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Does anyone know if HSBC bank participates in USDA mortgages?

I was about to join the First Home Club savings program with HSBC when I stumbled upon the USDA mortgages.. I see they do FHA, but wondering if they also do USDA and if I can use the funds/grant from the First Home Club towards a USDA loan?

Also, when looking for a mortgage lender for a USDA loan,  should I be looking for one in the area in which I plan to live, or where I currently live? I will be relocating from NYC to upstate NY.. But I haven't decided on which County. Either Orange, Ulster or Dutchess. It all depends on the property..

Also, I am assuming with the current Gov't shutdown, I can't start the application process for a USDA, correct?

Thanks
  • October 07 2013 - Sunset Park
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Answers (2)

USDA financing is not available currently-  Plus, they went to the 2010 census and have changed what homes are eligible for USDA financing-

I would confirm that the home you're at is USDA eligible first, once the website for USDA is up and running again... (currently down cause of shutdown)

Once you've determined that, any licensed lender would be fine.  Just be sure to work with someone that knows their stuff...  USDA loans have very specific guidelines-

Good Luck!
  • October 07 2013
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You should call HSBC directly to see if they originate USDA loans, and if so, you can use the FHC funds. I would use a lender that is local to you currently. That way, you can go in and meet face to face.

You can apply anytime, you just may not be able to close anytime soon.
  • October 07 2013
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