flexible credit guidelines and an easy, streamlined process, VA mortgage loans may be more ...

               i Serve Residential Lending LLC's Iniative                          to Help Rural America    USDA Single Family Housing Guaranteed Loan Program Dedicated to  Preservation of Rural Communities Throughout the U.S.    

August 22, 2017.  iServe Residential Lending LLC is ...

When you or your loved ones are considering purchasing a home and have a service member in the family, VA mortgage loans are a great way to secure the funding you need. But what about occupancy requirements from the VA? If your loved one is deployed overseas, will that cause problems with the mortgage? What if you're getting ready to retire and want to purchase a retirement home in anticipation of leaving the service? A VA home loan or VA refinancing of your home can have some confusing language when it comes to occupancy, so here's what you need to know in plain English. Occupancy Requirements for VA Loans Who can meet the occupancy requirement?

In addition to the service member who qualifies for the VA loan or VA refinancing loan, their spouse may move into the home to meet the occupancy requirement. After the Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 was passed, this requirement was extended to the dependent children of service members, providing additional options for our ...

A new trend in real estate is the increased demand for starter homes by millennials. Though it's difficult to track home ownership by age, recent figures suggest that starter homes may be the next hot real estate market. These indicators include new household numbers twice that of new household rentals, suggesting that the millennial generation is more interested in buying than renting their first home. But what do you need to do to prepare for a starter home and what's involved in the process? Here are the basics on the residential mortgage application , residential lending and residential home loans. Getting Ready for a Starter Home: What's Involved What is a starter home?

A starter home is an entry-level piece of real estate. It typically features a smaller price tag, but also has a smaller footprint. Many first-time homeowners have lower incomes and shorter credit histories than their older counterparts, so purchasing a home that is in a more economical price range makes sense. It may ...

Your Roadmap to VA Approval

Jul 26
Category | The iServe Blog
Make the most of your veteran’s benefits by taking advantage of the VA home loan program. A VA loan may allow you to become a homeowner without a lot of red tape or even a big down payment. Learning more about the process can help you make the most of your benefits and help you get the home of your dreams without a lot of hassle. The VA Mortgage Loans Roadmap—Step by Step Path to Home Ownership Get Informed Talk with a lender or broker that is knowledgeable about the VA home loan process or VA refinancing. The best way to streamline the process and ensure you are getting great advice is to speak with a mortgage loan origination familiar with VA requirements.  The process is not difficult, but it is complex and does require specialized knowledge. Your local banker is likely a great guy and the place to go for your checking account, but he could be in over his head when it comes to your VA benefits. Go with a mortgage loan originator that is familiar with VA loans and you’ll always be able to ask for information, help and advice. Run the Numbers

The house you like and the house you can ...

As the economy continues to recover, more people are becoming homeowners, either for the first time or once again. But before you start on that residential mortgage application or compare residential home loans, you need to know that you're buying in a good location. Some parts of the country have very high housing costs and a lot of competition, while others have a large home inventory and low competition, lowering home prices and making the residential lending process go much easier. Here's a quick look at the top four cities for residential lending options in the United States, as reported by Zillow and CNBC .com. Thinking About Buying a Home? Check Out These 4 Hot Cities Orlando, Florida

Orlando is the home to Disney World, and the magic doesn't stop there. When other Florida cities were still struggling to create jobs, Orlando saw job growth in excess of 4% last year. Home prices have been rebounding as ...

Which home is right for you? The ranch with the cute picket fence or the traditional Colonial with the impressive foyer? Looks do matter, but knowing what you can afford, considering all your options and even thinking a few years ahead are crucial components of the home-buying process. Here's what to consider as you shop for your first home: Determine What You Can Spend How much home can you afford? Falling in love with a home or property that you ultimately can’t afford is more than a waste of time, it can be absolutely heartbreaking. A residential home mortgage calculator can help you determine a starting range for prices and give you a good idea of what you can afford. If you are truly ready, then speak with a mortgage lender to see if you can get pre-qualified. This step gives sellers confidence that you can complete the purchase and helps to let you know how much you may be able to spend on your new home. Work With an Agent

Since you have never purchased a home before, a buyer’s agent can work on your behalf, finding you homes to look at that are within your ...

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