In this post, USDALoanInfoPA wants to talk about hiring a really good loan officer or Mortgage Lender in Pennsylvania and the importance of doing that, especially when searching for a USDA Loan in Pennsylvania.
We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in Pennsylvania this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.
USDALoanInfoPA believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.
To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in Pennsylvania. The lender that the prospect had hired actually made an error which delayed three days of the process!
Hedge funds and private equity firms are investment companies set up by Wall Street investment banks and funded by wealthy individuals and cash rich corporate entities. Unlike standard, publicly traded mutual funds, hedge funds are largely unregulated and have much more leeway in their investment choices. Many of these funds have recognized the opportunity that's emerged in commercial real estate lending, and have stepped in to fill the funding gap. The money managers in charge of these massive pools of capital are savvy investing pros, they know a good deal when they see it and can be very nimble. Hedge funds and private equity funds are not afraid of risk; in fact they thrive on it. If they like a deal, they make decisions quickly and can close loan or equity financing in just days.There are many private funds that specialize in commercial real estate investing or have a commercial mortgage lending division. They are cash rich and actively seeking quality deals to fund. They can be an excellent alternative to banks and other traditional lenders. But, be aware, they are very professional and highly sophisticated. Do not approach hedge funds with shoddy or incomplete packages. They're pros and work exclusively with other pros.Hedge fund and private equity people have a Wall Street mentality; they are traders art heart. When they look at a deal they want to be able to make decisions quickly.When approaching a fund you'll want to have a complete, well documented package ready to show them at a moments notice, but don't give it to them all at once. Having worked for Wall Street firms for more than 20 years, I've determined that the best way to approach money mangers is with a concise, well written 1 page deal summary.Sum-up the selling points of your deal on a single sheet of paper, stressing the profit potential, the investors level of experience, the strength of the location and some of the other strong points of the project. They'll appreciate the fact that you respected their time by being brief. If they like what they see they will ask for more. Give them precisely what they ask for; don't bog them down with documentation until they tell you they want to see it. Sell them the big story before you try to sell them the details.If you want to secure funding from a big private equity shop or a hedge fund, I'd strongly suggest you utilize the services of a professional intermediary with Wall Street experience. They can speak the language of fund managers and know exactly what's important to highlight about a particular deal. These funds tend to operate like private clubs, it helps a-lot if you have an "in". If you are fortunate enough to develop a relationship with this unique type of lender, you will enjoy a seemingly endless source of capital.
The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.
The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!
Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.
There’s situations, especially in this market right here in Pennsylvania that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.
If that happens, they might just cancel the contract and they let it expire and take the other offer.
If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.
If you’re searching for a Mortgage Lender in Pennsylvania, you need to make sure the lending company that you hire is:
-Understands the USDA Eligibility Guidelines
AND is someone who’s going to do the right thing. USDALoanInfoPA suggests that you always ask for references.
The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.
Mortgage Lenders in Pennsylvania: Here’s how to Apply for a USDA Loan
How's it going everyone? Matt Leighton, welcome back to another video. In this episode, we are talking mortgages,lending. I'm here with Rich Conlon from Atlantic CoastMortgage. Say what's up Rich. Hi, Rich Conlon, Atlantic Coast Mortgage. Loan Officer. Born and raised in Vienna, Virginia. Love the area. Still live in the area. Just here to help out with my man Matt andhelp answer any questions. Awesome, whenever someone has a mortgage questionfurther than "What is the rate?", I just tell them to talk to Rich. I know a little bit about mortgages. Buttoday we're talking about the top mistake people are making when they're applying fora loan. You see all these loan commercials. It's funny, when we get the primer, one-sheeterson the list of things NOT to do. One of them is like, "Don't go and buy a boat". Don't buy a new car. I'm thinking to myself, nobody in the historyof loans has ever gone under contract and then bought a boat the day after. I'm sure it has happened. But it obviously is not the number one mistakepeople are making when they're trying to buy a home. That's where Rich comes in. Rich, you're on the spot here. What is the number one thing people are doing,that they shouldn't be doing when they're applying for a loan with you guys? It's simple, it's before you even get to contract. It's just waiting until the last minute toget pre-approved. We understand circumstances sometimes that'sjust how it is. The big thing is, after meeting your agent,talking about price ranges and goals, the next step, it can't hurt to just reach outto a lender or two or three and start identifying what you can actually qualify for. That's the best thing. The earlier the better. Main reason is that it allows time to findany potential pitfalls that can come back in the underwriting process a week beforeclosing. Last minute surprises are the worst. Nobody wants that. Getting pre-approved early is always better. It allows time to figure out if there areany extra hoops to jump through. That just gives you better piece of mind. When you're out with your agent. Definitively what you can and can't qualifyfor. In addition, we always like to provide youwith estimates on homes that you're going to go see so when you're looking at them,the wheels are turning. What are my payments going to be like? There's a ton of benefits to getting preapprovedearly, rather than waiting for the last minute. And it is beneficial from the very beginningall the way to settlement. It will make your transaction much more transparent,seamless, and less stressful. It takes a village. And it just helps when everything is linedup. Yeah certainly execution is the number onething. You can look online at how to apply for amortgage, what pitfalls to avoid, how to do this, how to do that. At the end of the day, actually going out,going on your lender's website and getting preapproved. You know when I'm working with buyers, I alwaysask two very important questions. Number one: are you already working with areal estate agent. Very important. I've not asked that in the past and it's comeback to bite me, believe it or not. Well, it's very easy to believe actually. And number two, are you pre-approved witha local lender? If you are looking for homes and you are notpre-qualified, you are not a serious buyer. You are wasting your time. You might say "well, I'll just get a letteronce I write a contract, it's fine". Well, my buyers already have that letter andthey will beat you to the punch and get their offer in before you. Nobody likes to get bad news. You don't want to waste your time fallingin love with something that you ultimately don't qualify for. We find that our clients 99% of the time arepre-approved early just makes your guy's time much more efficient and you know what youcan qualify for. All of your processes are so streamlined justto a T that if you do them, you will get qualified, you will have your letter. The reason you screw up is you go off astray,you don't return calls, you don't return emails. We're a referral-based company so communicationis key. Delivery, setting expectations and obviosulymeeting those expectations. Pre-approvals we can do in as little as 24-hoursand especially in this market. Spring time, summer time, that's what it takes. Speed kills. That's how we like to operate. And communicating to you and your agent sowe can all move quickly. Awesome, there you have it from Rich Conlon,Atlantic Coast Mortgage here in Northern Virginia. If you have any questions about the top mistakeor any mortgage and lending related questions, I'll list Rich's information in the descriptionbelow. Thank you very much for watching. Until next time, create a productive day. Take care.
USDA Business and Industry Guaranteed Loan Program
What is a USDA Mortgage Loan? The Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) sponsors home loans referred to as Section 502 loans. Under Section 502, direct loans (i.e. from money appropriated by Congress) may be available to some low-income applicants. In addition, those with total household income less that 115% of the median household income in a qualified rural area may obtain government guaranteed mortgages from qualified lenders.The purpose of the program is described by the RHS as Follows: The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home.If you live in a rural area or in a less developed portion of a metropolitan county, and your household income does not exceed the limit assigned to your area, you may qualify for a USDA guaranteed mortgage.Why should I consider a government guaranteed USDA Mortgage?USDA Mortgages may be issued with no down payment. Closing costs may be included in the loan amount, further decreasing up-front costs. Because of the government guarantee, interest rates are favorable and there is no mortgage insurance fee built into the monthly payment. USDA Mortgages are 30 year fixed-rate mortgages. Your interest rates will not increase during the life of the loan. Credit requirements are flexible. You must have a reasonable credit history and demonstrate that you are willing and able to make timely payments, but circumstances such as previous job loss or other extenuating circumstances may be considered in evaluating your credit history (or your lack of a credit history).Do I qualify for a USDA Mortgage Loan? The final word on eligibility is made by an officer in your local RHS office. This local officer has the discretion to evaluate your circumstances and credit history and take into account extenuating circumstances.You can learn whether you meet the outside limits on household income by going to the USDA Income and Property Eligibility Site at http://www.usda.gov. The same calculator can help you determine whether the property you wish to buy is located in a qualified rural area.In addition to having a satisfactory credit history, the ratio of your total monthly loan payment to monthly household income may not exceed 29 percent, and the ratio of monthly payments on all debt to household income must not exceed 41 percent.How do I apply for a USDA Mortgage Loan? Your local loan office or mortgage broker at First Option Mortgage and Lending can help you evaluate your eligibility, prepare a loan request and take full advantage of the options available to you through a government guaranteed USDA mortgage loan.
- USDA Loan in Pennsylvania (888) 464-8732
- Mortgage Lender in Philadelphia (888) 464-8732
- USDA Loan in Pittsburgh (888) 464-8732
- Mortgage Lender in Allentown (888) 464-8732
- USDA Loan in Erie (888) 464-8732
- USDA Loan in Reading (888) 464-8732
- Mortgage Lender in Scranton (888) 464-8732
- Mortgage Lender in Bethlehem (888) 464-8732
- USDA Loan in Northampton (888) 464-8732
- Mortgage Lender in Lancaster (888) 464-8732
- USDA Loan in Harrisburg (888) 464-8732
- USDA Loan in York (888) 464-8732
- Mortgage Lender in Altoona (888) 464-8732
- USDA Loan in Wilkes-Barre (888) 464-8732
- Mortgage Lender in Chester (888) 464-8732
- Mortgage Lender in Williamsport (888) 464-8732
- Mortgage Lender in Easton (888) 464-8732
- Mortgage Lender in Lebanon (888) 464-8732
- Mortgage Lender in Hazleton (888) 464-8732
- USDA Loan in New Castle (888) 464-8732
- USDA Loan in Johnstown (888) 464-8732
- Mortgage Lender in McKeesport (888) 464-8732
- USDA Loan in Hermitage (888) 464-8732
- USDA Loan in Greensburg (888) 464-8732
- USDA Loan in Pottsville (888) 464-8732
- USDA Loan in Washington (888) 464-8732
- USDA Loan in Sharon (888) 464-8732
- USDA Loan in Coatesville (888) 464-8732
- Mortgage Lender in Butler (888) 464-8732
- USDA Loan in Meadville (888) 464-8732
- USDA Loan in New Kensington (888) 464-8732
- Mortgage Lender in St. Marys (888) 464-8732
- USDA Loan in Lower Burrell (888) 464-8732
- Mortgage Lender in Nanticoke (888) 464-8732
- USDA Loan in Oil City (888) 464-8732
- USDA Loan in Uniontown (888) 464-8732
- Mortgage Lender in Sunbury (888) 464-8732
- Mortgage Lender in Lock Haven (888) 464-8732
- Mortgage Lender in Jeannette (888) 464-8732
- Mortgage Lender in Warren (888) 464-8732
- Mortgage Lender in Aliquippa (888) 464-8732
- USDA Loan in Beaver Falls (888) 464-8732
- USDA Loan in Carbondale (888) 464-8732
- Mortgage Lender in Bradford (888) 464-8732
- Mortgage Lender in Du Bois (888) 464-8732
- Mortgage Lender in Latrobe (888) 464-8732
- USDA Loan in Pittston (888) 464-8732
- USDA Loan in Connellsville (888) 464-8732
- USDA Loan in Monessen (888) 464-8732
- USDA Loan in Shamokin (888) 464-8732
- Mortgage Lender in Clairton (888) 464-8732
- USDA Loan in Corry (888) 464-8732
- Mortgage Lender in Franklin (888) 464-8732
- USDA Loan in Duquesne (888) 464-8732
- USDA Loan in Titusville (888) 464-8732
- USDA Loan in Arnold (888) 464-8732
- Mortgage Lender in Farrell (888) 464-8732
- USDA Loan in Monongahela (888) 464-8732
- Mortgage Lender in Parker (888) 464-8732