It's so interesting to me how people can get approved to rent a place, by paying almost the same amount of money as what the mortgage would be. But for a lot of people it's almost impossible for them to get approved for a home loan of any amount even in the low one hundred thousands. Yea I get it, it's a loan that the bank is giving you towards a property, but as times change a lot of lenders are making it almost impossible to get approved if you're not making 10 plus grand each month. No matter if it's one or more people applying for the loan. It seems to be more so about your monthly income now compared to how much debt you owe on other things. A person can be debt-free and still not get approved because they don't make thousands upon thousands of dollars every month.
Hi , thanks for watching and taking the time to comment. As a general rule, your house payment can be 43% of your gross monthly income . I know….. it does make no sense that if you can prove that you’ve been paying rent of 1500 for years and years, why wouldn’t you be able to also get a mortgage for that amount. The lenders make sure that you made the debt to income. Mari show requirement because I don’t want to set you up for failure. I’m not being able to pay the obligated amount for 30 years that you are obligated to the note. Good luck to you!
Thank you for the question. The best place to get that information is directly from USDA. As USDA loans are facilitated directly with USDA lenders, they are going to be able to give you the exact information you are looking for. eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
I would think that you can. I’m not sure the answer to your question because these loans have to go to a USDA office directly, but I would think you can get started with the credit process and then find a property in a USDA area. Thanks for watching the channel.
@@LoanWithJen Thank you for answering my question. I got around to calling a USDA loan office. They said yes, they could start with a county in a general area and go from there. I also learned that applicants can have no more than $20K in cash to be qualified.
Is the payment assistance on top of the 1% interest? Or is the payment assistance compared to the 1% interest rate and then they take the lesser of the two amounts?
Hi Bobby! The assistance is included. The 1% in my example was net , once assistance applied to help you pay the payment. It’s my current understanding that the program doesn’t have funds. But you should apply- to be ready when they do!
Is it possible to build a home using a USDA Direct loan? When I did the eligibility assessment on the Home Direct website it gave the option to build a home. My area has a lot of land but not a lot of homes. Trying to figure out if this is a thing that happens or not really, and any tips for making it happen if it's possible. Thanks!
Thanks for watching! The 502 direct loan must be done through USDA. Lenders cannot help here. You'll have to pose this question to them directly. Good luck!
Hello, the money is federal, so I would assume so. I’ve heard recently that there are no funds available for a few years 😭 it’s controlled by what congress budgets into the program each year
If I am making very low income would this mean my buying power would be very low? I would not be able to find a home in this economy? 44,000 a year minimum debt good credit score. Using the 3x rule I’m looking at 132,000 in buying power. Please correct me if I am wrong
Hi there, it depends where you live. And it depends on the program you apply for. If you really want to buy a house, talk to a lender now. Don't wait, too many times people wait and realize that they could have taken action to buy a house much sooner, but were afraid to reach out. Knowledge is power! Let me know if I can be of help. www.loanwithjen.com
Hi Monique ! Thanks for watching. I think visiting your local USDA field office is a good start. I put the link to find in the description. They can likely point you to an area and maybe a realtor to help you find a home, once you are approved. I hope this helps you! What city, state are you in?
Oh gosh! Thanks for taking the time to comment. I made the video to bring awareness that there is such a program, I wish the legislators would give this valuable program more money instead of funding other countries problems 😢
@@LoanWithJen I wish the State of Missouri director who I spoke with "at length" about my application Before I applied would have been honest with me regarding the lack of dollars for funding these loans!
Mine to then I was approved but only for 63,000 crazy my mother over 15 years ago was able to pick out a new manufactured home and she had property allready she only pays 350 a month on disability crazy guess I won’t be ever owning my own home
Question, say you close on a house with USDA loan because of your low income, then a few years later your income increases, does that mean the loan is voided?
it means that if you are one of the ones receiving additional monthly subsidy from the program to help pay your payment, then it could be taken away. The loan would remain in tact, only the subsidy would stop, if applicable.
I get 1,600 a month survivors benefits for me and my 8 yr old daughter. I work door dash if I need extra cash but its not steady income. Would I qualify just with the survivors benefits? I have good credit. Thank you!! ❤
You can use the survivor benefits, as long as that is enought to support your payment each month within a certain ratio. I heard that this USDA Program is not currently with funds. uggg. but it would be the best program for you with low income. At lease inquire so when funds return, you are ready! Good luck.
@@LoanWithJen well I was in the process of going to apply for a usda RD loan. I was in the process of filling out the pre screening, then I watched some recent TH-cam videos about these loans yours in particular. I talked it over with my wife because we are first time home buyers and I have been working hard building my credit up and getting things removed and I told her about usda approving people and not providing funds. So Monday I made the decision to reach out to the loan specialist we were working with and I told her I have been hearing long waits for funding. I told her 2027 she was stunned like how do I know this information then she told me it is not quite that long but she said it was 6-8 months for funding what they have been telling people. I told her I didn’t wanna waste my time going through the whole process then to wait that long for funding if we even get approved, so me and my wife have decided to go for FHA home loan. We are now trying to save up money for the 3.5 down🤷🏽♂️
Here is what I learned since applying for the program (last year) USDA program is funded yearly via the federal budget. Last year, Congress delayed passing the budget for 6 months. (party disagreements?) Those funds were earmarked for the previous year's qualified applicants - waiting in the queue. Those of us who applied later in 2023 (like me) are currently awaiting the next round of funding ( October barring delays) How long it takes may vary according to when Congress passes the budget, how much funding is avail, how many people in your state applied, and how many already qualified -awaiting earmarked funds are ahead of you. If you applied later last year and your application has what is needed then fall/winter 2024 -to spring 2025 is not an unreasonable timeline. If you applied this year ( in 2024 ) it may take till some time next year to complete the process. While waiting, it's important to respond to USDA requests for info and update them re: significant household/financial changes. Additionally, it’s important to note that the 2023 USDA Direct budget was reduced by $450 + million to the prior year. This cut resulted in less money to lend. This year it is likely to be similar (not an increase) If you have concerns about these delays and budget cuts, I encourage you to contact your local senator and express your views.
Hello! I’m not able to originate this loan . It’s only available through USDA directly . The reason I made the video is to just bring awareness to people that that LOAN is out there. Sorry that I can’t be of more assistance.
GOOD LUCK getting one of these loans, FUNDED! I applied in November, 2023 and was approved. My approval stated you are approved, but DO NOT LOOK TO BUY A HOME. There was a 120 day wait before there would be money for funding. I have had one letter and one e-mail since Nov.from this underwriter. NO contact since! I want to know the status of my application which I believe is expired. Bottom Line here, $30 spent for a credit report, $150 for a new homeowner course, which I am NOT a first time homeowner, unknown status of loan, all attempted offers to purchase REFUSED due to length of time with NO funding, and NO returned communication with loan officer. Well that's about it. If your viewers would like to have the same kind of experience as I, well don't say you weren't warned. State of Missouri, BTW.
Thank you so much for taking time to watch the channel and provide this valuable information. I recently heard this from someone else as well. I wish you the best. I hope that it works out soon.
I applied myself. I have been in the mortgage industry for several decades and knew how to submit an approvalable application. Which I was approved for!
My home is fraud right now and needs help please I have been through this for 6years Cathy seawright was my loan officer after living in my home for 5 years it's forgiven very very very low income help me I couldn't get any help stolen insurance check repairs check I need attorney
![Do You have Low Income [Buy a House With Low Income 2023] | #LoanwithJen #buyahouse](http://i.ytimg.com/vi/WWIsNCTKec8/mqdefault.jpg)
![Do You have Low Income [Buy a House With Low Income 2023] | #LoanwithJen #buyahouse](/img/tr.png)
I was looking into this today. And then you posted this video 👍
Glad I could help on a day exactly when you needed it!
Nice confidence in front of camera Jen, loved it!
Need an editor to spice up those edits... Potential Collab?
Thanks for taking the time to comment. If I need anything I'll reach out. Good for now.
It's so interesting to me how people can get approved to rent a place, by paying almost the same amount of money as what the mortgage would be. But for a lot of people it's almost impossible for them to get approved for a home loan of any amount even in the low one hundred thousands. Yea I get it, it's a loan that the bank is giving you towards a property, but as times change a lot of lenders are making it almost impossible to get approved if you're not making 10 plus grand each month. No matter if it's one or more people applying for the loan. It seems to be more so about your monthly income now compared to how much debt you owe on other things. A person can be debt-free and still not get approved because they don't make thousands upon thousands of dollars every month.
Hi , thanks for watching and taking the time to comment. As a general rule, your house payment can be 43% of your gross monthly income . I know….. it does make no sense that if you can prove that you’ve been paying rent of 1500 for years and years, why wouldn’t you be able to also get a mortgage for that amount. The lenders make sure that you made the debt to income. Mari show requirement because I don’t want to set you up for failure. I’m not being able to pay the obligated amount for 30 years that you are obligated to the note.
Good luck to you!
Love Jenn's videos! Always my first go to for clear and easy to understand information. Thank you!
Thank you so much, John for watching!
You are so awesome... THANK YOU.
You are so welcome
Where does it say the house can only have a certain amount of land??
Thank you for the question. The best place to get that information is directly from USDA. As USDA loans are facilitated directly with USDA lenders, they are going to be able to give you the exact information you are looking for. eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
What if you are looking for properties in several different areas / counties?
Can you pre-qualify without a certain location?
I would think that you can. I’m not sure the answer to your question because these loans have to go to a USDA office directly, but I would think you can get started with the credit process and then find a property in a USDA area. Thanks for watching the channel.
@@LoanWithJen Thank you for answering my question.
I got around to calling a USDA loan office. They said yes, they could start with a county in a general area and go from there.
I also learned that applicants can have no more than $20K in cash to be qualified.
Is the payment assistance on top of the 1% interest? Or is the payment assistance compared to the 1% interest rate and then they take the lesser of the two amounts?
Hi Bobby! The assistance is included. The 1% in my example was net , once assistance applied to help you pay the payment. It’s my current understanding that the program doesn’t have funds. But you should apply- to be ready when they do!
Is it possible to build a home using a USDA Direct loan? When I did the eligibility assessment on the Home Direct website it gave the option to build a home. My area has a lot of land but not a lot of homes. Trying to figure out if this is a thing that happens or not really, and any tips for making it happen if it's possible. Thanks!
Thanks for watching! The 502 direct loan must be done through USDA. Lenders cannot help here. You'll have to pose this question to them directly. Good luck!
Do they have it in Georgia, please help
Hello, the money is federal, so I would assume so. I’ve heard recently that there are no funds available for a few years 😭 it’s controlled by what congress budgets into the program each year
What’s the options in a divorce with a 502 loan
These 502 loans are direct with HUD. I would visit your local USDA office to ask. I’m sorry I can’t answer this for you
Thank you for the video, sadly every county in California is ineligible. 😔
Texas has lots of options for you! 😍
There are tons of rural areas in California that qualify! I'm in San Bernardino county and have a USDA loan!
@@taievelon01 not according to their website, it’s all pink on the map
@@MyFord77 I live just outside of Barstow CA in the city of Daggett. My USDA loan was approved in California, San Bernardino County, City of Daggett.
@@MyFord77 I think you really just have to look around in different areas.
If I am making very low income would this mean my buying power would be very low? I would not be able to find a home in this economy? 44,000 a year minimum debt good credit score. Using the 3x rule I’m looking at 132,000 in buying power. Please correct me if I am wrong
Hi there, it depends where you live. And it depends on the program you apply for. If you really want to buy a house, talk to a lender now. Don't wait, too many times people wait and realize that they could have taken action to buy a house much sooner, but were afraid to reach out. Knowledge is power! Let me know if I can be of help. www.loanwithjen.com
I am looking for good advice on a low income housing
Hi Monique ! Thanks for watching. I think visiting your local USDA field office is a good start. I put the link to find in the description. They can likely point you to an area and maybe a realtor to help you find a home, once you are approved. I hope this helps you! What city, state are you in?
Do they have this in miami
It’s federal, so likely, however it’s in rural areas only. Use the link in description to search for your area where this loan could apply
This program may still be taking applications, however they are not funding anything for 3 years as of now.
Oh gosh! Thanks for taking the time to comment. I made the video to bring awareness that there is such a program, I wish the legislators would give this valuable program more money instead of funding other countries problems 😢
@@LoanWithJen I wish the State of Missouri director who I spoke with "at length" about my application Before I applied would have been honest with me regarding the lack of dollars for funding these loans!
Mine to then I was approved but only for 63,000 crazy my mother over 15 years ago was able to pick out a new manufactured home and she had property allready she only pays 350 a month on disability crazy guess I won’t be ever owning my own home
Question, say you close on a house with USDA loan because of your low income, then a few years later your income increases, does that mean the loan is voided?
it means that if you are one of the ones receiving additional monthly subsidy from the program to help pay your payment, then it could be taken away. The loan would remain in tact, only the subsidy would stop, if applicable.
I get 1,600 a month survivors benefits for me and my 8 yr old daughter. I work door dash if I need extra cash but its not steady income. Would I qualify just with the survivors benefits? I have good credit. Thank you!! ❤
You can use the survivor benefits, as long as that is enought to support your payment each month within a certain ratio. I heard that this USDA Program is not currently with funds. uggg. but it would be the best program for you with low income. At lease inquire so when funds return, you are ready! Good luck.
@@LoanWithJen thanks so much for your reply. I really appreciate it.
So no funds until 2027???
not sure, that is what I am hearing! Uggg
@@LoanWithJen well I was in the process of going to apply for a usda RD loan. I was in the process of filling out the pre screening, then I watched some recent TH-cam videos about these loans yours in particular. I talked it over with my wife because we are first time home buyers and I have been working hard building my credit up and getting things removed and I told her about usda approving people and not providing funds. So Monday I made the decision to reach out to the loan specialist we were working with and I told her I have been hearing long waits for funding. I told her 2027 she was stunned like how do I know this information then she told me it is not quite that long but she said it was 6-8 months for funding what they have been telling people. I told her I didn’t wanna waste my time going through the whole process then to wait that long for funding if we even get approved, so me and my wife have decided to go for FHA home loan. We are now trying to save up money for the 3.5 down🤷🏽♂️
Here is what I learned since applying for the program (last year)
USDA program is funded yearly via the federal budget. Last year, Congress delayed passing the budget for 6 months. (party disagreements?) Those funds were earmarked for the previous year's qualified applicants - waiting in the queue.
Those of us who applied later in 2023 (like me) are currently awaiting the next round of funding ( October barring delays) How long it takes may vary according to when Congress passes the budget, how much funding is avail, how many people in your state applied, and how many already qualified -awaiting earmarked funds are ahead of you. If you applied later last year and your application has what is needed then fall/winter 2024 -to spring 2025 is not an unreasonable timeline. If you applied this year ( in 2024 ) it may take till some time next year to complete the process. While waiting, it's important to respond to USDA requests for info and update them re: significant household/financial changes.
Additionally, it’s important to note that the 2023 USDA Direct budget was reduced by $450 + million to the prior year. This cut resulted in less money to lend. This year it is likely to be similar (not an increase) If you have concerns about these delays and budget cuts, I encourage you to contact your local senator and express your views.
@@heart2listen1 we just decided to go FHA.
Can you pls help me receive this loan? or direct me to someone that can help me in Washington state? ❤❤
Hello! I’m not able to originate this loan . It’s only available through USDA directly . The reason I made the video is to just bring awareness to people that that LOAN is out there. Sorry that I can’t be of more assistance.
This program is out of funds through 2027
😬 yikes, thx for commenting. I made the video to let people know the program exists. That’s a shame the govt cuts this kind of funding
@@LoanWithJen Yes, they seem to find trillions of dollars for other purposes, but something for US citizens? Pffth! No soup for you!
Where did you get your information?
@@mindfulbynature3418 from applying in Washington State and getting approved, and then being told they were out of funds ..
GOOD LUCK getting one of these loans, FUNDED! I applied in November, 2023 and was approved. My approval stated you are approved, but DO NOT LOOK TO BUY A HOME. There was a 120 day wait before there would be money for funding. I have had one letter and one e-mail since Nov.from this underwriter. NO contact since! I want to know the status of my application which I believe is expired. Bottom Line here, $30 spent for a credit report, $150 for a new homeowner course, which I am NOT a first time homeowner, unknown status of loan, all attempted offers to purchase REFUSED due to length of time with NO funding, and NO returned communication with loan officer. Well that's about it. If your viewers would like to have the same kind of experience as I, well don't say you weren't warned. State of Missouri, BTW.
Thank you so much for taking time to watch the channel and provide this valuable information. I recently heard this from someone else as well. I wish you the best. I hope that it works out soon.
@erescue1 did you apply yourself or did you have a loan packager???
@@REXTHESHARPEI The 502 Direct loan can Only be applied and approved by a USDA branch office in each state.
I applied myself. I have been in the mortgage industry for several decades and knew how to submit an approvalable application. Which I was approved for!
@@erescue1 we are applying with a loan packager. I can keep you updated! Also MO. 🙏
My home is fraud right now and needs help please I have been through this for 6years Cathy seawright was my loan officer after living in my home for 5 years it's forgiven very very very low income help me I couldn't get any help stolen insurance check repairs check I need attorney
It does sound like you need legal help. Someone at your State Board of Attorneys will be good to provide you guidance.
How can I contact you ?
Hi Deborah! www.loanwithJen.com/contact