USDA Loan helped to buy a home for $3K
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- Опубликовано: 22 окт 2022
- By taking advantage of the USDA home loan program, in this example, a homebuyer was able to purchase a home with less than $3,000 out of pocket!
Fact: There are more loan options than just conventional and FHA, if you or the home meet the criteria. Be sure to ask your loan officer for options.
Follow my channel @TheToberTeam for my home buying and program educational content, or visit my website at www.thetoberteam.com
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So in this example what did the monthly payment work out to be?
I would like to know as well
Right,
but why don’t you say they end up paying over 3k a month when you add everything
To keep the content short the video is only touching on the potential out of pocket on a purchase with USDA. The sales price is based on the individual budget. Are you in Texas?
@@TheToberTeam Florida
@@brusk3978 ok cool, FL is a great place. Right now our team is only in Texas. Would you like me to get you someone who can run FL numbers?
so why would the seller agree to pay some of the closing costs?
It does depend on the type of market. Today sellers are more willing to pay buyers closing costs because houses are taking longer to sell due to higher interest rates. As rates go down more buyers will enter the market and it could be more difficult to get the seller to pay closing costs.
Easy wouldn’t you essentially “pay” closing costs out of your $300k profit you made on a piece of property worth a bag of Lays? Unload it and make you money before that house is worth no bags of chips whenever the banks buy all the good stuff
How does this work if you’re trying to buy a home in another state? I am in FL right now and it’s a few states away. Would I apply to the USDA office in the region I am trying purchase at or would it be my current region? Also, what is the process after being accepted? Would I contact the property and let them know, how does the inspections work from out of state (ie does USDA have a specific process/company when it comes inspections?)
Its best to work with a lender who is direct with USDA. We are licensed in this state. Contacting USDA can be done but you will get a better perspective on your buyer goals going through an outside lender. Before making offers its best to confirm if the area is eligible and the overall application meets the requirements of the program. The program does not require inspections, but it will have an appraisal which is completed by your lender. Here's my email jon.tober@summitfunding.net Or the Link gives all my contact info. We can talk more about your questions.
Hi! I Would like some advice. I've been approved for a USDA home loan. But the home I wanted to buy wants me to go through their lender. I was told they would have. To apply with USDA for me, so I want to know if I could still use my USDA loan also with their lenders or does it mean anything since they are financing
This happened to me today. I stuck with my lender and chose another builder/home to work with
This tends to happen when you buy a new home. The builder will tie their incentives to their mortgage company. It's still good to compare their quote with the lender you are working with. Sometimes the in-house lender isn't as cheap as it sounds.
by the way, I apologize for the late reply. My account was tied to an old email. All fixed now :)
@@FastLaneEnterpriseLLC-by5zq I like how you roll! With the right lender, there can be more value to keep that relationship.
Is this possible with a new construction?
Yes, it can be allowed for new construction as long as the property location fits the program requirements. What state are you in?
@@TheToberTeam Florida
@@DNB7227 cool, here's my email. jon.tober@summitfunding.net let's talk more about what your trying to accomplish. linktr.ee/toberteam
Hi iam Anna I need help with the application not confident my family thinks USDA is a scam
I Anna, I am happy to help. What about USDA seems like a scam?
by the way, I apologize for the late reply. My account was tied to an old email. All fixed now :)
Great so what would the monthly mortgage rate be? @thetoberteam
The mortgage rates for USDA are actually pretty close to an FHA loan. This makes them pretty attractive.
by the way, I apologize for the late reply. My account was tied to an old email. All fixed now :)
I thought USDA loan can also be used to cover closing cost
If the house is appraised for more than the selling cost. That difference can be used then.
How would they calculate the loan amount you are approved for
Lenders will tally up the overall monthly debt payments reported on your credit report to include the future mortgage payment and divide that number by the monthly income before taxes and everything (gross income). For this program, the ratio should be below 42%. we can always run a scenario if you like. Here's my contact info: linktr.ee/toberteam
I’m assuming if you have low income you wouldn’t be able to qualify for new construction being as though new construction is pretty expensive. I went on the website and they told me I only qualify for 205k. This means that I need to find an already built home within the usda approved areas for the amount I was approved for because I have not found new construction for what I have been approved for.
Am outside USA, can you help me secure a loan we can agree
Do you have a work visa?
@@TheToberTeam no, I don't have a work visa
No yj😊ecf😢😮 comiquita de Sonic