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Answers (7)
- wholesalestunna
- Contributions:5
Thanks for the responses. I used that calculator and it says that I'm not eligible for the regular USDA but that I am eligible for the guaranteed loan program. I went to Suntrust (who i have my truck loan through) this morning and spoke with one of their mortgage advisors and he advised they could do the loans and that he would get me more information/check my credit to see what I could be approved for.
- Brian Smith, "tnhomelender"
- Contributions:10
I wonder if you talked with someone working at USDA in the "Direct" loan division that is designed for low income borrowers. The USDA "Guaranteed" program should have higher income thresholds for your county. That amount sounds awfully low, so definitely check with a local lender for clarification.
Most lenders and brokers can do the USDA Guaranteed programs, but the Direct Program can only be done by USDA direct to the consumer.
Most lenders and brokers can do the USDA Guaranteed programs, but the Direct Program can only be done by USDA direct to the consumer.
- Steve Felty, "SteveFelty"
- Contributions:396
USDA's Rural Development loan has two options, the Direct (you get the loan directly through RD), and the Guarenteed (loans originated through mortgage companies). The qualification standards are different (as are the rates). With your income you should not exdeed the maximum allowed for the guaranteed program offered through mortgage companies.
- Andy Matejka, "tejks"
- Contributions:352
follow the link to the calculator. Your total household income must be within the guidelines of eligibility and so does the property you purchase.
It's a great program and loans close quickly.
It's a great program and loans close quickly.
- A.G. Reed Realty, "A.G. Reed Realty"
- Contributions:45
I know a loan officer that can help you, I just sent someone there last week.
- Lewis Poretz, "High Quality Advice"
- Contributions:219
listen to wetdawgs and click the link on his comment. I have seen more and more loan officers recommending against USDA and 203K loans recently. I would be willing to guess it is because they have no clue how to sell the product. Anytime a client can purchase a home with USDA or VA funds that is the way I suggest. Low/no down payments and no monthly mortgage insurance.
USDA Mortgage?
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