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600 Lake Air Suite 1B Waco, Texas 76710

Charles@McCullochTeam.com |   254.304.5520

NMLS# 1281536

Copyright © 2019 McCulloch Team created by Social Media Cowboys

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE COMPANY RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV.
 
HOME MORTGAGE DISCLOSURE ACT NOTICE
The HMDA data about our residential mortgage lending are available online for review.  The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials.  HMDA data for many other financial institutions are also available online.  For more information, visit the Consumer Financial Protections Bureau’s Web site www.consumerfinance.gov/hmda

USDA Loans

Charles USDA Loan Video

USDA HOME LOANS NOW AVAILABLE TO MILLIONS

 

NO DOWN PAYMENTS!

 

The Rural Housing Program is offered through the USDA, through Direct and Guaranteed financing. We are an approved lender for this program through the Guaranteed side.  It is designed to provide financing for properties outside metropolitan areas for the purpose of stimulating those areas for development. Many homes inside the city limits of an area with larger populations will not qualify, but many of its surrounding communities will.The RHD loan is for primary residence ONLY and no other properties can be owned by the applicant.  The program offers 100% financing, the seller can pay closing costs up to, and sometimes exceeding, 6%.  The loan is based on appraised value and ANY difference of the appraised value and the sales price can also be used for closing expenses.  For example, if a property’s sales price is $95,000 and the property appraises at $100,000 then $5,000 can be used for closing expenses or lender required repairs.
 

Do I Qualify for a USDA Home Loan?

 

Eligibility varies based on area, your income, credit history, and the number of dependents claimed so it’s important that you call and speak with one of our experts to see if you qualify. Since the program is designed for moderate-income families there are household income maximum limits. Here’s an example of income limits for the number of people in a household:

 

1 – 4 people     $75,650
5 – 8 people     $99,850


These are good guidelines, however, they can allow for more or less depending on the county that the applicant is purchasing the home in.  There are adjustments that can be made that will allow for more income qualification.  It is important that the prospective applicant speaks with a qualified mortgage specialist to determine these income limitations.

 

USDA Loans Property Eligibility


Not all properties will qualify, but a great deal will.  Depending upon where the property is located is the primary determining factor. Usually, outside of city limits, some of Waco won’t qualify, but areas like Robinson or China Springs are full of eligible property for USDA Financing. For a full map of eligible areas, click here.

 

Higher populated metropolitan areas are excluded from qualifying for RHD.  However, most areas outside city limits will be able to offer for RHD financing. Counties of Texas do qualify with some areas of ineligibility and it is important to remember that while this is a rural development program many of the areas that qualify are very close to city limits.

 

Property requirements have drastically changed from the past program.  Appraisals are required by an FHA approved appraiser and the property must meet HUD minimum requirement.  There are no longer the stringent requirements of inspections, minimum insulation requirements, storm windows, solar screens or other tedious property requirements that many times precluded a property from qualifying in days past.