Looking for someone who applied for both USDA vs another mortgage little or no money down)

[jcrsmom]

Hey all, 

Has anyone applied for both a mortgage outside of USDA and for a USDA?  I am wondering if the approval amount was the same in both cases. 

[ezdriver]

Can't quite figure out what you are seeking but I will say this. Every lender, even targeting the same program [eg:USDA], has its own lening guidelines. Those guidlines may or may not be more stringent/different that the general program guidlines.

What is it that you are trying to accomplish?

[jcrsmom]

Basically I am wondering if USDA is more generous in how much it approves you for vs another loan.

[ezdriver]

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@jcrsmom wrote:

Basically I am wondering if USDA is more generous in how much it approves you for vs another loan.

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I'm not sure what you mean by "generous". With USDA not requiring a down payment, I'd say it s pretty "generous" compared to any other source. In fact, I can't think of any other source of 100% LTV loans that would compare to USDA. The exception would be VA.

Just curious, if you are planning on 100% LTV financing, how much more "generous" would you like to see other lenders be?

Seems like your concern is really about your ability to meet lending guidelines [eg: DTI, reserves, income limits, etc.]. If so, I would say that VA is probably the most "generous" source for home mortgage financing.

Also, the amount of loan is dependent of the purchase price or appraised value [whichever is less] assuming that you can meet all the other underwriting and program guidelines. Hopefully this answers your question. Maybe someone else sees your question differently and can offer a different response on it.

[jcrsmom]

Of course I know that they are being generous not requiring a down payment.  I already have a pre-approval with Navy Federal, so I know I am qualified etc.  

[DanTheMan77]

I think she's asking if, given the same credit file, the USDA approval will be for more, less, or the same amount as other programs. I assume she is basically asking about DTI ratios, not looking for a handout.

[jcrsmom]

That's correct. I am just wondering if based on my information if USDA might offer more money for a mortgage vs a traditional mortgage.  

[ezdriver]

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@DanTheMan77 wrote:

I think she's asking if, given the same credit file, the USDA approval will be for more, less, or the same amount as other programs. I assume she is basically asking about DTI ratios, not looking for a handout.

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Did I suggest otherwise? Where did that come from?

I answered the question about the DTI issue. I'm curious if you had an answer for the OP.