Rickie Jacob's House Loans

Having Your own Home Is The World's Best Feeling!

Rickie Jacob's House Loans - Having Your own Home Is The World's Best Feeling!

The Advantages of Housing Loan

houseloan2A house loan is that type of loan one takes to buy or build a home. It is better referred to as a mortgage which can also include the development of other kinds of premises. Today, many folks are taking their time to make an application for home loans due to an increased demand for better housing. It is the dream about each person to live in a good house at one time in their lives. Due to this, many companies offering loans for construction or buying of houses have come up to meet the high market demand.

Getting your dream home: the world today is a populated place and thus the necessity for a home is starting to become a part and parcel of many of us. Housing is a basic need, many of us today are housed, but the major dream is getting an ideal place to call home.


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The Advantages of Housing Loan
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8 Benefits of Rural Housing Loans

houseloan3Many properties can be classified as rural housing and accepted under the USDA Rural Housing Loan Program. This program guarantees rural housing loans for lower to median income applicants for the purchase of owner-occupied single-family homes and gives buyers the opportunity to buy a home in the country or the outskirts of a town

Loans are offered in two separate categories. Rural housing direct loans are funded by the government for very low-income families, and applicants may obtain 100 percent financing to purchase a home or purchase a site and build one. Rural housing guaranteed loans can be used to build, repair, renovate or relocate a home. Applicants with income up to 115 percent of the median income for the area are eligible, but credit requirements are more stringent

The USDA Rural Housing Loan Program offers several benefits.

1. No down payment is required.Down payments represent the most immediate expense and hurdle to purchasing a home. Avoiding this requirement can make a major difference in the type of dwelling a family can afford.

2. Closing costs can be financed into the loan.Closing costs are another upfront expense in home purchases, and the ability to finance them means the expense can be lessened according to ability to pay. If the appraised value of the property is higher than the purchase price, the USDA allows some of the closing costs to be financed.

3. You avoid paying a monthly mortgage insurance premium.The monthly expense of a mortgage insurance premium can become a burden for many homeowners. USDA Rural Housing saves the buyer from that expense.

4. The obligation to maintain assets in reserve after the closing is waived.While it’s always good to maintain some financial flexibility, today’s home buyer is often pressed to make ends meet. The need to tie up some of your assets is avoided in rural housing loans.

5. The seller can contribute to cover closing costs, pre-paid taxes and insurance.The seller is allowed to contributed six percent of the purchase price to cover closing costs, pre-paid taxes and insurance. A savvy buyer can negotiate to ensure some of these expenses are covered.


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8 Benefits of Rural Housing Loans
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Housing Loan Eligibility Calculators And How They Help

Mortgage and down paymentA housing loan eligibility calculator is a tool offered by a lot of websites these days to help their customers make easy decisions. People often don’t know how much loan they can take or how much it’s advisable to borrow. With a home loan eligibility calculator you can make the decision easily as it give you the approximate value that you can afford to loan. Whether you’re looking for the right house or negotiating with a bank about your home loan, a housing loan eligibility calculator can be very helpful. Use this facility on different websites to gain an insight about how home loan terms can vary, the eligibility calculator will help you compare all the options and choose one of the best.

A home loan eligibility calculator takes into account several factors based on which bank you’re looking at. There are different criteria that each lender has to consider before deciding how much loan you’re eligible for. Some banks take into account your profession, monthly income, the loan tenure, whether you’re co-borrowing and the amount of  property you’re considering when they calculating eligibility. Whereas other financial institutions might consider only loan tenure, rate of interest and income into their housing loan eligibility calculator. Hence, you must also keep all these aspects in mind when you’re in discussion with a lender. A home loan eligibility calculator helps you get an insight into the thought-process of the bank, allowing you to prepare yourself and get ready all the points you have to debate.

Be careful when you’re filling in a home loan eligibility calculator. While one calculator may want you to input your monthly salary, another may wish to know your annual income. Similarly, loan tenures too could be either requested in months or years. By making errors in providing information, you may get a value that is completely different from the actual. Double check everything you’ve filled in your housing loan eligibility calculator and then confirm the loan amount shown to you.

A home loan eligibility calculator helps us in so many ways, but primarily it shows us how much of a loan we should take according to our financial conditions. This advice helps us take care of our lifestyle priorities, ensuring that we continue to live a good life. Speak to your bank or financial institutions, discuss with experts from the industry or your family and friends and use a home loan eligibility calculator to make sure you never have to pay through your nose. Choose the perfect home loan and enjoy your house with your loved ones.


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Housing Loan Eligibility Calculators And How They Help
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