Thank you! I live on survivors benefits 1,600 a month for me and my 8 yr old daughter. I do door dash if I need extra cash but it's not steady income. Do you think I may still qualify?.😅
Eligibility is based on adjusted household income. Self-employment income is based on your P & L and adjusted gross income.2 years' tax returns will also be required.
When buying a home from a builder the builder requires a lot fee for the lot, will USDA cover that fee of 1,000-5,000 lot fee to build new construction? and include that fee in the amount they are paying you or will they reimburse you?? for the lot fee that the builder requires before the building starts?
Most likely not. All fees paid by the lender do not get paid until closing so you would most likely have to come out of pocket for the fee or find a builder that doesn't charge that fee.
The bill for this starts over each year in October and usually isn't approved until March. So it takes forever for the money to be approved, and then it's first come/applied, first served, and emergencies get to the front of the line.
A credit union is recommending I get USDA loan. They also said it would only take 30 days to close. Their interest rate might be 6.25. I have to meet with their investors. I don't have a property picked out yet. The credit union will start the application when I bring them the paper work. A conventional loan can't close for 120 days.
Interesting. A standard USDA Loan can absolutely close in 30 days. This video is about the direct program which doesn't go through a lender. Not sure where you are located but I'd love to help if I can! 337.476.2623.
Hello. You mentioned that it could take up to 90 days to close, but wanted to see if there is a time frame where you have to be told if you are approved or denied? Thanks
It could take up to 6 months to get a COE right now. Certificate of Eligibility is what they use instead of a preapproval letter. Also, there are a number of differences from a traditional conventional or fha loan but the interest rates are usually so much better that it's worth the wait. The interest rate they offer also changes at the 1st of every month until you get it locked in after getting your purchase agreement on a home. I'm working with a client on a home in Baton Rouge right now and I've had a client but a home in Baton Rouge with this program before. One of the best programs if you qualify but it is a process that takes way longer than a normal loan. This is a REALLY OUTSTANDING program for new construction as well! Let me know if I can help! I've been a REALTOR since 2007
Is the payment assistance on top of the 1% interest? Or is the payment assistance compared to the 1% interest rate and then they take the lesser of the two amounts?
Hi You doing really great job to help others really thank you Please I send already my application and the application now is active after I send all the supporting documents but I received something is call 180 days later can you explain more? What is it and what I can do as next please?
As a broker we don't have access to this loan program because it runs straight through USDA. So the information I shared in this video is all I have. The rest would need to come from them.
We closed on a home a few days ago. Funds are available 🙏🤞 may be God's blessings, perfect timing, luck or all 3. If you have the means apply. 4.75% interest rate @@bayoumortgage
A couple of important questions I have not seen answered anywhere about these loans. The income limits are based on adult household members. What happens if you get the loan/house as a single and then a couple years down the line get married or just someone else moves in because of some random hardship? Another thing that seems to be skipped over a lot when talking about these loans is the maximum asset limit. If you have any non-retirement assets above a threshold (I haven't figured out how they calculate the threshold) then you are required to use those assets in the purchase of the house. So if the limit they set is 10k and you have 12k in the bank you will be forced to use 2k in the purchase of the home. Kind of nullifying the whole "no down payment required" thing if you have a decent chunk of savings for whatever reason. But related to that, how do they take into consideration of a joint bank account, when the other person on the account will not be a member of the home?
Once you close on the loan it won't matter who lives in the home. It's typically 20% down. If you have enough for 20% you aren't eligible. This particular program is aimed for extremely low-income families, so it may have lower requirements.
The asset limit is $15000. My bank statements showed I had $21K in my checking account. The approval was based upon my contributing $6K of my own funds. Again, ALL THAT IS EVER DISCLOSED IS "NO MONEY DOWN".
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thank you
You just helped me big time. Thank you.
What's up man, I'm a USDA Direct Loan Packager, let's do business!
Could you help me ?
I don't see the links in the description
Which one are you looking for?
Thanks
Welcome
Thank you 🙏
Welcome
Thank you! I live on survivors benefits 1,600 a month for me and my 8 yr old daughter. I do door dash if I need extra cash but it's not steady income. Do you think I may still qualify?.😅
It's possible they have a whole different set of requirements for this program.
What are the interest rates for this program right now? I can get around 7%+-, so I'm not sure if I would be beneficial for me or not.
Great video. Which income to use for self employed, gross income or net income?
Eligibility is based on adjusted household income. Self-employment income is based on your P & L and adjusted gross income.2 years' tax returns will also be required.
Self Employment income is net income and typically a 24 month average.
Do they have a single close construction loan with usda direct?
I’m not sure on direct. Guaranteed has one available though they can be difficult to find.
When buying a home from a builder the builder requires a lot fee for the lot, will USDA cover that fee of 1,000-5,000 lot fee to build new construction? and include that fee in the amount they are paying you or will they reimburse you?? for the lot fee that the builder requires before the building starts?
Most likely not. All fees paid by the lender do not get paid until closing so you would most likely have to come out of pocket for the fee or find a builder that doesn't charge that fee.
Thank you!! Is there a construction usda direct home loan out there? 😊
I don't think those exist. YOu can get a USDA Guaranteed Construction Loan.
The bill for this starts over each year in October and usually isn't approved until March. So it takes forever for the money to be approved, and then it's first come/applied, first served, and emergencies get to the front of the line.
A credit union is recommending I get USDA loan. They also said it would only take 30 days to close. Their interest rate might be 6.25. I have to meet with their investors. I don't have a property picked out yet. The credit union will start the application when I bring them the paper work.
A conventional loan can't close for 120 days.
Interesting. A standard USDA Loan can absolutely close in 30 days. This video is about the direct program which doesn't go through a lender. Not sure where you are located but I'd love to help if I can! 337.476.2623.
Hello. You mentioned that it could take up to 90 days to close, but wanted to see if there is a time frame where you have to be told if you are approved or denied? Thanks
I am not sure because as a lender it's not a program I can offer. I imagine it can take a while since they likely have a ton of applicants.
It could take up to 6 months to get a COE right now. Certificate of Eligibility is what they use instead of a preapproval letter. Also, there are a number of differences from a traditional conventional or fha loan but the interest rates are usually so much better that it's worth the wait. The interest rate they offer also changes at the 1st of every month until you get it locked in after getting your purchase agreement on a home. I'm working with a client on a home in Baton Rouge right now and I've had a client but a home in Baton Rouge with this program before. One of the best programs if you qualify but it is a process that takes way longer than a normal loan. This is a REALLY OUTSTANDING program for new construction as well! Let me know if I can help! I've been a REALTOR since 2007
Thanks for this reply. Good to hear from someone with direct experience.
@@225avenues
Is the payment assistance on top of the 1% interest? Or is the payment assistance compared to the 1% interest rate and then they take the lesser of the two amounts?
I want to build a home does usda do that
yes they have construction loans
USDA has constructions loans but they are hard to find a lender for. Pretty tough to get through underwriting as well.
did these numbers change for 2024?
yes, it's 4.5% interest now.
@@vanyathebearable1271 In June it changed to 4.75% on USDA Direct loans.
Hi
You doing really great job to help others really thank you
Please I send already my application and the application now is active after I send all the supporting documents but I received something is call 180 days later can you explain more? What is it and what I can do as next please?
As a broker we don't have access to this loan program because it runs straight through USDA. So the information I shared in this video is all I have. The rest would need to come from them.
They have no funding ! so applications are on waiting list for more than a YEAR :((
I do know they get backed up often. If you can Rural Development Guaranteed Program is a great option.
We closed on a home a few days ago. Funds are available 🙏🤞 may be God's blessings, perfect timing, luck or all 3. If you have the means apply. 4.75% interest rate @@bayoumortgage
A couple of important questions I have not seen answered anywhere about these loans. The income limits are based on adult household members. What happens if you get the loan/house as a single and then a couple years down the line get married or just someone else moves in because of some random hardship? Another thing that seems to be skipped over a lot when talking about these loans is the maximum asset limit. If you have any non-retirement assets above a threshold (I haven't figured out how they calculate the threshold) then you are required to use those assets in the purchase of the house. So if the limit they set is 10k and you have 12k in the bank you will be forced to use 2k in the purchase of the home. Kind of nullifying the whole "no down payment required" thing if you have a decent chunk of savings for whatever reason. But related to that, how do they take into consideration of a joint bank account, when the other person on the account will not be a member of the home?
Once you close on the loan it won't matter who lives in the home. It's typically 20% down. If you have enough for 20% you aren't eligible. This particular program is aimed for extremely low-income families, so it may have lower requirements.
The asset limit is $15000. My bank statements showed I had $21K in my checking account. The approval was based upon my contributing $6K of my own funds. Again, ALL THAT IS EVER DISCLOSED IS "NO MONEY DOWN".