Buying a House with ($1,000) is it Really Worth It?
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- เผยแพร่เมื่อ 16 ต.ค. 2024
- If you're looking for a home loan with no money down, the USDA Rural Development Loan Program may be a great option for you, especially if you are a first time home buyer In this video, we'll discuss the pros and cons of the USDA rural development loan.
As a buyer, you may think that buying a home with no money down is out of reach. But the USDA Rural Development Loan Program makes it possible to buy a home with no money down, while still providing you with competitive interest rates and flexible terms. USDA loans are secured by the federal government. Another benefit of this program is flexible eligibility requirements. Since this program is designed to help rural or low-income buyers, there are income and property location restrictions. But if you meet the eligibility requirements, it could be a great way to buy your dream home with no money down. So if you're considering buying a home, consider the USDA loan 2023.
There's quite a few pros and cons of usda rural development loan, so be sure to tune in for the whole thing!
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DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.
I never been so bless about info on buying a home in my life! I’m looking to buy next Feb ‘23.
Thank You! Just bought an acre in the Desert .This is Very Useful Info.
Best information online i have ever run across.
The people I have dealt with at the USDA RD are very good. Professional and helpful. If you qualify, there is the USDA Direct loan which gives a lower interest rate. They have a calculator that works very well to estimate for what mortgage you will qualify. Thank you Mr. Turner, your videos are excellent. I am watching them all.
Lower interest but when paying off your home USDA RD requires you to repay lower interest aka subsidy. When your income was low so you qualified for the lower income.
They do not explain this part of the loan.
To me, that is like asking people who receive food stamps, LEAP, etc to repay the assistance they received.
Learn before you sign!!
@@pamgibbs434 Good information, thank you.
Also how to buy a property in another state, you want to see the home. Can you suggest rural areas.
Man, im learning a lot. My lease is up in October, trying to do everything i can to buy a house in San Antonio, TX. I would actually prefer a more rural area and my own sprawling property, but still be close enough to civilization. Im definitely looking into this further! I'd love to get in touch with lenders to help me specifically with s USDA loan. Recommendations are welcome!
I'd be happy to help! You can reach out to me on Instagram or via www.ContactWayne.com
Could I contact you too. I really need your help too.
@@TheRealWayneTurner Hello Wayne, can you please tell me, the amount of 1000 $ is a montly loan I guess, isn't it ? What is actually the price of the house ?
My question is since they are offering these loans what’s the catch? Do you have to start a farm or some type of livestock for the government??
Thank you. I need to get a house but don't know how to start
Have you ever done a video specifically about assuming a usda loan? Seems like a head ache but worth it if you can get a sub 5% rate.
You should explain that there are 2 DIFFERENT USDA loans..Direct and Guaranteed. Direct is for low and very low income families and IS A FIXED RATE currently @ 3.75 % and u can use down payment assistance grants.
Then there is USDA Guaranteed loans are for those who are not low income and are at current rates and no down payment assistance.
Maybe u feel low income families such as myself aren't your demographic audience so u omitted it..but there is alot more of us then you think.
Hey, could you please share some programs to get closing assistance for this loan? My closing date is soon and I am panicking
@@jenniferbrown9650 ?? That is something that you should have worked out even before making an offer on a house. Why would you wait until right before closing ? Didn't u have to show your lender proof of funds when you did your mortgage application? they would have let u know approx how much u needed for closing costs and if your funds didn't show enough to cover whatever down payment /closing they would have addressed it with u. Work some overtime Get your checkbook ready
I get frustrated when I see people asking for USDA loan info and the only replies are about the Guaranteed program. Such a big difference for people to know about. And also, not to use Loan Packagers for an additional cost. Instead of sending your documents to them, and then having them send it to the lender, just send your documents directly the the USDA without a middleman. USDA eForms website to apply directly yourself. Too many other things to pay for without the unnecassary fees. And such a potential huge savings in interst alone - as low as 1%. Can't get that with the Guaranteed loan.
Thank you
the rate is now 4.12% it changes every month just like the regular rates. I noticed USDA direct loans SAY they will give 33 -38 years to pay it off but when I asked the USDA office she shrugged my question off so good luck plus I qualified for way less going direct than i did when I qualified via guaranteed loan go figure
Thank you for this informational video - can you refinance this loan down the road? I don't want a 7% interest rate for 30 years!
TY I'm doing the research. I want to buy an acre in rural cental CA. Is 130k a good price?
Great info, thanks. Keep the longform coming. I enjoy the pace of it, no fluff.
What about earnest money and inspection costs. How much do you have to have saved?
Depends in the builder. I only had to pay 1k in earnest money
@@MrTorry99 was that for you closing cost?
You don't have to pay closing cost long as you stay under your budget
Hi! if I buy a house with USDA I am available to open a home daycare in that house or no?
Wishing you all of God's lovingkindness during this wonderful time of celebrating our Savior's birth, the blessed Lord Jesus Christ! Merry Christmas Eve to y'all! Thank you for all you do. Keep up the great work.
Thank you! I hope you had a wonderful Christmas and wishing you a happy New Year! God Bless!!
Great info...EXCEPT for a novice such as l, please, as much as you can speak slower. You're giving major info condensed. One has to listen over and over and over and over again when taking notes. There's so much to take in.
Thanks for helping.
Thank you so much for the extremely informative video!
This was helpful. Thank you.
Very nice video. I will look into this some more for my area
Can you homestead on this property ?
Do I have to refinance my USDA Loan in order to rent it if I decide to move to another home?
How would I go about finding a Leander that works with usda ?
Hey Mr Wayne I Would Like To Ask A Question.....With They Loan Can You Do A Shed Build On The Property? I Would like To Have A Premanufacture Barn Shed For My Home With A Concrete Foundation and Acres Of Land Will They Allow This Kind Of Structure? Im thinking of a 20 x56 High Barn Shed Size. The other question Is Im Hearing That You Cant Run A Business On the Property Does That Include Online Business and Or At Home type? Thanks for asking......
I was make research for MN.
My land consider as "metropolitan"... but I live 40 min away from a city and we have 5 000 people population...
very strange
Can USDA loans buy land AND pay for building a house on that land? What lender would you recommend to speak with? Im in Texas.
They offer what is called a single close loan. They will pay out the work after it's ALL done guess the hard part is finding approved & licensed crew who's willing to wait til after the whole project is done to be paid. At first i thought usda would pay out work done in individual parts ie electric, plumbing but not how it works
So I live 40 min from Milwaukee and 50 from Chicago. Would I be out of the rural area ?
Yes!
@@TheRealWayneTurner sir what about if you have no credit history I’m coming out of college currently in the next couple of months so this is perfect for me
Mr. Turner where have you been?..I have wanted to buy a home for far too long and now I'm just in a bad place. Thank you for letting the little people know what's out there for us 🙏
You found me! I'm glad I can help. Please let me know if there's anything I can do to get you in a home!
@@TheRealWayneTurner 😭 just the offer alone... If there's anything you can do I'm ready. I want to stay positive Mr. Turner. Fate led me to you and Faith will see this through.🙏
Hi Wayne, thanks for the info. We spoke with a mortgage agent who says we cannot buy a residential property for income as long as we have another house. Is that true?
I have question.. I live Memphis Tennessee . I just brought 5 acres outside the city ..Can I build a house using the USDAR loan
USDA does offer a construction loan that is 100% financing!
How long does it take to get approved? Do I need to apply through an agent or to USDA directly?
You can apply directly for the USDA Direct Loan (Direct because you apply directly). He is speaking about the Guaranteed Loan (USDA guarantees the lender they will back it up). Direct is very low to low income (could be up to $80,000 or more as very low and more than that as low depending where you live (Both State and then the County). Moderate income is more focused for the Guarnateed Loan. You can find out income limits, more about the differences between the 2 Single Family Home Programs, including building options, and more at the UDSA Rural Development website. As of March 2023 fixed rate interest for Direct Loans is 4%. Guaranteed Loans vary by lender.
Does Kingston pa qualify for usda loan?
Hello Mr Wayne. Love what you do and thank you. I have a question for you. I'm working on a contract to build mid size building ( 15 units ) should I charge a percentage on top of the construction cost and if so what's a reasonable number should I charge? Thank you
Good Morning Wayne do you know if it will be better in Florida to buy a land or to buy a property, which one will be cheaper in a long run? have it developed little by little? thanks
Where in Florida are you located? Feel free to reach out to me at www.ContactWayne.com to discuss in more detail.
So I saw a Instagram reel you had posted about buying a duplex with a RD Loan. I then found online that you can't buy a duplex? Thoughts?
We have a home here in semi rural ga. I am looking for a property a little further out. My home now was 250k. Home on 5 acres. I would prefer a house on 10 acres. Would it be feasible to either try and rent my place or sell. My goal is to rent more properties. But my payment is 1388.00. To cash flow I would need at least 1800.00 a month. To 2000.00. That's a big rental pmt. I just dont think I can get it. What's your opinion? Btw I love the videos man.
Subdivide the property.
My biggest issue is I want to move out of state. Guess I gotta decide at least what state I want to go to, and get a job there?
Great content Wayne! Real estate is very interesting to me and you explain it very well
Thank you! Glad you enjoy!!
Will this work for someone without a job but receiving retirement income or SS disability?
some of these are hard to get, i could refer a program i got easily.
How do find a bank for USDA loan
I have a VA loan in Ohio, my wife works in Texas and we need to buy a house in Texas. Can I still qualify on my military retirement/SS income, without her income?
some of these are hard to get, i could refer a program i got easily.
What about a usda direct loan
Together, my husband and I exceed the income requirements. Is either of us allowed to apply separately?
One of you can apply soley and the other’s name still can be on the deed.
USDA asks for everyones income who will be living with you so they will count ALL income total regardless if hubby applies or not
I need a lender for Paris TN.
can you use a usda loan if oyu own a home already but are lowerish income?
Yes, you just have to have the income to justify repayment.
@@TheRealWayneTurner I educated myself last night and went to the website, from what I punched in I do qualify. Wife is going to look into it with me. Ty sooooo much for planting this seed. Be blessed
Hi Wayne, I have a couple questions, if my partner (co-borrower) and I currently qualify for USDA but later down the road say our careers change (income changes) and her daughter and niece decide to live with us, what would happen with the mortgage? We would all be working, and so my worry is that if the total household income were to exceed the maximum limit at some point would we no longer qualify for the mortgage we're paying on and what would happen?
It's only required for when you get the loan, your income can increase after you start making payments.
No credit score, why would I get credit cards thats debt. I'm not in debt. Why can't they go by your rental history. Your buying a house not a car.
Any good contact in MN? Thank you
Yes- send me your info through my website (it’s in my profile - ContactWayne.com) and I’ll reach out to you tomorrow
Wayne my credit is 540
There's a difference between a DIRECT usda loan and a Guaranteed usda loan. I would get a loan direct thru USDA so you don't have to be charged for a loan via the loan you get via a guaranteed loan. Good luck finding a home within the price one would qualify for they are way overpriced for the average worker
some of these are hard to get, i could refer a program i got easily.
Isnot true
THANK YOU FOR ALL THE INFO. WE LIVE IN EDINBURG TEXAS, WE NEED A USDA RD LENDER AND REALTOR WE FOUND 5 HOMES THAT WE ARE INTERESTED IN. I'M RETIRED AND RECIEVING MY MONTHLY FIXED . CAN YOU HELP?
I live in Gulfport Ms can we please chat do have credit score 750