@SheOwnsAh Hill the process was easy I was approved in May of 2020 but I didn’t find a home I liked until September I closed in November of that year. The best advice I can give you is to make sure you get exactly what you want and not settle. The only small issue that I had was with the underwriter I had to give an explanation about a few reoccurring charges that I had on my credit card each month which is pretty common with any loan.
I just wanted to say that usda does limit the location of where you purchase. It’s mainly for rural areas. Usda guaranteed is for median low income and usda direct is for very low income. I had to do research on my own on the differences because the loan officers acted like they didn’t know what I was talking about. We kept getting denied but realized, the officers gave us the application for the very low income and we of course overqualified for that. I did some digging and finally told them they were wrong and went elsewhere. Our lender we have now didn’t know either but we have our pre approval amount a few weeks ago. =]
@@WinTheHouseYouLove sorry, I should’ve said for people who didn’t hear. Some people still asked questions. I assume that they didn’t hear correctly or just wanted a comment
I'm a mortgage loan officer. Generally we don't deal with USDA loans much. So this section of loans it's great to do your own research so you can make sure everything goes right. When I did my yearly coursework to upkeep my license. Usda loans weren't even touched.
I used a local bank to get a USDA Guaranteed loan last summer before rates started creeping up. It's an easy process similar to a conventional loan as long as you have done a little research and have all docs and anything a lender will typically need ready for them when you start the process. Closing was extended out to closer to 45 days, but that is because at the time USDA was backed up and they have their own approval on top of the bank that they have to do. When it was all said and done, at closing it cost me about $3800 for closing cost and then the loan was transferred to US Bank.
I brought my home with USDA 6yrs ago and recommend this if you can do it. Good to see awareness for this as alot of people don't know about these loans 👍🏾
I want to tell you "Thank You" for your clear, concise and accurate videos and constantly encouraging us to stay focused and not give up. I closed today!!!! I appreciate you 🙌💕
This is awesome! Love the part where you say, beware of loan officers that try to steer you to other programs! I literally just told somebody to look at FHA because I had no idea this existed. So that person sent this video to me! I’m so glad they did! I’m going to send this video to a lot of people! 😂
Wow! This just blew my mind! I'm a home owner already, however I've been teach my young adult children about home ownership and credit since they were teens. I can’t wait to teach them about this type of loan. You're an amazing teacher! Thanks!
I very much value that you start your videos sharing what information you are going to deliver. No fluffy intro with cool editing, I'm not really wanting that video style when I'm watching RE or personal finance videos. Thanks, Kyle!
I'm just starting to learn about this type of loan. Of all the videos I've watched, this one is by far the most clear and informative. Thank you for the knowledge!
I learned so much from you 😁 thank you. So pleasant to listen to... Don't change a thing about how you do these videos... except you can hire me to check for spelling errors 😊
Ours was 620 score. your debt ratio & income impact how much house you can buy. We put 5% down. Fixed 4.5% interest. We did FHA in rural area. Is this the same as USDA? Our extra insurance stuff is $345 plus our house loan payment. Outside all this get the home appliance insurance. It saved us when our outside unit went to crap. We use" first American home warranty ". $1800 to fix but we paid $465. Trust every so often something will break & your responsible for fixing it. It's also a good idea to save $1000 for home repairs.
An ad for this type of loan came up in my social media, and then this video. Seriously considering this type of loan because I want to live in a rural area anyways
THANK YOU , THANK YOU, THANK YOU. I would keep going, but you get the point. Your video has been a life saver. I am currently looking to purchase and had not considered the USDA loans. I have halted my search to see if and what i qualify for. Considering i am looking for a rural homestead, this may be right up my alley. I will also consider a FHA as i am willing to put some money down, to bring down the monthly and interest of the life of the loan. I will be reaching out to the links in the description. You are truly a blessing and appreciated.
Yes I have really like your podcasts! You always give good info that can be use now or near future. It helps so much so when you talk to bank, mortgages broker and realtor, you can talk with confidence and speak their language!!!!!
I've learned so much from watching your videos. Thansk so much for sharing and creating this content for us future home 🏡 buyers. These tools are beyond helpful . Im such a proud subscriber.
I found a house I'd like to buy. I checked the map and it's literally 50 feet outside of the boundary that wouldn't allow me to qualify. But by the time I start talking to a realtor, the house will be under contract. They're going "Contingent" and "Pending" within days, sometimes within hours, of being listed.
Can you explain USDA loans when building a home? Would someone who is building a home have to pay on the loan while the home is being built? And…what about land? Would you have to pay on the loan for land during a build? Thank you.
@Melissa Merry, Hi you can use a USDA Single Close Construction Loan to purchase land to build your home on or build on land you already have (with certain criteria), or payoff land you are financing to use. I have attached receipts (Proof), straight from the USDA. Answers to your questions are in this guide. I am going to go with this method. Good luck:) www.rd.usda.gov/files/RD-SFH-ComboConstructionNotes.pdf
If you want to build on land it must be owned outright or you can not pull permits but you can do a loan to purchase land and convert it to a construction loan where you are paying monthly during the loan but it can not then be converted to a usda loan only conventional.
Love the stash, I've been watching your videos for the past few months and all tips aside, I must say your voice makes me feel like I can accomplish anything as long as you're there to guide me. lol.
If anyone can answer this question I’d appreciate it. If my client has recent delinquencies on their credit cards would that be an issue to qualify for this particular loan?
Thank you for this informative video! My wife and I are currently looking for land on which we hope to build a home. You mentioned that a USDA Guaranteed Loan cannot be used for "income producing land." Does that mean that at the time of purchase the land cannot be income-producing, but that after you've purchased the land you can begin to use it for agriculture? Or does that mean that the land can *never* be used for agricultural purposes?
Great video! I just submitted my prequal application for the direct loan. Would love a video on the actual step by step timeline from prequal to application to closing. Thank you.
I hope you see this, first off this is BY FAR the best and most thoroughly explained video on this subject I have seen. So thank you for that. Second, if you are in a Union and you take money out of your annuity fund to help with your closing costs do you need to have it in your bank account to “season” before you can go for the home buying process? Do they (the underwriter) look at this negatively?
I had one of these, couldn't find a home in my price range that could pass the extensive inspection that is required. That's 500 bucks every time it happens out of pocket. Additionally the extremely competitive atmosphere here made it almost impossible to take advantage of the loan. Time limits run out and you have to repeat the process.
Potential FTHB here… Can I purchase a single-family property as my primary, live in one room and rent out another bedroom? I don’t want to sell the property anytime soon after buying; just would like to find ways to lessen my mortgage at times.
You would think that the USDA would be more open to construction loans being that the loan is for rural areas. I always thought that “rural”meant more agriculture land than housing.
@@WinTheHouseYouLove Thanks for answering but I think I asked the question wrong. What I mean was since USDA is no money down could I use the down payment program for the closing cost or it's just only to be use for downpayment.
Yes, as long as the DPA program allows you to use the funds for closing costs and works with USDA. You'll need to talk to the DPA program provider to see their rules.
Hi, I loved your video, but did not see anything about income requirements only proof of funds. Would that mean you only have to provide bank statements? Do you have to show two years of income/ tax filing etc?
With good credit, no debt, only income is SS. As an elderly, disabled senior, I´ve been informed by local USDA office that my income in not sufficient for loan. So I must remain in an unsafe environment. When I moved into my present apartment i was not as disabled. Now I require more safety issues. Two-three year waiting list for senior housing, etc.
Hi!, Looking at 31:00 I understand the income requirements however I'm curious if you can have an increase in salary that puts you over the threshold after (example: 6 months after) you have closed on a home using a USDA loan?
Would it be possible to be accepted for this type of loan if I had to have a cosigner as I've been injured last few years (not to mention virus outbreak) and have been unable to rejoin workforce. Credit is 750+ and have minimal debt.
Your video was very informative and helpful thank you!! There was a lot I never knew about USDA loan until the break down of your video. We are in the process of being homeowners and the loan is an USDA that we are getting.
Hey Tokyo Eats The Globe! Great question. Once you've closed on your house, you don't need to submit any income qualifications or yearly proof of income to your lender. They mainly need that info during the pre-qualification and loan approval process. If you're ready to start on a pre-qualification, feel free to visit: www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com. Good luck on your home journey! 😊 - Kyle
@WinTheHouseYouLove thank you so much for the response! I'm hoping to get started October 2024. I'm working on my debt snowball and some tax debt right now. Hard work but I can't wait to get started!
My Lender told me the DTI ratio is very specific for USDA Loans, but then I read that you could potentially get Lenders to manually underwrite and approve for a USDA loan under certain circumstances like you have really great credit? My DTI is 41/48. Could I be approved for a USDA loan with that as it says USDA Max DTI is 44 max? Could they possibly approve me even though my back end ration is a little higher than alloted, as I have great credit?
Hey @CyanideSam, you're right about the USDA loans having specific DTI guidelines! Manual underwriting may not work with a DTI of 48, but automated underwriting (GUS) might approve you especially if you have a high credit score
Great data points, I listened in its entirety but half way in I looked up and started looking at the vid and noticed that perfect hair lol. Thanks again for the info I definitely shared with a few ppl.
Hello I have two questions that I don’t understand,1 how does one get connected to a reliable person, who is knowledgeable in USDA loans? And second I live in Los Angeles I only qualify for about a $200,000 loan and there are no $200,000 homes even in the most ruralest areas does that mean I’m outta luck?
Hey De'Coud Vintage! Great questions! To find a reliable & knowledgeable person for USDA loans, we’d love to help. You can schedule here: www.winthehouseyoulove.com/lender. We have experienced mortgage advisors who can help. For your second question, the housing market in LA can be tough, but don't lose hope! You might need to be flexible on location or consider other loan options to fit your budget. If you're ready to start on a pre-qualification, head to the website or email me at kyle@winthehouseyoulove.com, and I'll be happy to help you out! - Kyle
I heard that you can put less than 20% down and still do conventional and once you've paid 20% down on the principal the pmi will come off. Is this true?
How do we find lenders who can do USDA for something like a 2br/1ba around the $60k mark. I live in a USDA rural zone and median household income is around $35k. Most lenders either don’t want to or “can’t” work with homes under $100k. What to do?
Do you know anything about the NACA program? I spoke with a HUD counselor and when I mentioned going with a USDA loan they said the NACA program was better because they work with conventional loans.
Kyle, i had a question for you. i have a low credit score of 530 do you think if i added myself as an authorized user to my parents account (they have 800+) i would be able to pass GUS? i have a couple late payments on my record i dont know if they will still show up or they will go by my new score once i get authorised.
I don't believe an authorized user account would add 110 points, unfortunately. You likely would benefit from a credit coach or ScoreMaster to help explore any negative items and simulate your best credit score in the near future.
Hello, I am the author of your credit, the bureaus & the fix on Barnes noble. What you might want to do is reduce your balance to a limit on credit cards down to 30% this can assist an increase in fico of up to 10 to 25 points per tradeline per bureau. You can increase the fico on your credit profile with an authorized user anywhere from 15 to 50 points depending on the limit to balance on their account and the timeframe opened. Make sure that the person who adds you does not charge up the account or fall behind on any payments. There are so many ways my 56-page credit book gets to the point on disputes and loopholes. I hope this helps. Thank you.
They told me I couldn’t own another home within the last 3 years which wasn’t my case because is my first time buying a house. I was approved for a Direct loan but don’t know if it’s the same for Guaranteed loan
Q: I found a property in a qualify area, but it has 2 separate small buildings with separate power and septic, I guess this will be consider an investment property? WILL THIS QUALIFY FOR USAD? If not, what are my options? good info. Thank you.
From my experience with them that would most likely disqualify it as an eligible property. Animal enclosures, green houses outbuildings etc are verboten.
Ok, so my wife and I combined make over the allowed income limit. What if I go through with the process and she just “moves in with her parents for a year” is this a loop hole? It can’t be that easy, is it?
With inflation and housing prices we are all low income borrowers lol. I sold my house in 2016 for 200k, the next owner treated it like poop. They tore down that building and now JUST the land is for sale for $1,800,000 dollars! That is a 800% prices increase. A increase of one million six hundred thousand. I will buy my land back once the price falls if i didn't have to relocate for the military i'd still own it. This is in Tampa Florida.
My mom recently passed away and in the will it said I was to assume the mortgage for the remaining balance and the mortgage company told me I cannot assume the loan I would have to refinance I wonder why. I need guidance or someone to talk to I'm at a loss. I've lived with my mother for the last 9 years
I’m looking to buy a home in Kentucky. I am a first time homebuyers. I live in Michigan. But I was told that you need 20% down. The cost of the home is between $189,000 and $200,000. My credit score is in the 696. Any advice
Can you please tell me which route should I take this whole thing is frustrating as I can’t find the right person to help me my credit score is 760 I want to put 0 down my income is around 41,000 which program would I most likely qualify for?
I did this loan 2 years ago after following you and Shahedda Hill on this platform. You made it so easy! Continue to bless us with this knowledge!
Wonderful! Thanks for watching. :)
@SheOwnsAh Hill the process was easy I was approved in May of 2020 but I didn’t find a home I liked until September I closed in November of that year. The best advice I can give you is to make sure you get exactly what you want and not settle. The only small issue that I had was with the underwriter I had to give an explanation about a few reoccurring charges that I had on my credit card each month which is pretty common with any loan.
Congratulations!!
I'm doing this now and @shahedda hill and this channel are my go to videos
I just wanted to say that usda does limit the location of where you purchase. It’s mainly for rural areas. Usda guaranteed is for median low income and usda direct is for very low income. I had to do research on my own on the differences because the loan officers acted like they didn’t know what I was talking about. We kept getting denied but realized, the officers gave us the application for the very low income and we of course overqualified for that. I did some digging and finally told them they were wrong and went elsewhere. Our lender we have now didn’t know either but we have our pre approval amount a few weeks ago. =]
I cover this in the video :)
@@WinTheHouseYouLove sorry, I should’ve said for people who didn’t hear. Some people still asked questions. I assume that they didn’t hear correctly or just wanted a comment
Congratulations ☆☆☆☆, 🎊 On The Purchase Of Your New Home!!!
Literally it’s the first minute of the video..
I'm a mortgage loan officer.
Generally we don't deal with USDA loans much. So this section of loans it's great to do your own research so you can make sure everything goes right.
When I did my yearly coursework to upkeep my license. Usda loans weren't even touched.
Thank you for helping it’s rare finding someone that is willing to help others like yourself
Wow! Thanks. :)
I used a local bank to get a USDA Guaranteed loan last summer before rates started creeping up. It's an easy process similar to a conventional loan as long as you have done a little research and have all docs and anything a lender will typically need ready for them when you start the process. Closing was extended out to closer to 45 days, but that is because at the time USDA was backed up and they have their own approval on top of the bank that they have to do. When it was all said and done, at closing it cost me about $3800 for closing cost and then the loan was transferred to US Bank.
Wow! thanks for sharing your experience and for watching. :)
Thanks for this. Most lenders are quick to push to FHA or conventional. Do you know lenders that can do this in Florida?
@@emmychannel5563 This is a list of lenders by state. www.rd.usda.gov/sites/default/files/RDGRH-AllStatesList.pdf
@@emmychannel5563 Would love to know this as well, I live in Florida and the last 2 years all the lenders I met pushed for fha or conventional.
@@emmychannel5563 bank of america and wells fargo both do
I brought my home with USDA 6yrs ago and recommend this if you can do it. Good to see awareness for this as alot of people don't know about these loans 👍🏾
Yes, that's the reason why I make videos like this. Thank you for watching. :)
I've payed rent on home 9 years now its time learning alot thanks for knowledge
That's great! Best of luck!
@@WinTheHouseYouLove thanks so far only badnews with usda loan is may jot qualify for more than 175k
*paid,
a lot
I want to tell you "Thank You" for your clear, concise and accurate videos and constantly encouraging us to stay focused and not give up. I closed today!!!! I appreciate you 🙌💕
Awesome! This made my day, enjoy your home. :)
Congratulations
You're incredibly thorough and I appreciate the time and effort put in to this presentation. Thank you so much!
You're very welcome! Thanks for watching. :)
Hi.if you help us, you bring,your friend , if they are
Smarter then you. They get demand,let me know,
This is awesome! Love the part where you say, beware of loan officers that try to steer you to other programs! I literally just told somebody to look at FHA because I had no idea this existed. So that person sent this video to me! I’m so glad they did! I’m going to send this video to a lot of people! 😂
Wow! This just blew my mind! I'm a home owner already, however I've been teach my young adult children about home ownership and credit since they were teens. I can’t wait to teach them about this type of loan.
You're an amazing teacher!
Thanks!
Teach to pay cash
I very much value that you start your videos sharing what information you are going to deliver. No fluffy intro with cool editing, I'm not really wanting that video style when I'm watching RE or personal finance videos. Thanks, Kyle!
I appreciate that! Thanks for watching.
I'm just starting to learn about this type of loan. Of all the videos I've watched, this one is by far the most clear and informative. Thank you for the knowledge!
Glad it was helpful!
Just sitting here thinking that you're clear, concise and I'm learning lots of new info (to me anyway) thank you !
Glad to hear it! Thank you!
I truly appreciate how well versed you are in knowledge of USDA loans!
I appreciate that!
I learned so much from you 😁 thank you. So pleasant to listen to... Don't change a thing about how you do these videos... except you can hire me to check for spelling errors 😊
Ours was 620 score. your debt ratio & income impact how much house you can buy. We put 5% down. Fixed 4.5% interest. We did FHA in rural area. Is this the same as USDA? Our extra insurance stuff is $345 plus our house loan payment. Outside all this get the home appliance insurance. It saved us when our outside unit went to crap. We use" first American home warranty ". $1800 to fix but we paid $465. Trust every so often something will break & your responsible for fixing it. It's also a good idea to save $1000 for home repairs.
An ad for this type of loan came up in my social media, and then this video. Seriously considering this type of loan because I want to live in a rural area anyways
THANK YOU , THANK YOU, THANK YOU. I would keep going, but you get the point. Your video has been a life saver. I am currently looking to purchase and had not considered the USDA loans. I have halted my search to see if and what i qualify for. Considering i am looking for a rural homestead, this may be right up my alley. I will also consider a FHA as i am willing to put some money down, to bring down the monthly and interest of the life of the loan. I will be reaching out to the links in the description. You are truly a blessing and appreciated.
Awesome! Hope to talk to you soon. Thanks!
Yes I have really like your podcasts! You always give good info that can be use now or near future. It helps so much so when you talk to bank, mortgages broker and realtor, you can talk with confidence and speak their language!!!!!
I'm so glad! Thank you!
Zero down is different from closing costs correct? I’m trying to get out of paying closing costs. Been difficult.
I've learned so much from watching your videos. Thansk so much for sharing and creating this content for us future home 🏡 buyers. These tools are beyond helpful . Im such a proud subscriber.
You are so welcome! Thanks for watching. :)
I found a house I'd like to buy. I checked the map and it's literally 50 feet outside of the boundary that wouldn't allow me to qualify. But by the time I start talking to a realtor, the house will be under contract. They're going "Contingent" and "Pending" within days, sometimes within hours, of being listed.
Can you explain USDA loans when building a home? Would someone who is building a home have to pay on the loan while the home is being built? And…what about land? Would you have to pay on the loan for land during a build? Thank you.
You must OWN your land 1st, without any liens... they will not build on land that you are still making payments on...
@Melissa Merry, Hi you can use a USDA Single Close Construction Loan to purchase land to build your home on or build on land you already have (with certain criteria), or payoff land you are financing to use. I have attached receipts (Proof), straight from the USDA. Answers to your questions are in this guide. I am going to go with this method. Good luck:) www.rd.usda.gov/files/RD-SFH-ComboConstructionNotes.pdf
If you want to build on land it must be owned outright or you can not pull permits but you can do a loan to purchase land and convert it to a construction loan where you are paying monthly during the loan but it can not then be converted to a usda loan only conventional.
Love the stash, I've been watching your videos for the past few months and all tips aside, I must say your voice makes me feel like I can accomplish anything as long as you're there to guide me. lol.
The voice makes everything sounds easy.. hahaha thanks for watching!
Do you have any information on construction loans thinking of building from ground up
Id love a video on one time close USDA loans. Im ready to be in the country with some scenery
If anyone can answer this question I’d appreciate it.
If my client has recent delinquencies on their credit cards would that be an issue to qualify for this particular loan?
Thank you for this informative video! My wife and I are currently looking for land on which we hope to build a home. You mentioned that a USDA Guaranteed Loan cannot be used for "income producing land." Does that mean that at the time of purchase the land cannot be income-producing, but that after you've purchased the land you can begin to use it for agriculture? Or does that mean that the land can *never* be used for agricultural purposes?
1000% they will never come back and check if it starts growing melons
This in in regards to farming but if you do start producing a significant amount of revenue it is quite likely that it will trigger a review
Super informative and helpful! I’m in Washington. My family of 4 would love to receive this loan to finally become homeowners ❤❤❤
Thank you so much for watching!! :)
Great video! I just submitted my prequal application for the direct loan. Would love a video on the actual step by step timeline from prequal to application to closing. Thank you.
Best of luck!
It depends on how quickly you can have it inspected and appraised. If everything goes smoothly 3 months is not unrealistic.
Thanks for this info! I've been looking for options to buy my first home and I'm really excited
Best of luck!
Thanks for spreading knowledge, new subscriber here. I like the layout , no music , straight to the point
Thank you so much for watching!! :)
Can I tear down the existing building and build a new house with this loan? Or would I have to refinance to a different loan?
Your videos are extremely helpful and informative!! Top to bottom full of detailed info! THANKS!
Glad it was helpful! Thank you!
I hope you see this, first off this is BY FAR the best and most thoroughly explained video on this subject I have seen. So thank you for that. Second, if you are in a Union and you take money out of your annuity fund to help with your closing costs do you need to have it in your bank account to “season” before you can go for the home buying process? Do they (the underwriter) look at this negatively?
I’m sure I’ve asked already but can you do an updated video on the USDA loan and process of using it.
Once you’ve been approved for the loan and moved into the house, can your income then go up past the approval rating?
I had one of these, couldn't find a home in my price range that could pass the extensive inspection that is required. That's 500 bucks every time it happens out of pocket. Additionally the extremely competitive atmosphere here made it almost impossible to take advantage of the loan. Time limits run out and you have to repeat the process.
Potential FTHB here…
Can I purchase a single-family property as my primary, live in one room and rent out another bedroom?
I don’t want to sell the property anytime soon after buying; just would like to find ways to lessen my mortgage at times.
Would like to add that I’m looking to do this with a USDA loan if possible
You would think that the USDA would be more open to construction loans being that the loan is for rural areas. I always thought that “rural”meant more agriculture land than housing.
Thank you for making this information so accessible! Important to be educated buyers and sellers.
I just recorded a personal video reply for you: vid.us/va3kmk
Thank you for sharing this content because I have been looking for home
You are very welcome.
So can you or someone tell me if you can use USDA and a Down payment Assisting Program at the same time?
You don't need down payment assistance since there is no down payment
@@WinTheHouseYouLove Thanks for answering but I think I asked the question wrong. What I mean was since USDA is no money down could I use the down payment program for the closing cost or it's just only to be use for downpayment.
Yes, as long as the DPA program allows you to use the funds for closing costs and works with USDA. You'll need to talk to the DPA program provider to see their rules.
Hi, I loved your video, but did not see anything about income requirements only proof of funds. Would that mean you only have to provide bank statements? Do you have to show two years of income/ tax filing etc?
31:09 Income and Employment
Great stuff!👍 Appreciate the break down!
Wow! Thanks!
With good credit, no debt, only income is SS. As an elderly, disabled senior, I´ve been informed by local USDA office that my income in not sufficient for loan. So I must remain in an unsafe environment. When I moved into my present apartment i was not as disabled. Now I require more safety issues. Two-three year waiting list for senior housing, etc.
Hmm, I don't know why that would be. USDA Direct is designed for people in your situation.
Thank you so much for the video I am about to close next month with the USDA hopefully they approve
Best of luck!
@@WinTheHouseYouLove Thank you so much
Can you tell the process if you own a house already? Thank you
Hi!, Looking at 31:00 I understand the income requirements however I'm curious if you can have an increase in salary that puts you over the threshold after (example: 6 months after) you have closed on a home using a USDA loan?
They only look at income up until closing. It does not get tracked after closing
🙋♂️I got a question if you win a lawsuit do you still qualify for the 0 down payment or you gotta for conventional?
There are still certain zip codes adjacent to big cities like Phoenix and actually with Phoenix zip codes.
Would it be possible to be accepted for this type of loan if I had to have a cosigner as I've been injured last few years (not to mention virus outbreak) and have been unable to rejoin workforce. Credit is 750+ and have minimal debt.
Thanks so much for this information. This answered so many questions I had about a USDA loan.
Glad it was helpful! Thanks for watching. :)
Am I able to get mortgage insurance through State Farm since I already have it?
You'd have to contact State Farm, I'm unaware of their stuff
Love the new look lol and thank you for this info I’ve been doing much research to purchase a house and your vids have been great help
My mustache! 😁 Thank you and best of luck!
Your video was very informative and helpful thank you!! There was a lot I never knew about USDA loan until the break down of your video. We are in the process of being homeowners and the loan is an USDA that we are getting.
Thank you so much for watching!! :)
Dose this loan exist in California?
Compared/combinable with a va home loan?
Do you have to submit income qualifications anytime after the house is bought? Like yearly proof of income?
Hey Tokyo Eats The Globe! Great question. Once you've closed on your house, you don't need to submit any income qualifications or yearly proof of income to your lender. They mainly need that info during the pre-qualification and loan approval process. If you're ready to start on a pre-qualification, feel free to visit: www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com. Good luck on your home journey! 😊 - Kyle
@WinTheHouseYouLove thank you so much for the response! I'm hoping to get started October 2024. I'm working on my debt snowball and some tax debt right now. Hard work but I can't wait to get started!
Excellent tutorial 💯
My Lender told me the DTI ratio is very specific for USDA Loans, but then I read that you could potentially get Lenders to manually underwrite and approve for a USDA loan under certain circumstances like you have really great credit? My DTI is 41/48. Could I be approved for a USDA loan with that as it says USDA Max DTI is 44 max? Could they possibly approve me even though my back end ration is a little higher than alloted, as I have great credit?
Hey @CyanideSam, you're right about the USDA loans having specific DTI guidelines! Manual underwriting may not work with a DTI of 48, but automated underwriting (GUS) might approve you especially if you have a high credit score
Genuinely surprised how much of MA is USDA eligible 🤔. I always assumed it was only for farm land. Great breakdown as always
Thank you so much for watching!! :)
What mic are up using? You sound great
I use a Neumann TLM 102
Great data points, I listened in its entirety but half way in I looked up and started looking at the vid and noticed that perfect hair lol. Thanks again for the info I definitely shared with a few ppl.
Hahaha thank you I cut it myself since COVID started!
What software did you use to video with video on left and wording on right. Thanks good cideo
Ecamm
What's the average mortgage interest rate for USDA loans? Average APY?
www.winthehouseyoulove.com/rates
Are you gonna be the one looking for the place? Any listings suggested?
Hello I have two questions that I don’t understand,1 how does one get connected to a reliable person, who is knowledgeable in USDA loans? And second I live in Los Angeles I only qualify for about a $200,000 loan and there are no $200,000 homes even in the most ruralest areas does that mean I’m outta luck?
Hey De'Coud Vintage! Great questions! To find a reliable & knowledgeable person for USDA loans, we’d love to help. You can schedule here: www.winthehouseyoulove.com/lender. We have experienced mortgage advisors who can help. For your second question, the housing market in LA can be tough, but don't lose hope! You might need to be flexible on location or consider other loan options to fit your budget. If you're ready to start on a pre-qualification, head to the website or email me at kyle@winthehouseyoulove.com, and I'll be happy to help you out! - Kyle
Ok thank you
Hi Zero down means I need to have PMI Thanks
I cover the mortgage insurance in this video
I am interested in a USDA loan, don't plan on renting the house out but I do plan on renting rooms out. Would this qualify?
Which loan would be the best for first time home buyer? FHA, Conventional or USDA? Thank you!
It really depends on your situation and goals :)
@@WinTheHouseYouLove Have you done a video on this? Pros and cons of each. Gonna have to scour your channel. Excellent content by the way.
I heard that you can put less than 20% down and still do conventional and once you've paid 20% down on the principal the pmi will come off. Is this true?
Do One on VA Loans Please!
Soon! Thanks for watching. :)
What’s there to do? VA loans are NO MONEY DOWN ✅
How do we find lenders who can do USDA for something like a 2br/1ba around the $60k mark. I live in a USDA rural zone and median household income is around $35k. Most lenders either don’t want to or “can’t” work with homes under $100k. What to do?
Email me we can help kyle@winthehouseyoulove.com
Thank you for the great information. Have a great day
Thanks! Have a great weekend ahead. :)
Do you know anything about the NACA program? I spoke with a HUD counselor and when I mentioned going with a USDA loan they said the NACA program was better because they work with conventional loans.
I'm working on putting together NACA video :)
Good video and info...we are wanting to go rural so this is great info for our situation !!
Thank you so much for watching!! :)
Kyle, i had a question for you. i have a low credit score of 530 do you think if i added myself as an authorized user to my parents account (they have 800+) i would be able to pass GUS? i have a couple late payments on my record i dont know if they will still show up or they will go by my new score once i get authorised.
I don't believe an authorized user account would add 110 points, unfortunately.
You likely would benefit from a credit coach or ScoreMaster to help explore any negative items and simulate your best credit score in the near future.
Hello, I am the author of your credit, the bureaus & the fix on Barnes noble. What you might want to do is reduce your balance to a limit on credit cards down to 30% this can assist an increase in fico of up to 10 to 25 points per tradeline per bureau. You can increase the fico on your credit profile with an authorized user anywhere from 15 to 50 points depending on the limit to balance on their account and the timeframe opened. Make sure that the person who adds you does not charge up the account or fall behind on any payments. There are so many ways my 56-page credit book gets to the point on disputes and loopholes. I hope this helps. Thank you.
If I understand correctly, you can't raise and sell animals from your land?
Is there a certain price of home that they will not pay over
There is no loan limit
Thank you for all this great information
No prob! Thanks for watching. :)
Would this benefit those that are into agriculture as well as home buying?
No, USDA doesn't allow income-producing properties
Hello, I was wondering if you can own a home before applying for a USDA loan?
I think if you have owned a home within the last 3 years you can’t
How about if you own a property already ?
They told me I couldn’t own another home within the last 3 years which wasn’t my case because is my first time buying a house. I was approved for a Direct loan but don’t know if it’s the same for Guaranteed loan
Q: I found a property in a qualify area, but it has 2 separate small buildings with separate power and septic, I guess this will be consider an investment property? WILL THIS QUALIFY FOR USAD?
If not, what are my options?
good info. Thank you.
From my experience with them that would most likely disqualify it as an eligible property. Animal enclosures, green houses outbuildings etc are verboten.
Ok, so my wife and I combined make over the allowed income limit. What if I go through with the process and she just “moves in with her parents for a year” is this a loop hole? It can’t be that easy, is it?
This video is incredible
Thanks!
With inflation and housing prices we are all low income borrowers lol. I sold my house in 2016 for 200k, the next owner treated it like poop. They tore down that building and now JUST the land is for sale for $1,800,000 dollars! That is a 800% prices increase. A increase of one million six hundred thousand. I will buy my land back once the price falls if i didn't have to relocate for the military i'd still own it. This is in Tampa Florida.
My mom recently passed away and in the will it said I was to assume the mortgage for the remaining balance and the mortgage company told me I cannot assume the loan I would have to refinance I wonder why. I need guidance or someone to talk to I'm at a loss. I've lived with my mother for the last 9 years
You just got a new subscriber 😍😍😍
Welcome aboard!
Me too just subbed 👋🏼
What lenders work with 500-520 credit score
I was told USDA does 100% finance and closing cost or, it can be included in the loan. Right?
Yes, I explain that in this video under what circumstance closing costs can be rolled in
Hi ok so when applying for usda it’s nothing I do on the website I actually have to apply for usda with a lender that does usda ?
Yes, you can email me and I can connect you with my team if you'd like kyle@winthehouseyoulove.com
Will you be doing a video about the direct loan ?
Possibly in the future
I own land in USDA area. Can I get a loan as easily?
So what if i own the land but can a construction to permenant loan work
Yes
Can you get usda loan with some extra to cover repairs, upgrades etc.
They told me unless you own the home you can apply for a loan for repairs
Do you have office in Florida
Our office is in Illinois, but we can work in the entire US
I’m looking to buy a home in Kentucky. I am a first time homebuyers. I live in Michigan. But I was told that you need 20% down. The cost of the home is between $189,000 and $200,000. My credit score is in the 696. Any advice
Definitely don't need 20%. My team is licensed in all 50 states, we'd be happy to help. Feel free to send me an email kyle@winthehouseyoulove.com
Can you please tell me which route should I take this whole thing is frustrating as I can’t find the right person to help me my credit score is 760 I want to put 0 down my income is around 41,000 which program would I most likely qualify for?
I know this old try NACA, no down payment no closing costs no pmi
Great information in this video. Thank you for sharing:)
Thanks for watching!