Please tell me how. I was preapproved for a small loan but thats all i received. I have no idea of how this program works other than what im reading on TH-cam. The people in my state are very unhelpful. I feel like Ive been dropped. No help whatsoever. No follow up. Seriously, how did you accomplish this?
i knew basically nothing about buying a home, and the more i researched the more confused i became....and then i found you Nicole....what a blessing you have been to my life...thank you soooo much for taking the time to explain "everything that we need to know". Very much appreciated!
We're 4 months into the process. Went for a 502 direct. Our rate is 3.25 % because we applied before December 1, 2022. It's a very slow process. Thanks for your guidance.
I will always be so thankful for you and these videos. Because of you, I learned so much about this loan and you set me up with a realtor in the area of Arkansas I was moving to. I recommend to do as much homework as possible. Remember, the lenders, realtors, and escrow people are there to help you and not work against you. I had the best experience and I appreciate that so much especially being a first time home buyer.
Congrats! I currently live in Conway Arkansas (originally from Ozarks in Arkansas) & am wanting to buy 1 to 2 acres & build a 605 square foot house on said acres. Did you end up using a USDA loan if you don't mind my asking? I've been considering FHA. My credit score is 711 , we make $54k per yr & only have my car payment $320 per month.
There are no set limit home price… except there is. The limit is set by your area. You can’t make more than 115% of the median income of the area. So for example the median income in my area is about $76k. You can’t make more than $87k. With a 5% interest rate that means you can’t get a house over $345k with this program.
This was extremely helpful! I just moved to a new town, and I finally feel like I can put down roots. A friend of mine who's a realtor mentioned this, and I've been going nuts researching! Hugely concise video! I'll pass it on to my friends who would love their own home to call their own!
Listen here when I say that you have been a wealth of knowledge. This journey to home ownership is something else. I truly appreciate your time, efforts and and excitement on the topics and to bring knowledge. Ive subscribed
As always, the best information! I'm located in NC and wanted to apply for Direct. 2+ years to process in Forthys County. I asked the officer why the wait time is so long, and he answered that there are just 2 people in his department who had to work on 4 (!) USDA programs. They're extremely understaffed. He gently asked me to go the Guaranteed road
Thanks for watching Kateryna! In most cases the guaranteed route is much faster than the direct route. If you can make it happen, its often the way to get around the long wait times!
About how long of a wait is it on avg. We currently live in Wa state? Gee.. you'd think because "being without proper safe housing that they would find a way to expedite services as long as the borrower has all thier ducks in a row And are anticipating and waiting for thier home and the next venture in life!
That’s great no money down and low payments if you can’t afford the payment that they offer and it’s great that you don’t have to go through the owner only the lender process and working with USDA directly and to be able to close in a 30 day period is also definitely great. No credit score minimum is definitely great too and you only have to meet some direct specific route.
This loan offers the perfect way for you to purchase a property without having to come up with a down payment. Plus, you could qualify for a low-interest rate and 30-year loan payment plan.
My husband and I used this program in 2019, bought a modest house with a 3.25% interest rate, $850 monthly payment. We were so glad to get out of renting and now have more than $70k in equity.
🎯Good video 👍 Our government and banks are making USDA, FHA and Conventional loans difficult. Who came up with these stupid rules??? Buying a house should be simple process similar buying a car. This is why 99.9% of people have stress and anxiety. Life is too short. Please keep it simple. We don't live on this Earth forever.
Most states are severely understaffed and they cannot keep up with the flow. This is not an underused program. They are overwhelmed and will take a very long time to respond or not respond at all in many states. Plan accordingly.
Hi Nicole! Where have you been all my life! You explain everything soooo well and very well articulated. Thank you for all efforts in putting these great videos out! ❤
Very educational! Thank you, the lender I used DID NOT explain all this to me, nor do they advertise their rates unless you sign a contract. Now I know my options, Thank you Nicole, you're my Angel. Thank You Thank You Thank You, Im glad I found this video.
I plan on using this loan when I move to South Carolina. I do have money for down payment already. I just want to make sure Im fully covered. 😂 Thank you for your help!!!
Thank you for this update. With a 100% financing, how much rainy day savings do the underwriters want to see in your account......even with a half decent credit score?
how do you prove that you don’t have safe living conditions? i won’t be able to afford my apartment when my lease renews and have been looking into this but how would i prove that?
I think my biggest problem is the back log at the USDA office. They are telling me it's 6 months. Can you do a video on "USDA packagers"? TIA. Nice video. You're lovely. New subscriber here.
I have been doing research and am I understanding correctly that I can purchase the land, new construction build, and mortgage all rolled into using USDA using the Guaranteed and 524 loan?
My biggest thing has been the 2 year employment, every lender I’ve talked to has said it needs to be 2 years at same job smh i could’ve been gotten my home but now I’m waiting on the market to calm down
You say to get pre-approved first but what I've found is I need to know what house or the address for the USDA loan. Do I have to pick a bunch of places and see if I can get approved hit or miss?
Very informative video, I was able to pause and take notes, as I am looking now for how to get a loan in order to get my own place. The information you shared here, shows that a USDA loan may be a good fit based on the area I live and my current income. Thanks.
Thank you so much for this. I knew all of what you said as going through a direct loan. For me its an easy process im dealing with two people through USDA process which they both take the time to go over things with me as I had many questions. So far so good. 🙃🙂 tomorrow is the inspection..God willing as there is another storm coming
Nicole, my mom has a property but she is considered low income, since she only make $9600 per year. would she be able to have a house built under the USDA on her property or would she have to look for a house under the USDA
Great video! A few questions: for the requirement of not being able to meet 20% of a property with a conventional loan, does that include reserve cash? Does that include or exclude closing costs? What does a person do if they can afford the 20% with the closing costs, but have nearly $0 (otherwise be broke) in the bank? For the 29% requirement, is that just the mortgage loan (principal + interest) or does that include property taxes and insurance? Does the 41% include utilities and other expenses (phone, internet, cable, etc)? Are those percentages measured from gross income or net income?
The 20% does include reserve cash. It does NOT include retirement accounts like a 401k or IRA. If you have 20%+ you will not be eligible for this loan type. If putting that amount of money down would drain you, then it would likely be better to look at something like a 3.5% down FHA or a 5% down conventional.
Can one ask to pay on the principal if one is trying to pay the loan off faster. Say..an additional mortage payment every other month or something like that?
@@NicoleNark it was the mortgage loan company manager that told the guy I was in contact with. Doesn’t make sense to me. I assumed that’s what they chose to work with themselves. This is my first time and I’m trying my best to educate myself. I know what I can truly afford, not just what they are willing to loan me. The decided not to follow through with that company at all for an FHA loan because they didn’t say anything about the $300k until I was about to submit fully. I went with another local bank that gave me a better interest rate but it’s FHA. They told me the practice of USDA acceptance is really strict right now and I wouldn’t fit the housing ratio. I’d need a purchase of $100k to a little more to be accepted. That doesn’t exist where I am. At $130k you’re lucky to have walls and a floor.
What do you think? I want to living in a rural type area where I can get acres of land......What kind Of Loan Can I Apply for Want to Do A Construction To build type which is a pre manufactured shed and possible living off grid. I want my payment monthly fixed....
Thank you. What about if I leave my job and go to another state and apply for the USDA loan? My job qualification won't work anymore. Please answer my question. I don't get any video on this. What about buying the farmland with the house? What is the difference?
I have a question. What if for the direct loan, I meet all the qualifications except I do live in a decent apartment? Would that disqualify me for the direct loan? Also I was laid off during covid and I just started working last year again around April, what if one year of income is all I have?
Would a doublewide on a tie down foundation qualify? I live in a area that is 95% manufactured homes. Also it can't be income producing but if i plan to homestead, chickens veggies ect to provide for my own needs would that disqualify or mess anything up after closing if i apply for a homestead credit for property taxes. Not planning on selling anything.
I have asked for the USDA DIRECT LOAN PKGfrom my Alabama USDA office 7 weeks ago and got nothing. I again asked for the application from another person in my Alabama office and she said I would not find a home I could afford but I found homes I can afford. I asked for the application almost 3 weeks ago and still I have not received the package. What can I do.
My parents have land in rural Dallas County Arkansas they are willing to give me. My childhood home burned down on the land. So its a clean slate to build a new one. I want to have a 2 br house built on the property. I qualify as low income but don't know where to start.
Thank you for watching! Closing cost are made up of several fees. These include lender fees, title search and document preparation, prepaids for your home insurance, etc. Usually closing costs are close to 3% of your loan amount!
Im just confused about how they verify your income because if you need to move to an eligible rural area then you will need a new job....so how does that work?
Selling - in terms of the actual process is going to be nearly the same as with any other loan type! The biggest thing to know with the USDA loan or any type of down payment assistance is that it will take longer to build up equity.
Thank you so much for sharing this knowledge! Do you have any information about getting a USDA loan for a manufactured home on raw land? Do things like water, septic and electrical already have to be set up?
Thanks for this video 🤩. I recently inquired about the loan at my credit union and they never mentioned that I possibly could roll the closing cost in the loan. He said I would have to leave the closing cost in my account for 60 days. 🤨 Should I just go direct or try another lender that offers the program. I’m in VA. Thanks 😊
@nicolenark I found 1 acre of lot in Texas it does not have a house on it but it does have neighbors at both sides, is there down payment assistance for that, it is in USDA Eligble area ?
You mention "no maximum purchase price" but I'm seeing "Properties financed with direct loan funds must: Not have market value in excess of the applicable area loan limit" on the USDA site talking specifically about direct loans.. Was something changed? Or am I misreading that requirement?
Did some further clarification on the 29%... that seems to be only for the Guaranteed loan option, its 33% for Direct Loan.. and both of these have clauses that allow them to go up higher, like if one can show they're consistently already paying more than that for their current lodging, or moving a larger quantity to savings each month.
hi there, i love your conent!! Question, i am in California (San Bernardino County) can you speak about new construction eith a breezeway. Would i be on seperate utilities? Thanks
Nice video. Thanks for posting. I would like to apply. However, I can't seem to locate the application on the e-form? Where do I locate the application to get started with the process? Also, is a housing counselor required?
Need so much help figuring this out. I’m a fairly intelligent person but this seems so impossible make happen. I know it’s not, I work hard but never used credit so the bank that I’ve banked at for 21! Years won’t help me get on a game plan.
I’ve started the process in filing my USDA application online but I’m stuck and can’t seem to get a hold of anyone in my region to help walk me through filing so that I don’t mess up on anything. How can get help and someone waking me through the process
I do have a question about this process..how do I get a listing of vacant properties in rural areas? I see an area that qualifies but I dont know how to locate a property specifically
I applied and was granted a $43,000 loan in Missouri. Now I feel like Im on my own now. I know so very little about this program. And whenever I ask questions of workers they either dont know the answer or refer me to someone else that is very unhelpful. They seem to be very busy. Would you direct me to who I could talk to about this problem in Missouri? The more I watch videos about this program the more confused I get. Like I can buy a preowned house, buy land and have a house built, prefab homes?? There are so many question that I need the answers to before talking to builders or prefab companies. When would the owner of the land Im buying get paid? After I build the house? Thank you
Hello. My 29 yr old son is staying with me temporarily. I am assuming I still have to include his income. My question is, assuming I qualify for this loan, if my son leaves and then comes back to live with me is that going to be a problem once everything has been established. I guess my question is, if I qualify, can I have people living in my house since I will be a homeowner? I live in CA.
What if you buy land and eventually farm the land? If I bought it and built a house and started making a garden for myself . Then, after awhile decided to sell the extra produce.
OMG I'm so excited I am going to settle in and watch this! I do have a question. I am permanently disabled and my sole source of income is permanent disability, is there any particular direction I should go?
In the video you mentioned that duplexes are not eligible but condominiums are because you are just being sold one unit. Would the same apply to a duplex if you were just buying one of the units?
I used USDA for my first home loan. It helped me become a home owner by myself before my husband and I married. Very proud of myself.
That’s incredible Diana!
This gives me hope lol congratulations 🎊
Whats bank you use for get this loan for uSDA I’m looking for
@@pilarramirez9441 I used First United for my bank loan. They were easy to work with and knowledgeable.
What was your credit score when you applied ?
I Am A Homeowner, I Can Do it, the entire process is easy for me, I deserve it, I Deserve stability, it is done ✅ 😊
@@samanthajohn7088 thanx
Amen
I can’t believe so many people don’t know about this. Bought two houses since 2010 with this type loan.
Please tell me how. I was preapproved for a small loan but thats all i received. I have no idea of how this program works other than what im reading on TH-cam. The people in my state are very unhelpful. I feel like Ive been dropped. No help whatsoever. No follow up. Seriously, how did you accomplish this?
i knew basically nothing about buying a home, and the more i researched the more confused i became....and then i found you Nicole....what a blessing you have been to my life...thank you soooo much for taking the time to explain "everything that we need to know". Very much appreciated!
Thank you so much for the kind words! It means a lot to me to know that you get value from my videos! 🥹
This made me giggle. I too, am here because I know nothing about buying a home and have become more confused with research 😂
"Don't worry! You don't have to live on 20 acres in the middle of nowhere!"
But, that's the thing I want to do!
We're 4 months into the process. Went for a 502 direct. Our rate is 3.25 % because we applied before December 1, 2022. It's a very slow process. Thanks for your guidance.
Absolutely! Hopefully your file moves along soon!
4 MONTHS ?😳 I hope you have your home now
Hay, are you in Washington state?
Do you know where that rule in on the USDA website? We have our loan, got it in November 2022 and we have a 4% .....
@@BC-wg5pqgoogle It
That's how I got my first house with no money they just signed a bunch of papers and they gave me the key 🗝️
I will always be so thankful for you and these videos. Because of you, I learned so much about this loan and you set me up with a realtor in the area of Arkansas I was moving to. I recommend to do as much homework as possible. Remember, the lenders, realtors, and escrow people are there to help you and not work against you. I had the best experience and I appreciate that so much especially being a first time home buyer.
Great points Silvia! You are the sweetest and I am so glad we set you up for success when moving to Arkansas! 💕😊
Congrats! I currently live in Conway Arkansas (originally from Ozarks in Arkansas) & am wanting to buy 1 to 2 acres & build a 605 square foot house on said acres. Did you end up using a USDA loan if you don't mind my asking? I've been considering FHA. My credit score is 711 , we make $54k per yr & only have my car payment $320 per month.
@@WarmongerYT yes, I did use a USDA loan.
@@NicoleNark how does this type of program help if I’ve already bought the property does it help me if I want to build a home.
There are no set limit home price… except there is. The limit is set by your area. You can’t make more than 115% of the median income of the area. So for example the median income in my area is about $76k. You can’t make more than $87k. With a 5% interest rate that means you can’t get a house over $345k with this program.
Yeah but that’s kinda the point… people that need the help/ low income…
This was extremely helpful! I just moved to a new town, and I finally feel like I can put down roots. A friend of mine who's a realtor mentioned this, and I've been going nuts researching!
Hugely concise video! I'll pass it on to my friends who would love their own home to call their own!
Listen here when I say that you have been a wealth of knowledge. This journey to home ownership is something else. I truly appreciate your time, efforts and and excitement on the topics and to bring knowledge. Ive subscribed
As always, the best information!
I'm located in NC and wanted to apply for Direct. 2+ years to process in Forthys County. I asked the officer why the wait time is so long, and he answered that there are just 2 people in his department who had to work on 4 (!) USDA programs. They're extremely understaffed. He gently asked me to go the Guaranteed road
Thanks for watching Kateryna! In most cases the guaranteed route is much faster than the direct route. If you can make it happen, its often the way to get around the long wait times!
About how long of a wait is it on avg. We currently live in Wa state? Gee.. you'd think because "being without proper safe housing that they would find a way to expedite services as long as the borrower has all thier ducks in a row And are anticipating and waiting for thier home and the next venture in life!
@@gladbunny3276 Our gov or anything having to do with government does NOT care even slightly about us peasants.
@@NicoleNark ? If someone has 2 scores higher than the third. Which two are used
That’s great no money down and low payments if you can’t afford the payment that they offer and it’s great that you don’t have to go through the owner only the lender process and working with USDA directly and to be able to close in a 30 day period is also definitely great. No credit score minimum is definitely great too and you only have to meet some direct specific route.
This loan offers the perfect way for you to purchase a property without having to come up with a down payment. Plus, you could qualify for a low-interest rate and 30-year loan payment plan.
My husband and I used this program in 2019, bought a modest house with a 3.25% interest rate, $850 monthly payment. We were so glad to get out of renting and now have more than $70k in equity.
How to get low interest rate?
@@8split2improve your credit scores.
@@8split2low interest rates mean maybe 1% you aint getting 3 or 4% if thats what you thinking
I have a repossession with a 650 fine on my credit. It's been 3 years, should I pay it or let it fall off
🎯Good video 👍 Our government and banks are making USDA, FHA and Conventional loans difficult. Who came up with these stupid rules??? Buying a house should be simple process similar buying a car. This is why 99.9% of people have stress and anxiety. Life is too short. Please keep it simple. We don't live on this Earth forever.
I think 2008 is at fault for this 😂
Great job explaining. I closed on my home with a Direct loan (Texas) in September of 2021.
That is awesome! Congrats on becoming a homeowner 🙌
Thank you Nicole, This video was well thought out and produced. I learned quite a bit from your information.
You are so welcome! Glad it was helpful 🎉😊
Just go approved for this loan. Hoping for the best
Most states are severely understaffed and they cannot keep up with the flow. This is not an underused program. They are overwhelmed and will take a very long time to respond or not respond at all in many states. Plan accordingly.
Can you do a video on how to buy a home through USDA on SSI and Social security
Hi Nicole! Where have you been all my life! You explain everything soooo well and very well articulated. Thank you for all efforts in putting these great videos out! ❤
Thanx so much Nicole 😊❤ I’m a single mom and I know that I am a home owner 😊 you’re helping me so much 😊
Very educational! Thank you, the lender I used DID NOT explain all this to me, nor do they advertise their rates unless you sign a contract. Now I know my options, Thank you Nicole, you're my Angel. Thank You Thank You Thank You, Im glad I found this video.
Thanks!
Thank you for watching and your support Dena! 💕
Its my DTI. Thats what I need to deal with. My credits in the 700 to 740 range. The income is fixed. Social Security
I plan on using this loan when I move to South Carolina. I do have money for down payment already. I just want to make sure Im fully covered. 😂 Thank you for your help!!!
Nicole is always very Informative!! Thank u 😊
i really needed this detailed information
You're so welcome! Thank you for watching ☺️
@@NicoleNark you're very welcome!
Keep up the Good work Educating Our Communities 📚📝 😉🙂
Wow thank you for all the valuable information you share! What program do you use to record half of the screen and half your video?
Thank you for this update. With a 100% financing, how much rainy day savings do the underwriters want to see in your account......even with a half decent credit score?
Thank you so much for the video! Very detailed and explained so well
Glad it was helpful! ☺️
With score USDA pull, FICO score 8 or FICO score 5,4 & 2.
how do you prove that you don’t have safe living conditions? i won’t be able to afford my apartment when my lease renews and have been looking into this but how would i prove that?
Thanks! This was very educational and helpful in understanding a little bit more of the process.
Thanks for watching! Glad it was helpful! ☺️
Wow! thank you so much for this info! very detiled! much appreciated!
You're very welcome! Glad it was helpful ☺️
Could you do the same breakdown with farm and business rural area loans through the USDA? Love the way you break this down.
May I ask what you did with it? I would
Like to buy multi fam housing. Can these funds be used for this?
@@workwithCandyno, usda is not for multi family homes
I think my biggest problem is the back log at the USDA office. They are telling me it's 6 months. Can you do a video on "USDA packagers"? TIA. Nice video. You're lovely. New subscriber here.
I have been doing research and am I understanding correctly that I can purchase the land, new construction build, and mortgage all rolled into using USDA using the Guaranteed and 524 loan?
My biggest thing has been the 2 year employment, every lender I’ve talked to has said it needs to be 2 years at same job smh i could’ve been gotten my home but now I’m waiting on the market to calm down
Nope! As long as you can show 2 years of steady income, most lender will be happy!
You say to get pre-approved first but what I've found is I need to know what house or the address for the USDA loan. Do I have to pick a bunch of places and see if I can get approved hit or miss?
Very informative video, I was able to pause and take notes, as I am looking now for how to get a loan in order to get my own place. The information you shared here, shows that a USDA loan may be a good fit based on the area I live and my current income. Thanks.
Happy to help, Randal!
you are the best as far as can i tell thank you Nicole
You are welcome Fred! Thanks for watching ☺️
I found this information to be very valuable. I’m a new viewer, thank you for the information.
Glad it was helpful! Thanks for being here 💕
Thank you so much for this. I knew all of what you said as going through a direct loan. For me its an easy process im dealing with two people through USDA process which they both take the time to go over things with me as I had many questions. So far so good. 🙃🙂 tomorrow is the inspection..God willing as there is another storm coming
Nicole, my mom has a property but she is considered low income, since she only make $9600 per year. would she be able to have a house built under the USDA on her property or would she have to look for a house under the USDA
Great video! A few questions: for the requirement of not being able to meet 20% of a property with a conventional loan, does that include reserve cash? Does that include or exclude closing costs? What does a person do if they can afford the 20% with the closing costs, but have nearly $0 (otherwise be broke) in the bank? For the 29% requirement, is that just the mortgage loan (principal + interest) or does that include property taxes and insurance? Does the 41% include utilities and other expenses (phone, internet, cable, etc)? Are those percentages measured from gross income or net income?
The 20% does include reserve cash. It does NOT include retirement accounts like a 401k or IRA. If you have 20%+ you will not be eligible for this loan type. If putting that amount of money down would drain you, then it would likely be better to look at something like a 3.5% down FHA or a 5% down conventional.
@@NicoleNark Does the 41% include utilities and other expenses (phone, internet, cable, etc)?
@@eo3064 Nope! Check out my full DTI video to see a breakdown of everything that is/isn't included! th-cam.com/video/YoXd5HSnLWQ/w-d-xo.html
Can one ask to pay on the principal if one is trying to pay the loan off faster. Say..an additional mortage payment every other month or something like that?
Can you still do a construction to build with both of these
I was told I had to purchase a home at $300k or more. There is absolutely no way it would be smart to do 3/4 of that. It’s nuts.
There is no minimum purchase price for this loan so I’m not sure why you were told that!
@@NicoleNark it was the mortgage loan company manager that told the guy I was in contact with. Doesn’t make sense to me. I assumed that’s what they chose to work with themselves. This is my first time and I’m trying my best to educate myself. I know what I can truly afford, not just what they are willing to loan me.
The decided not to follow through with that company at all for an FHA loan because they didn’t say anything about the $300k until I was about to submit fully.
I went with another local bank that gave me a better interest rate but it’s FHA. They told me the practice of USDA acceptance is really strict right now and I wouldn’t fit the housing ratio. I’d need a purchase of $100k to a little more to be accepted. That doesn’t exist where I am. At $130k you’re lucky to have walls and a floor.
@@anthonynovak5399 doesnt sound right tbh
What do you think? I want to living in a rural type area where I can get acres of land......What kind Of Loan Can I Apply for Want to Do A Construction To build type which is a pre manufactured shed and possible living off grid. I want my payment monthly fixed....
Thank you. What about if I leave my job and go to another state and apply for the USDA loan? My job qualification won't work anymore. Please answer my question. I don't get any video on this. What about buying the farmland with the house? What is the difference?
I have a question. What if for the direct loan, I meet all the qualifications except I do live in a decent apartment? Would that disqualify me for the direct loan? Also I was laid off during covid and I just started working last year again around April, what if one year of income is all I have?
I thought FHA was better. Which one is no credit check?
My husband makes $22 an hour and his credit is above 700. Always pays his bills on time. Talking to a mortgage person tomorrow. Fingers crossed.
Hi I make around the same wage hourly, did you’ll have any luck? I’m meeting with a realtor on Saturday hoping to hear good news 🙏
@@maribelrodriguez7395 - How did it go for you?
This was great information and was very helpful, you definitely cleared up a lot of my questions. Thank you 👍 also you favor Demi Lovato 😊
Happy to help! And I’m a big Demi fan so I’ll take that any day ☺️
At 7:00 minutes you talk about guaranteed loan qualifications not exceeding 115% of the area. Can you define area? Is it state or county?
Would a doublewide on a tie down foundation qualify? I live in a area that is 95% manufactured homes. Also it can't be income producing but if i plan to homestead, chickens veggies ect to provide for my own needs would that disqualify or mess anything up after closing if i apply for a homestead credit for property taxes. Not planning on selling anything.
Hi Nicole. Thank you for this information. Do you have any recomendation for USDA loan process officer for Pennsylvania....eventhough we live in NY.
Do you have any recommendations for USDA lenders in the Tampa,FL area?
I have asked for the USDA DIRECT LOAN PKGfrom my Alabama USDA office 7 weeks ago and got nothing. I again asked for the application from another person in my Alabama office and she said I would not find a home I could afford but I found homes I can afford. I asked for the application almost 3 weeks ago and still I have not received the package. What can I do.
Thank you for the helpful video. My only question is with this particular loan, wouldn’t your monthly payments be higher?
Thank you so much! So much helpful information! I’m in Benton Arkansas so I think this would be perfect for me
Are you looking to buy in Benton?
My parents have land in rural Dallas County Arkansas they are willing to give me. My childhood home burned down on the land. So its a clean slate to build a new one. I want to have a 2 br house built on the property. I qualify as low income but don't know where to start.
Thank you for sharing you knowledge. This is a very well detailed helpful video 🙌🏽
Question, if the median income in my area is $72k and 115% of this is $82k. How much could my home loan be for?
I would like to know what are some of the closing costs? And, Wonderful video!!! Very detailed explained!
Thank you for watching! Closing cost are made up of several fees. These include lender fees, title search and document preparation, prepaids for your home insurance, etc. Usually closing costs are close to 3% of your loan amount!
What exactly is unsafe, unsanitary home? I’m curious on why you would have to live in poor conditions to apply for the low income loan?
I want to know this as well this is the most confusing part for me
Im just confused about how they verify your income because if you need to move to an eligible rural area then you will need a new job....so how does that work?
How easy is it to sell if you went the USDA route for financing initially? Also, what would refinancing look like if I chose to later on?
Selling - in terms of the actual process is going to be nearly the same as with any other loan type! The biggest thing to know with the USDA loan or any type of down payment assistance is that it will take longer to build up equity.
Thank you so much for sharing this knowledge! Do you have any information about getting a USDA loan for a manufactured home on raw land? Do things like water, septic and electrical already have to be set up?
You explained this so well and in great detail! Thank You!!!
You are so welcome!
Hey Nicole, I was wondering if USDA allows for a non-occupanying co-borrower to get pre-approved.
Thanks for this video 🤩. I recently inquired about the loan at my credit union and they never mentioned that I possibly could roll the closing cost in the loan. He said I would have to leave the closing cost in my account for 60 days. 🤨 Should I just go direct or try another lender that offers the program. I’m in VA. Thanks 😊
What’s the Housing ratio and dti limit for manual underwrite ?
@nicolenark I found 1 acre of lot in Texas it does not have a house on it but it does have neighbors at both sides, is there down payment assistance for that, it is in USDA Eligble area ?
You mention "no maximum purchase price" but I'm seeing "Properties financed with direct loan funds must:
Not have market value in excess of the applicable area loan limit" on the USDA site talking specifically about direct loans.. Was something changed? Or am I misreading that requirement?
Did some further clarification on the 29%... that seems to be only for the Guaranteed loan option, its 33% for Direct Loan.. and both of these have clauses that allow them to go up higher, like if one can show they're consistently already paying more than that for their current lodging, or moving a larger quantity to savings each month.
Yes, no maximum purchase price in terms of universally set dollar amount. Ad you heave read there are exceptions and limitations!
AMAZING VIDEO AS USUAL Nicole
You are awesome Nicole! Such a great video.
Thanks Lexi! Happy to help ☺️
Wait so because I currently live in an ok apartment I don’t qualify? That really stinks. I’m single and I don’t see any way to get my own house.
hi there, i love your conent!! Question, i am in California (San Bernardino County) can you speak about new construction eith a breezeway. Would i be on seperate utilities? Thanks
what’s is a (partially eligible usda loan)? This comes up for my county others say 100% elegible. Why is that?
Nice video. Thanks for posting. I would like to apply. However, I can't seem to locate the application on the e-form? Where do I locate the application to get started with the process? Also, is a housing counselor required?
Need so much help figuring this out.
I’m a fairly intelligent person but this seems so impossible make happen.
I know it’s not, I work hard but never used credit so the bank that I’ve banked at for 21! Years won’t help me get on a game plan.
@@samanthajohn7088 do you have an email?
Left social media a few years ago 💜
@@samanthajohn7088 thank you !!
What kind of home loans are there for people who want to farm?
Would it be possible to use the guaranteed loan to move my trailer home onto a piece of land set up for it?
I am looking for a loan packager here in Columbia SC to apply for the USDA DIrect Loan
great 👍🏼 video
Hello Miss Nichole how may apply for USDA home no down payment here in Branson Missouri or Springfield Missouri
I’ve started the process in filing my USDA application online but I’m stuck and can’t seem to get a hold of anyone in my region to help walk me through filing so that I don’t mess up on anything. How can get help and someone waking me through the process
I do have a question about this process..how do I get a listing of vacant properties in rural areas? I see an area that qualifies but I dont know how to locate a property specifically
How about in California near the Los Angeles area? I can’t find much info.
I applied and was granted a $43,000 loan in Missouri. Now I feel like Im on my own now. I know so very little about this program. And whenever I ask questions of workers they either dont know the answer or refer me to someone else that is very unhelpful. They seem to be very busy. Would you direct me to who I could talk to about this problem in Missouri? The more I watch videos about this program the more confused I get. Like I can buy a preowned house, buy land and have a house built, prefab homes?? There are so many question that I need the answers to before talking to builders or prefab companies. When would the owner of the land Im buying get paid? After I build the house? Thank you
Hello. My 29 yr old son is staying with me temporarily. I am assuming I still have to include his income. My question is, assuming I qualify for this loan, if my son leaves and then comes back to live with me is that going to be a problem once everything has been established. I guess my question is, if I qualify, can I have people living in my house since I will be a homeowner? I live in CA.
What if your source of income is Social Security for the Direct Loan program? Would this be acceptable?
Yes
Good Morning Nicole thank you for the video
You are so welcome!
Hi Nicole what bank would you recommend to get a new construction loan 🤔🤔🤔🤔
Are you familiar with NACA loans? Can you compare that option with these?
What if you buy land and eventually farm the land? If I bought it and built a house and started making a garden for myself . Then, after awhile decided to sell the extra produce.
Hi can you help me please? What are the income limits for Clark County Las Vegas NV?
OMG I'm so excited I am going to settle in and watch this!
I do have a question. I am permanently disabled and my sole source of income is permanent disability, is there any particular direction I should go?
I think you could go either way it would really just depend on your income!
Would someone on SSDI qualify? Are there any programs that assist people on disability to purchase a home?
Yes they approve those on fixed income they even approve those on section 8
In the video you mentioned that duplexes are not eligible but condominiums are because you are just being sold one unit. Would the same apply to a duplex if you were just buying one of the units?
If each side is sold separately and you are only purchasing one side, it should work!
As far as the 2 year work history what if the home buyer is on SSI due to a disability?