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Thread: Anyone else use a USDA loan?

  1. No longer seeing where it goes, I'm in the driver's seat.
    AmandaA's Avatar
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    #1

    Anyone else use a USDA loan?

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    I had to re-do our pre-approval, the credit union wasn't helping out and I wasn't getting the information I needed so I went to the bank DB's brother used. I sent my stuff in and he said we'd likely only be eligible for a USDA loan, which is fine, but it means a longer closing period.

    I am trying to get prepared, if you got a USDA loan, anything you think I should know, tips/advice?

    I am also thinking of a plan B for if we don't.
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    #2
    Does your realtor have a mortgage broker they can refer you to? You may end up with an initial bank that then sells your loan. That is what happened to us before the first payment was due but it didn't impact us other than who to send the check to.
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    #3
    Quote Originally Posted by Procella View Post
    Does your realtor have a mortgage broker they can refer you to? You may end up with an initial bank that then sells your loan. That is what happened to us before the first payment was due but it didn't impact us other than who to send the check to.
    She's not really familiar with USDA loans so she suggested to go to the same has his brother.
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    #4
    What is preventing you from qualifying for another type of loan? Credit? Income?

    Do you live in a rural area or is that something you would consider?




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    AmandaA's Avatar
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    #5
    Quote Originally Posted by Whitla View Post
    What is preventing you from qualifying for another type of loan? Credit? Income?

    Do you live in a rural area or is that something you would consider?
    We don't have enough for a down payment and closing cost. We want rural, we both grew up in the country and don't want to live in town anymore. We miss having space.
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    #6
    You will still be paying a down payment for a rural loan, it's just disguised as taxes and mortgage insurance. Rural loans are income restricted so you have to make much lower than the median household income in the area you are buying. While you may qualify in one area, you may not qualify across town. It's good you prefer rural areas though cause that will help!

    My personal advice is that you are probably not in the position to buy if you can't afford the down payment. I think you should wait and save up because houses are expensive. If you don't have the money for a down payment and the heater breaks, it's either fix the hvac or make a mortgage payment kwim? I would start meeting with banks to find out your options for a savings account or investments before you start meeting about a home loan. Start a 401k through your job and keep the money in that account is another option.

    Good luck in whatever you decide.




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    #7
    Quote Originally Posted by Whitla View Post
    You will still be paying a down payment for a rural loan, it's just disguised as taxes and mortgage insurance. Rural loans are income restricted so you have to make much lower than the median household income in the area you are buying. While you may qualify in one area, you may not qualify across town. It's good you prefer rural areas though cause that will help!

    My personal advice is that you are probably not in the position to buy if you can't afford the down payment. I think you should wait and save up because houses are expensive. If you don't have the money for a down payment and the heater breaks, it's either fix the hvac or make a mortgage payment kwim? I would start meeting with banks to find out your options for a savings account or investments before you start meeting about a home loan. Start a 401k through your job and keep the money in that account is another option.

    Good luck in whatever you decide.
    Completely agree, especially the bolded.
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    #8
    Hey all I'm not ignoring this, having major interYeah issues. I'll respond/explain more when I get up and running again.

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