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USDA loan

Profile picture for aprilcookie
The house we're interested in purchasing sits within USDA parameters and we meet the guidelines required.  My question is whether or not we have to sell our house we're living in right now, or can we keep it to rent, and still be eligible for the USDA loan?

Thanks
Simon
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0Yes

June 24 2011 - Lancaster
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Profile picture for ShaneTheMortgageMan

See: http://www.rurdev.usda.gov/regs/regs/pdf/1980d.pdf

 

§1980.346  Other eligibility criteria.       


The applicant must:   (a)  Be a person who does not own a dwelling in the local commuting area or owns a dwelling which is not structurally sound, functionally adequate. 

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1Yes

June 24 2011
Profile picture for ewpdawes
Yes, you must sell your current residence.  USDA will not allow a customer to purchase a home while currently owning.  You can set it up so that the closing on your current residence takes place just prior to the closing on the proposed home - a HUD1 Settlement Statement for the sale of your home will be a condition of your Underwriting approval.

Feel free to email or call with any questions, I've been a specialist in the USDA Loan for 10-years and am the #1-#2 producer of this loan in my County.
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June 27 2011
Profile picture for Tennessee Loans
Generally you have to sell your existing home. 
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June 24 2011
Profile picture for Pat Pribisko
You are luckly to find a home in a USDA loan area.  You need to consult a loan officer at a local bank to determine if you qualify for a USDA loan.
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June 24 2011
 

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