Rural Development Repair and Rehabilitation Loan! Buying with USDA Home Renovation Loans
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- เผยแพร่เมื่อ 20 ธ.ค. 2020
- The Rural Development Repair and Rehabilitation Loans from USDA is a great way to buy a house with no money down and fix it up! In this video, I discuss what renovations you can make with the rural development loan, how the USDA purchase and rehab works and what homes qualify!
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Check Income Limits in Your Area: eligibility.sc.egov.usda.gov/...
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Hi, I’m Nicole Nark, a full-time Realtor® at HomeWay Realty Realty in Little Rock. I came to Little Rock with the love of my life, I am a proud Mom of two furbabies (Mini Schnauzer Mix and German Shepard), a Graduate of Communications from the University of Arkansas-Fayetteville and Honor Graduate of Arkansas Real Estate School in Little Rock.
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Thanks you for the effort and time you made this video I am very appreciative for the help
Your the Best!
Thanks for watching the video! Hope it helped 😊
@@NicoleNark Quick question, can u buy Commercial property with this loan??
@@racingvenny1151 No. not with this particular loan type
@@NicoleNark Do u have a suggestion??
@@racingvenny1151 I'm not aware of any 100% financing programs for commercial property but I would recommend talking to a few commercial lenders. Small banks in your area would likely be a great resource and can offer offer lower down payment requirements!
What about a manufactured home on its own property or set as real property can you still use the rehab loan for that?
Great video👍
Hi i live in NC is there a program usda and im currently in a chapter 13, thanks
We've heard it established that it can't be an income property such as a store, business, or a farm. Have you ever heard of a duplex, a property with two dwelling areas qualifying for one of these? Thanks.
Thank you for breaking this down! So you mentioned that the property is just for living, what about the land? Could it be used for farming and non-profit ventures for the community? Especially in rural communities? OR is there another loan?
When getting a home loan can you use any left over money to pay for new furniture?
I found a house for forty thousand on 3 acres in the country but it is unlivable because the roof leaks and as caused mold. Is this covered under the rehab loan
Hi Nicole! I live in a very very rural county in Missouri with hardly any house choices. My question is, could this rehab loan be used for an add-ons to the home. For example if I could only find a 2 bedroom home, could I use this loan to add on an additional bedroom? Thanks so much!
Would this apply to a home with a determined non working septic system?
Can it be used for multifamily properties 1-4 owner occupied?
Hi Nicole, with this repair and rehabilitation loan if I make this home my primary residence is there a certain amount of time I have to live in this home before considering selling it? If so, how long?
Is this loan type hard to qualify for? Is it the same as a standard usda loan?
Very Nice presentation! Quick question if I may.. I'm searching in Maine for a property, and bc of the extreme winters I may need to build a garage. Can this be financed into this loan, or do you have any suggestions?
Much Appreciated ☘
That is a tricky one...would the garage be attached or detached from the home?
hi my name is don i have a question i'am in the process of buying a house thru a guaranteed usda renovation loan what is the basis of how much money that i'm eligible for my loan officer is only looking 2 issues with the but there is several other issues and i need those covered to and she tells me if i go the route of taking care all those issues it would be a full renovation loan and require a 3.5% down payment is that right is there 2 types of renovation loans? could you please help me
thank you
I own property in rural Southern Missouri that has a home on it that is in disrepair and not at all livable. I want to make it livable so i can move in. Will this be good for me?
I only need the repair loan the house is bought in cash .Can i still do it?
Where do I apply
In the bank
I wonder if this applies In PA.
Some areas in PA do qualify! Here is a map where you can look at qualifying areas 😊 eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Godsend 😇
Hello, thank you for this great inf, I'm a investor/agent in new york, but I'm trying to move to like a rural area, please let me know if you have any opportunities,
do houses in the NWA area have basements? I would like a big one to turn into a man cave/ play area
Rarely...in most areas the water table is too high! They do show up every once in a while though!
How about Georgia
Is there an age limit? Ty
Is it possible to just get the rehab loan if you already own the home?
Not through USDA! But there are rehad loans out there that you may be able to qualify for! Additionally, if you have equity in your home, you may want to look at a home equity line of credit!
@@NicoleNark Would equity be created by the area doubling in price? My grandfather bought the house about 5 years ago @ 64k and the last appraisal was over 120 and we were told with a new roof it would be over 140.
Hi Nicole,
Does this apply in LOUISIANA?😊
Yes! Certain areas of Louisiana do qualify for the USDA loan!
We just qualified for a rural development loan, but I didn't know about this rehab / repairs stuff. Yikes, did we not get enough info about our loan? I feel like our whole loan is just for the mortgage and fees and such. Where are the repair funds?
You are likely qualified for the rural development loan just for the purchase. This video is specific to the rehab version of the USDA loan
@@NicoleNark Ah ok, so they are 2 separate loans and if I want to rehab my new house in this way I would need to apply for a new USDA RD loan. Thank you.
@@lydialutz yes you got it!
Is this rehab loan only for homes in rural areas?
Yes for this loan the home would need to be in a rural development qualifying area. Towns with less than 35,000 people and homes outside of the city limits usually qualify
North Carolina?
Hi Nicole, you are a wealth of info. I appreciate all your videos.I called a Certified Housing Counselor in my area and he was so nasty and uninformative and knowing I was seeking info. and not knowing what I was even asking for, wish everyone could be . Is it best to contact a realtor to see ALL the low-income programs out there and avail. or some type of housing program, I'm so confused as to where to start. Thanks for your time
Thanks