Home Loan Learning Center
USDA Preliminary Approval Process
The USDA Guaranteed 502 Program is an excellent loan for any individual interested in a home purchase. It allows for minimal out of pocket cost and helps people obtain property in a manner unlike any other mortgage program. Society Mortgage is a leader in this ...
How to Get a Mortgage Pre Approval and How Many?
Thinking about buying a home can be really exciting, but it also comes with lots of information and right decisions. One of the first things you’ll need to do is get something called a mortgage preapproval. But what exactly is that? Before you jump into ...
UDSA & FHA Septic And Well Distance Requirements
Who Is In Charge Of The Septic and Well Requirements? An inspector from the local health department or a laboratory certified by the state takes water samples for testing. State laboratories performing analyses of drinking water compliance samples must meet the minimum criteria established by ...
What Is The Difference Between USDA Guaranteed And Direct Loan
One thing many potential borrowers are unaware of is that there are two distinct types of USDA loans, the Direct and the Guaranteed.  USDA Guaranteed Loan The USDA Guaranteed Loan is facilitated by traditional lenders such as banks and mortgage companies. It allows borrowers ...
USDA Guarantee Fee
USDA loans are a popular choice for lower and middle credit homebuyers seeking to finance a property suburban areas. With zero down payment and lower monthly payments, this loan amount offers an accessible path to homeownership. USDA loans are ideal for first-time homebuyers or those ...
Letter of Explanation for Credit Inquiries – How to Write One?
When you apply for a mortgage, your lender may request a letter to check your credit score and credit history. Part of this financial background check includes credit inquiries and any gaps in employment history. A credit inquiry is when a lender checks your credit ...
What Is A USDA Construction Loan? Requirements for 2025
While a regular USDA loan lets you buy a house that’s already built, a USDA construction loan lets you build a new one instead. USDA considers a property new construction if the dwelling has been built within 12 months and has never been occupied. What ...
Appraisals Versus Home Inspections
Do I need both? Home appraisals tell you how much a home is worth, and a home inspection tells you why you might not want to buy it, regardless of price. Both processes have the capacity to derail home purchases. Â Home Appraisals Home appraisals ...
What is a RESPA on a Mortgage and What Does it Cover?
The Real Estate Settlement Procedures Act (RESPA) is an act passed by Congress in 1974. It was designed to protect potential homeowners and enable them to become more informed consumers. This act requires lenders to provide more information to borrowers at certain points in the ...