Ten years ago, I financed the townhome that I live in through USDA. I gave someone a check for $500. I got that check back at closing. I didn't pay anything else. My realtor and mortgage broker were both familiar with USDA loans. Great program for retired people.
After losing my ass in 08' on multiple homes I honestly wasn't sure if I'd ever buy again. It wasn't until I saw a video of yours about 6 months ago that I started seriously considering it again. I binged your videos and bought your calculator and here I am closing on my home this week. Thank you!
Hey Greg J! Wow, I'm thrilled to hear that my videos and calculator helped you on your homebuying journey! It's always amazing to know that I've been able to make a positive impact. Congratulations on closing on your new home this week!
Good Luck hope it works out After losing everything I decided NEVER to hold a mtg again So I paid cash for my current home... But now im ready to move or at least take an extremely long vacation 😂 Have not decided yet
We finally got our house in Jan 2023 I’ve been following for 2 years and it definitely helped to understand the home buying process. We did the USDA direct. It’s time consuming but if you really need housing and are low income this is for you. A headache for sure but worth it
@@thaliaamaro1759 from the time to get an application to getting into the house. 6 months. We got a packager who was basically the middle man who would help us with the process but it complicated it. So if you can avoid getting a packager please do.
The USDA also has these guaranteed loans and government loans that will build you a house for a dollar down and also buy you an older house where they would fix it up like brand-new with the loan
Thank you for getting this message out! I was able to get into my house in December of 2022 with a USDA direct loan. The process took more than a year and a massive amount of patience, but it was worth it. Your content has been so helpful along the way.
I recently heard about USDA loans via a realtor that was showing me homes. I had no clue! Your expertise was very informative! I’m sick of paying rent but I went ahead and decided to rent for another year at a higher priced apartment to show that I can afford at least $1,200 a month on a mortgage (although I’d like it to be lower) and so I can save money for closing costs & get my credit where it needs to be to qualify for the GUS. I want a property out in the country and several of my coworkers drive more than an hour to work. I’d only be 45 minutes away from work. It’ll be worth it in the long run and I’ll be able to buy what I want VS what I can qualify for. Thank you SO much for the information! ❤ I
I truly appreciate the thoroughness of the information and the fact you got right into the information, without all the fluff. My family lives in San Diego, CA, and has tried to qualify to buy a home since 2015. This USDA option will definitely help to finally buy a home. I wish you blessings and growth in all your endeavors.
This looks Awesome! Problem is I have been debt free and off grid for nearly 16 years, only bill I pay is car insurance. You would think debt free would be a good thing. In this case not so much
Great goal! Start by checking your credit, saving for a down payment, and getting pre-approved for a mortgage so you know your budget and can make a strong offer when you find the right home. When you're ready, go ahead and schedule a call with our team to get started on your pre-qualification: www.winthehouseyoulove.com/call
Hello, I applied for a USDA Direct in Florida. It took 8 months for my application to be reviewed. I did not use a processor. I was denied due to an old collection account that drops off in 12 months. You really have to have very good credit and a lot of time.
I live in Charlotte and when you said Belmont. I chuckled because technically yes it’s 25mins away however factoring traffic on I-85 and secondary roads it’s easily an hour or more but I love this information. I’m a city boy but renting is getting extreme here.
There are other stimulus and other government programs that might go in with the USDA like $25,000 down payment cost on a new home and different grants for closing cost
Well, this is just great... One of the very few benefits we as veterans get for the hardships we endure in order to be held to a government contract that keeps us in poverty is now being given freely to people who haven't bled for this country. Fantastic....
We got our house through a farm home loan through the goverment in the late 80's . We both got better jobs and it put our income out of there program , we had to find a finance company because of our better income, they sold us our own home back to us and tried to profit off us by raising the price what we originally paid , cause i busted my butt improving it , now it was worth more ..i wasnt very happy about that one .
The only thing I would add to this, just going through the process myself... the loan takes the lowest Middle score in the household. We had a hang up because the lowest middle score was 669. So it had to be manually underwritten. Also too in Manual underwrites, they seemed to be a bit more lenient on some of the rules. I personally had a 9 month break in my employment history. I had to include a letter stating why I left my job after 17 years and took a break and only had my new job for 10 months. Closed on the house 6/30/23. And you are right, there are a lot of people that dont know about this program. Agents and Loan Officers might have heard about these programs but have never looked into them. I had to read the USDA guidelines they have in thier website and go back and forth with my loan officers on what was allowed and such. I ended up being able to roll on my closing costs into the loan, because the appraisal came back higher. With a true 0 at closing. Even getting my EMD back which I would have loved they just made that a deposit, but oh well. The appraisal is nothing to be scared of, when I had my inspection, I had estimated about 60k in repairs, and the appraisal came back totally clean. And 10k over what we offered, (which was asking price). Maybe I got lucky.. not sure. But I wouldn't stress on the appraisal.
Hey Cyndi! Thanks so much for sharing your experience and congratulations on closing on your house! It sounds like you went through some unique situations with manual underwriting and the break in employment, but I'm glad it all worked out for you. It's great that you took the time to research the USDA guidelines and communicate with your loan officers to make sure everything was allowed. And how awesome that the appraisal came back clean and even higher than your offer! Thanks for the reassurance about not stressing over the appraisal. Thanks again for watching!
Hi I'm a 21 year old single mom trying to figure out how to do this i don't have family to ask and don't have to many people that knows really anything about it I'm down on my luck and really could use a little guidance / tips one how I can do this thank u so much :) ~ a struggling stranger
@@vegajewel1085 check in your area as there might be places you can go that will talk to you about this type of loan. In my state it usually tags with the places that help with tenants rights. Check with the library sometimes they can have info on this kind of thing. United Way help as in our small town they have info on everything that is available for everything.
No, USDA is only for 1 unit. It views 2-4 units as income-producing property which is not allowed per the USDA handbook. Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Very funny , the guy work form Primary Residential Mortgage in the Nashville his name is Shaun Lyons, he said buy house with no income check, that is not illegal.
So I live on my moms property with her and it's ok the county said to put up another house on the property. Can I use a USDA loan to build a house or is it only for already built homes? Thanks
I bought a home through USDA I HAD TO PAY for the appraisal, I had to pay my first year homeowners insurance, I had to pay $75 for the test you had to take over the computer and I had to give 500 earnest money that went to the realtor I'm not sure if I had to pay out of pocket for anything else or not I've been here almost 3 years.
Can you use USDA for a full timer residential RV loan? I’ve recently learned about 20 year RV residential loans being available for full time residence, instead of a luxury vehicle financed loan to purchase an RV.
I don't think it is any communications with them that starts the clock. It is once you start paying them, that starts the clock again. So only when a person intends to stick to the plan and pay them fully, should they pay. Because if you stop, then you are screwed because now it will be on your credit report even longer.
Hi, how are things going? I have a brief question. I like to watch HGTV 😂. I came across one footage of an agent saying, "If you purchase during the winter ❄️, you can have more negotiating room." Is this true? Should I wait until November or December to buy a home because most people will not be buying at that time to get a better deal? Any advice? 🥴 Also, I have one child, and I do not want him to be homeless in this world if the unexpected happens to me.Is putting the house in a trust a method for him to avoid having to pay any more fees?
What about housing that is provided by your company... ie: public storage provides a 2 bdrm apt to their property managers. They also pay electric, water, sewer and garbage. So a person worked for them within the last 2 years but now works at a job that pays much more but you don't have a 2 year history yet. Does this negate or disqualify the borrower?
Awesome video, question if I apply for this USDA direct loan and I have two adult children not living with me currently but if they ever need to move in with me is that allowed?
Yes it’s just a loan not like hud or anything … a fantastic loan with low rates and 0 down but they won’t tell you what you can or cannot do like a HOA or anything like that
Thank you so much for the kind words! If you're ready to take the next step, consider getting pre-qualified with us at www.winthehouseyoulove.com/lender.
No I’ve had one on a home in a “rural” area… just on the border of the USDA map. I lived in a newer development.. no money down and at the time my payment was lower than a rent payment I had on a small condo! I believe I got a crap ton of money back for some reason it was amazing (last minute they were like here’s a check for x y and z, I truly don’t remember why). But I didn’t know you could do this with raw land!
Hey I just heard of Naca for down payment assistance as a first time home buyer could I get down payment assistance or grants and still qualify for a USDA loan.
This is interesting 🤔 considering our knowledge with UCC - 3 and federal reserve article 1. Makes you wonder the same exact funding of these loans knowing they can’t lend out other peoples money. Key word they are using is “backed by United States” 🇺🇸 Might need to Perform on one of these negotiable instruments 🤑
Thanks for sharing your thoughts! USDA loans are backed by the government, which means they insure lenders against loss, allowing them to offer 0% down options. If you’re interested in exploring this type of loan further, consider getting pre-qualified with our team at www.winthehouseyoulove.com/lender.
I just bought 1/2 acre raw land in NM - zoned for single family dwelling / camping / tiny home - needs everything, well , driveway and foundation , holding tank then solar and then a Prefab house - would this USDA loan cover something like that ?
That's a common concern! We have a 1% down Conventional loan that may be the right fit. Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Question: How do they know or determine if someone on the loan is going to be living in the house or not? Is it as simple as you telling them that they live there and they take your word for it or what?
Around 5.02 you explain you cant have 20% in savings what if you have around 12%? Because my income does not meet conventional loans but we are good at saving money. 5:15
Lenders will verify your bank statements to confirm you have sufficient funds for the down payment and closing costs on a conventional loan. When you're ready, go ahead and schedule a call with our team to get started on your pre-qualification: www.winthehouseyoulove.com/call
Is there a time frame once a application is submitted and complete and no additional information is requested for at least an approval or denial has to be given?
How long after getting the loan and the house is it okay to go above the income limit? For example, if you were to get a promotion within the year after buying your house.
Hey there! Absolutely, you can definitely get a loan for a new build, especially if you already own the land. It's called a one-time construction loan. Reach out if you need more info on this at the link below. Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Yes, there's a USDA One-Time Close option where you can finance both the land purchase and the construction of your home. It's a great option if you're looking to build in a rural area with 0% down.
Very thorough and helpful! I wish i can like this vid more than once! Question... What is the max amount of cash in checking/savings one can have without becoming ineligible? Many thanks
I paid off a 1/2 arce of land with all the utilities. It only values 60,000 in San Antonio, TX, outside of the city. What kind of loan can I apply for? My credit score is low. I would like to stay under 200,000. I don't have any down payment.
Lets say two people live together unmarried with a teenage child in school but both are disabled, making 22,632 a year with zero credit but working towards raising it, been renting at the same place for many years and can't save money due to living expenses...and is in danger of becoming homeless due to owner selling the property soon and not affording rent elsewhere? Oddly specific, I know...But I know several in that exact situation...
The biggest challenge with lower income is going to be the monthly payment. USDA Direct can offer subsidies, but you will need to apply directly through USDA here: www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans
Somehow, I thought the interest rate would be much lower than an FHA or conventional loan. I thought it would be anywhere from one percent to 4%. Can you tell me about this? Also, you mentioned that you couldn’t have enough money in the bank for a down payment. Does that include equity in your current home?
I already own my land in a very rural area in NC. I’m interested building either stick built or a BARNDO on my property. I meet the income guidelines within the area. Where do I start ??
That income limit combining everyone in the household is the roughest part. You basically need to live alone in a studio apartment to qualify, unless I'm completely misunderstanding that there can't be anyone else in the home if you already make close to the limit.
I believe that is only on low income direct USDA. Guaranteed Loans…can be a higher income level. I know this because I sold a home to a young couple making a good income, who got a USDA loan, in a rural part of Greenville, SC.
Ten years ago, I financed the townhome that I live in through USDA. I gave someone a check for $500. I got that check back at closing. I didn't pay anything else. My realtor and mortgage broker were both familiar with USDA loans. Great program for retired people.
Yes you do get closing cost back.
This man replied to every comment! Real customer service.
I try my best!
After losing my ass in 08' on multiple homes I honestly wasn't sure if I'd ever buy again. It wasn't until I saw a video of yours about 6 months ago that I started seriously considering it again. I binged your videos and bought your calculator and here I am closing on my home this week. Thank you!
Hey Greg J!
Wow, I'm thrilled to hear that my videos and calculator helped you on your homebuying journey! It's always amazing to know that I've been able to make a positive impact. Congratulations on closing on your new home this week!
Sweet! I wish you well!
Good Luck hope it works out
After losing everything I decided NEVER to hold a mtg again
So I paid cash for my current home... But now im ready to move or at least take an extremely long vacation 😂
Have not decided yet
How do you bought at the bottom of market? Didn’t you have a crap load of equity ?
Me too!
We finally got our house in Jan 2023
I’ve been following for 2 years and it definitely helped to understand the home buying process.
We did the USDA direct. It’s time consuming but if you really need housing and are low income this is for you. A headache for sure but worth it
Wow! Congratulations! Thanks for the support. :)
@@WinTheHouseYouLove thanks! Keep up the work! Your breakdowns are the best ! Feels like taking a college course but one that I can follow and learn 👍
How long did it take for you
@@thaliaamaro1759 from the time to get an application to getting into the house. 6 months. We got a packager who was basically the middle man who would help us with the process but it complicated it. So if you can avoid getting a packager please do.
Surely i will go forth onto this opportunity with my family.. thanks for the response & video...
The USDA also has these guaranteed loans and government loans that will build you a house for a dollar down and also buy you an older house where they would fix it up like brand-new with the loan
Now where can I find THAT information?
No where…in their wildest dreams. 😂
Yeah the program exists but there’s no houses available lol
@@xygenzy They said you can build too.
Thank you for getting this message out! I was able to get into my house in December of 2022 with a USDA direct loan. The process took more than a year and a massive amount of patience, but it was worth it. Your content has been so helpful along the way.
That is awesome! Thanks!
I recently heard about USDA loans via a realtor that was showing me homes. I had no clue! Your expertise was very informative! I’m sick of paying rent but I went ahead and decided to rent for another year at a higher priced apartment to show that I can afford at least $1,200 a month on a mortgage (although I’d like it to be lower) and so I can save money for closing costs & get my credit where it needs to be to qualify for the GUS. I want a property out in the country and several of my coworkers drive more than an hour to work. I’d only be 45 minutes away from work. It’ll be worth it in the long run and I’ll be able to buy what I want VS what I can qualify for. Thank you SO much for the information! ❤ I
Bought my house through USDA 3 years ago.
2 minutes into this video and it’s already provided me more information than the top 5 other videos I watched previously.
Thanks for watching. :)
I work remotely and don’t have a commute so this is very appealing
Same
Awesome video. You're the only person I've heard that explain USDA so well.
Glad it was helpful! Thank you so much!
I truly appreciate the thoroughness of the information and the fact you got right into the information, without all the fluff. My family lives in San Diego, CA, and has tried to qualify to buy a home since 2015. This USDA option will definitely help to finally buy a home. I wish you blessings and growth in all your endeavors.
I appreciate that! Thank you so much!
Do you have a video on VA loan requirements?
This looks Awesome! Problem is I have been debt free and off grid for nearly 16 years, only bill I pay is car insurance. You would think debt free would be a good thing. In this case not so much
it is cuz you have no history on paying back credit and they can't track your history...
Thank you for the tip on how to use the map.
Sure thing!
I will follow every step to get my house this year
Great goal! Start by checking your credit, saving for a down payment, and getting pre-approved for a mortgage so you know your budget and can make a strong offer when you find the right home.
When you're ready, go ahead and schedule a call with our team to get started on your pre-qualification: www.winthehouseyoulove.com/call
And how much are the other costs like closing costs etc?...
There's tons of different commercial as well as residential Farm loans through the USDA where you can start a business plus build your home
@geniushughes8287… how can I get more information about this?
Go to their website and call your regional office.
Hello, I applied for a USDA Direct in Florida. It took 8 months for my application to be reviewed. I did not use a processor. I was denied due to an old collection account that drops off in 12 months. You really have to have very good credit and a lot of time.
I've heard Direct is very tough to qualify for :(
Go usda guaranteed, direct sucks
@@benyosep5640 - Exactly why do you say that?
Besides being super helpful and knowledgeable, his voice is very soothing, I sometimes replay his videos to fall asleep 😅❤
😂 Thank you!
Yes, I could listen to him for hours ❤
I agree 😂
Sometimes when I’m beating my shit I come to his TH-cam videos and come to reality that I need to lock in and get this house!
@@beastboy43ify 🤣🤣🤣🤣horrible
This guy is so nice to listen to, really good at making scenes of things to me that really knows nothing about buying please post more🎉
Finally a competent spokesperson
I live in Charlotte and when you said Belmont. I chuckled because technically yes it’s 25mins away however factoring traffic on I-85 and secondary roads it’s easily an hour or more but I love this information. I’m a city boy but renting is getting extreme here.
Good point! When I looked up the distance on Google Maps it probably wasn't during rush hour. Maybe there's something a touch closer than an hour :)
Youre a God send! Thank you for posting this!
Glad you enjoyed it!
There are other stimulus and other government programs that might go in with the USDA like $25,000 down payment cost on a new home and different grants for closing cost
Hi, How do you get that grant?
Well, this is just great... One of the very few benefits we as veterans get for the hardships we endure in order to be held to a government contract that keeps us in poverty is now being given freely to people who haven't bled for this country. Fantastic....
VA loans are better than USDA loans. They are not the same
He’s not even in the military. Bye 👋🏾 troll.
We got our house through a farm home loan through the goverment in the late 80's . We both got better jobs and it put our income out of there program , we had to find a finance company because of our better income, they sold us our own home back to us and tried to profit off us by raising the price what we originally paid , cause i busted my butt improving it , now it was worth more ..i wasnt very happy about that one .
The only thing I would add to this, just going through the process myself... the loan takes the lowest Middle score in the household. We had a hang up because the lowest middle score was 669. So it had to be manually underwritten. Also too in Manual underwrites, they seemed to be a bit more lenient on some of the rules. I personally had a 9 month break in my employment history. I had to include a letter stating why I left my job after 17 years and took a break and only had my new job for 10 months.
Closed on the house 6/30/23.
And you are right, there are a lot of people that dont know about this program. Agents and Loan Officers might have heard about these programs but have never looked into them.
I had to read the USDA guidelines they have in thier website and go back and forth with my loan officers on what was allowed and such.
I ended up being able to roll on my closing costs into the loan, because the appraisal came back higher. With a true 0 at closing. Even getting my EMD back which I would have loved they just made that a deposit, but oh well.
The appraisal is nothing to be scared of, when I had my inspection, I had estimated about 60k in repairs, and the appraisal came back totally clean. And 10k over what we offered, (which was asking price). Maybe I got lucky.. not sure. But I wouldn't stress on the appraisal.
Hey Cyndi! Thanks so much for sharing your experience and congratulations on closing on your house! It sounds like you went through some unique situations with manual underwriting and the break in employment, but I'm glad it all worked out for you. It's great that you took the time to research the USDA guidelines and communicate with your loan officers to make sure everything was allowed. And how awesome that the appraisal came back clean and even higher than your offer! Thanks for the reassurance about not stressing over the appraisal. Thanks again for watching!
Hi I'm a 21 year old single mom trying to figure out how to do this i don't have family to ask and don't have to many people that knows really anything about it I'm down on my luck and really could use a little guidance / tips one how I can do this thank u so much :) ~ a struggling stranger
@@vegajewel1085 check in your area as there might be places you can go that will talk to you about this type of loan. In my state it usually tags with the places that help with tenants rights. Check with the library sometimes they can have info on this kind of thing. United Way help as in our small town they have info on everything that is available for everything.
Thanks for sharing. I didn’t know how job hopping negatively impacted my potential of buying a home or credit..
Such a thorough explanation and presentation. Best I've seen so far! Very impressive. I'll definitely reach out to your team when I'm ready.
Thank you! Here's my website: www.winthehouseyoulove.com
Can you buy a 2 unit with USDA. Primary + 1 rental unit? I know you send no income on the property.
No, USDA is only for 1 unit. It views 2-4 units as income-producing property which is not allowed per the USDA handbook.
Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Yea. These loans require like 100 documents. Also every month there is additional charge of a private mortgage insurance.
Thank you so much for making this video! I have had so many questions about this type of home loan.
I feel anxiety every time I think about starting. I really want to buy a home for my kids 😔
Awesome and thorough explanation! What is DIL/FC/SS, tho?
Deed in Lieu, Foreclosure, Short Sale
@@WinTheHouseYouLove Thank you sir!!
Can you use this loan to buy land and build a home? Or is it only for houses already built
Very funny , the guy work form Primary Residential Mortgage in the Nashville his name is Shaun Lyons, he said buy house with no income check, that is not illegal.
I'm not familiar with loans like that
I spoke to a broker but they said it is more like a conv/fha loan requirements, but per the website it is as you listed it
So I live on my moms property with her and it's ok the county said to put up another house on the property. Can I use a USDA loan to build a house or is it only for already built homes? Thanks
I dont see the link for the USDA conditional commitment. Am I missing it, or was it not supplied?
www.rd.usda.gov/page/sfh-guaranteed-lender
I bought a home through USDA I HAD TO PAY for the appraisal, I had to pay my first year homeowners insurance, I had to pay $75 for the test you had to take over the computer and I had to give 500 earnest money that went to the realtor I'm not sure if I had to pay out of pocket for anything else or not I've been here almost 3 years.
Yes USDA has closing costs like I mentioned in this video :)
Can you use a down-payment assistance program with a usda loan?
USDA is a 0% down program. So you wouldn’t need down payment assistance.
@@WinTheHouseYouLove but what if you wanted it? $2000/month is astronomical!
Down payment assistance covers the down payment. It does not cover the monthly payment.
Can you please make one on the USDA FARM loan?
Can you use USDA for a full timer residential RV loan? I’ve recently learned about 20 year RV residential loans being available for full time residence, instead of a luxury vehicle financed loan to purchase an RV.
That’s a good question 😊
can you use a usda loan for manufactured homes?
I don't think it is any communications with them that starts the clock. It is once you start paying them, that starts the clock again. So only when a person intends to stick to the plan and pay them fully, should they pay. Because if you stop, then you are screwed because now it will be on your credit report even longer.
Real true nobody's going to say you anything if you ain't got a credit score at 6:50 or higher problem
So.... is this similar to 2008 or .... I DONT KNOW ANYMORE ?
USDA has been around long before 2008 and wasn’t a factor in the crash.
Can you please do a video in USDA new construction loan. Direct or Guaranteed options
I'll add to my list!
Great video. Very informative. Thank you !
Hi, how are things going? I have a brief question. I like to watch HGTV 😂.
I came across one footage of an agent saying, "If you purchase during the winter ❄️, you can have more negotiating room." Is this true? Should I wait until November or December to buy a home because most people will not be buying at that time to get a better deal? Any advice? 🥴
Also, I have one child, and I do not want him to be homeless
in this world if the unexpected happens to me.Is putting the
house in a trust a method for
him to avoid
having to pay any more fees?
How would they know who exactly lives in the house? at 37:44
There is a form that has to be filled out saying who's in the house.
What about housing that is provided by your company... ie: public storage provides a 2 bdrm apt to their property managers. They also pay electric, water, sewer and garbage. So a person worked for them within the last 2 years but now works at a job that pays much more but you don't have a 2 year history yet. Does this negate or disqualify the borrower?
His voice is so soothing, anyway… I had never considered a USDA home loan… so much knowledge out here
Thanks so much for watching!
Can you do a video providing more information on USDA construction loans?
Great idea! I'll add USDA construction loans to my future video topics
What about a home equity loan that I have inherited with a property?
Awesome video, question if I apply for this USDA direct loan and I have two adult children not living with me currently but if they ever need to move in with me is that allowed?
Yes it’s just a loan not like hud or anything … a fantastic loan with low rates and 0 down but they won’t tell you what you can or cannot do like a HOA or anything like that
What do you know about student loans in regard to usda loans?
He presented the info. Go back and rewatch.
This was the most helpful video…
Thanks!
Amazing outline video! Great channel! Gives me hope to purchase a home!
Thank you so much for the kind words! If you're ready to take the next step, consider getting pre-qualified with us at www.winthehouseyoulove.com/lender.
Does USDA loan exist for raw land only? I’d love to know more about that
No I’ve had one on a home in a “rural” area… just on the border of the USDA map. I lived in a newer development.. no money down and at the time my payment was lower than a rent payment I had on a small condo! I believe I got a crap ton of money back for some reason it was amazing (last minute they were like here’s a check for x y and z, I truly don’t remember why). But I didn’t know you could do this with raw land!
Is a low DTI frowned upon by lenders? Ours is 26%.
Hey I just heard of Naca for down payment assistance as a first time home buyer could I get down payment assistance or grants and still qualify for a USDA loan.
This is interesting 🤔 considering our knowledge with UCC - 3 and federal reserve article 1.
Makes you wonder the same exact funding of these loans knowing they can’t lend out other peoples money. Key word they are using is “backed by United States” 🇺🇸
Might need to Perform on one of these negotiable instruments 🤑
Thanks for sharing your thoughts! USDA loans are backed by the government, which means they insure lenders against loss, allowing them to offer 0% down options. If you’re interested in exploring this type of loan further, consider getting pre-qualified with our team at www.winthehouseyoulove.com/lender.
Can you use a co signer with fha loan?
FHA, yes.
@@WinTheHouseYouLove could the co signer good credit low income help or hurt?
I just bought 1/2 acre raw land in NM - zoned for single family dwelling / camping / tiny home - needs everything, well , driveway and foundation , holding tank then solar and then a Prefab house - would this USDA loan cover something like that ?
This is very helpful. My husband and I want to buy a home but are hesitant. I have a great credit score but not all the funds for a down payment.
That's a common concern! We have a 1% down Conventional loan that may be the right fit.
Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Thanks for the great information. I am glad I don't need tons of cash to buy a home.
Can you refill nance from a conventional to usda and pull out some equity
Question: How do they know or determine if someone on the loan is going to be living in the house or not? Is it as simple as you telling them that they live there and they take your word for it or what?
Funny I work in Charlotte but live on the outskirts! Belmont is actually nice!
Awesome! Sometimes outskirts are better. :)
Around 5.02 you explain you cant have 20% in savings what if you have around 12%? Because my income does not meet conventional loans but we are good at saving money. 5:15
You'll be good with 12% :)
@@WinTheHouseYouLove $15K is the max. you can show on a statement. Any amount over $15K has to be put down.
Thank you,,,, does this loan have to be in the state that you live in,, or can it be another state
How would they know whether or not you have the funds for a conventional in your savings?
Lenders will verify your bank statements to confirm you have sufficient funds for the down payment and closing costs on a conventional loan.
When you're ready, go ahead and schedule a call with our team to get started on your pre-qualification: www.winthehouseyoulove.com/call
This is very helpful! Gives us hope !
Excellent presentation! thank you!!!
For my excellent viewers. Thank you!
Is there a time frame once a application is submitted and complete and no additional information is requested for at least an approval or denial has to be given?
Question would you blend or take the median credit score of married couples when qualifying?
Why won’t this video play? I’ve tried 4 times. Any suggestions?
Thank you. Just doing some homework. Subscribed for more.
Thanks for subscribing, Tommy! If you have any questions as you research, feel free to ask.
How long after getting the loan and the house is it okay to go above the income limit? For example, if you were to get a promotion within the year after buying your house.
So USDA loans can only be used for owner occupied? No investment use?
Correct
Can you help W Michiganders ?
I never was able to find a lender with no overlay.
Thank you for this very detailed video on USDA loans.
My pleasure! :) Thanks for watching.
Actually sounds better than the VA loan
Are these loans available for new builds if you already have the land?
Hey there! Absolutely, you can definitely get a loan for a new build, especially if you already own the land. It's called a one-time construction loan. Reach out if you need more info on this at the link below.
Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
Can it be towards purchase of manufactured homes on your own property?
How common is the appraised value more then the sellers price?
I really appreciate this information, I want to start soon with this program
Since its rural, can the loan be made to build on bare land.
Yes, there's a USDA One-Time Close option where you can finance both the land purchase and the construction of your home. It's a great option if you're looking to build in a rural area with 0% down.
How does this loan work for a modular home?
Very thorough and helpful! I wish i can like this vid more than once! Question... What is the max amount of cash in checking/savings one can have without becoming ineligible? Many thanks
is it challenging to get approved for construction of a Barnodimium? Also, do you know of particular lenders who have funded Barndo homes?
It can be tough, a local credit union is usually best for these types of loans
If I've had zero monthly debt for the last 10 years why can I not use the full 45% for the mortgage. That's the question I've never seen answered.
It's all based on risk. 45% of your gross income only spent on a mortgage payment is quite risky for a lender.
I paid off a 1/2 arce of land with all the utilities. It only values 60,000 in San Antonio, TX, outside of the city. What kind of loan can I apply for? My credit score is low. I would like to stay under 200,000. I don't have any down payment.
Lets say two people live together unmarried with a teenage child in school but both are disabled, making 22,632 a year with zero credit but working towards raising it, been renting at the same place for many years and can't save money due to living expenses...and is in danger of becoming homeless due to owner selling the property soon and not affording rent elsewhere? Oddly specific, I know...But I know several in that exact situation...
The biggest challenge with lower income is going to be the monthly payment. USDA Direct can offer subsidies, but you will need to apply directly through USDA here: www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans
Somehow, I thought the interest rate would be much lower than an FHA or conventional loan. I thought it would be anywhere from one percent to 4%. Can you tell me about this? Also, you mentioned that you couldn’t have enough money in the bank for a down payment. Does that include equity in your current home?
They're about the same rate as FHA. I don't know of a loan that is that low in rate at the moment.
It does not include equity in your current home.
I know here I n Az the USDA direct loan is 3 % but it can go low as 1% with assistance with your payment !
@@michellefischer4541 Direct loan new loan rate is 2% vs 1%.
Is there an income limit for USDA guaranteed loan
36:40
I already own my land in a very rural area in NC. I’m interested building either stick built or a BARNDO on my property. I meet the income guidelines within the area. Where do I start ??
Shoot me an email and I can help you connect with a lender who can finance that kyle@winthehouseyoulove.com
That income limit combining everyone in the household is the roughest part. You basically need to live alone in a studio apartment to qualify, unless I'm completely misunderstanding that there can't be anyone else in the home if you already make close to the limit.
I believe that is only on low income direct USDA. Guaranteed Loans…can be a higher income level. I know this because I sold a home to a young couple making a good income, who got a USDA loan, in a rural part of Greenville, SC.
For sure, the income limit can be tough!
@@WinTheHouseYouLovewhere can I see the limit? And what happens if you get a new job with a bigger income?
Do you guys have refinance plans?