We Simplify the Home Loan Process at USDA Loans San Antonio Texas
Available USDA Home Loans in San Antonio and surrounding Areas
If You Have Any Questions, Call a USDA Loan Expert!!
- You can contact us to complete an application to start the home loan process. On the phone, we will discuss your basic information and talk about your goals such as what area would you like to reside in? What is your target payment amount? Would you like to purchase or build a home?
- Pre-Approval. In the pre-approval process, you will then receive a letter acknowledging your approval status. This lets you know if you have or have not met the preliminary requirements required by the USDA in order to secure your loan. The reason to get your pre-approval in advance is to be able to find out how much you qualify so you can then set your expectations. In order for a contract to be written, you will first need to have this approval letter.
- Next you will start searching for a home that meets your approval requirements. We will introduce you to one of our USDA experts who can assist you in finding a home or a particular builder. You will meet with our expert to review the listing of the home, discuss any and all needs and the process begins at this point. The USDA loan does have properties in smaller towns, communities and cities. There are also many properties available on outskirts of metro areas. As long as the property falls in the USDA guidelines and is a single family home, condo, townhome or modular home, we can work from there. Please note that mobile homes are not eligible. It is also hard to get any financing for a property that may contain a swimming pool, has major repairs or is within a flood zone area.
- After you have found the home you wish to purchase, an offer is then made. If the offer you extend is accepted, a sales agreement will need to be signed with the builder or seller. This is considered the beginning of loan process. You will be required to submit good faith money in order to show your sincerity in purchasing the home. The money you submit can be refunded when you close.
- When the USDA loan is at the preparation process, we gather all of your documents such as tax returns, bank statements, pay stubs, W2s and your USDA loan application and submit them.
- An inspection will then be completed for the property. This includes a termite inspection and any well and septic tanks. An appraisal will be placed on order and as long as the inspection is returned satisfactory, the appraisal starts. This appraisal will provide you with the information on how much your home is worth and any potential site hazards.
- After this, your loan is send to a USDA underwriter who reviews all information. This may take 2 weeks.
- Next, you will receive a commitment letter from your underwriter and this means your loan has been approved and there may be some conditions you may need to satisfy at this point.
- After all conditions are met, the loan is then ready to close on. This is when the loan is sent to USDA for a review and the loan then receives a Guarantee. You will then sign your closing papers which will be performed at either a title company or realtor office. The documents are reviewed here and the funds are then given to builder or seller.
- Finally, you get to move into your new house. Your closing is finished and you have the keys to the property in your very own hands.
Home Loan Process at USDA Loans San Antonio Texas
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