NEW USDA Income Guidelines 2024 - First Time Home Buyer - USDA Loan 2024
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- Опубликовано: 1 июн 2024
- Are you a first time home buyer interested in buying a house using a usda loan in the 2024 housing market? What are the most recent USDA loan requirements for 2024? What credit scores do you need? How long do you need to be employed? How much downpayment does USDA require? What are the pros vs cons of USDA Loans? In this video, we are going to discuss the 2024 USDA Loan Requirements, answer some common questions around USDA and show you how to do some basic USDA calculations with regards to Income and Employment
⏩ USDA Loan Requirements 2024 - • NEW USDA Loan Requirem...
✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - www.becominghomewise.com
USDA also has the Direct program (which we didn't mention) made directly by USDA - it is more restrictive to qualify (lower income limits), but payments can be subsidized! More info can be obtained at the Income & Property eligibility site link below (click the Direct program). The qualifications discussed in this video are specific to the Guaranteed loan program.
USDA Info:
➡USDA Income and Property Eligibility Site - eligibility.sc.egov.usda.gov/...
➡Regulation, Handbook, & Training Modules on specific topics - www.rd.usda.gov/resources/usd...
➡How to contact the USDA Directly -www.rd.usda.gov/sites/default...
What is a usda loan? A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture
➡ What is usda mortgage insurance? Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. USDA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.
➡ What is the current upfront mortgage insurance premium for usda loans? The UPMIP is currently at 1% of the base loan amount. This applies regardless of the amortization term or LTV ratio.
➡ How do you calculate the monthly mortgage insurance premium for a usda loan? Purchase Price x Percent of Amount Financed x 1.01 x .0035 / 12
Example Below using a $200,000 purchase price putting ZERO down:
$200,000 x 1.01 = $202,000
$202,000 x .0035 = $707
$707 / 12 = $58.92 / month
USDA loan 2024 requirements
✅No Minimum Credit Score but 640 is easier to get approved
✅No Max Loan Amount
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅The home must be the borrower's primary residence and meet eligibility area and cannot be used to purchase income producing property
✅Borrower must have steady income and proof of employment and there are household income limits.
I hope you appreciate this update on usda loans for first time home buyers for the housing market 2024 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2024 forecast and the housing market 2024 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
I N S T A G R A M ➳ / jebsmith
➡T I K T O K➳ www.tiktok.com/mrjebsmith
#HousingMarket #USDA #FHA 
Развлечения
⏩ USDA Loan Requirements 2024 - ruclips.net/video/PHimtCNdJyo/видео.html
✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - www.becominghomewise.com
It should be understood that with these exceptions to the requirements, they will usually only allow one exception. So you cant have credit under the limit AND under the 2 yr employemnt AND one point over on dti. So if you need one to exception, make sure everything else is in order. All credit scores below 640 are manual underwrites.
Great video. 👍
I appreciate this educational information. ❤
You are so welcome
Do I need to include income paid to my business and not me directly?
Didn't qualify even though I'm over 580 and my income is below 115%... was just told i needed a 640
Where did you apply for this loan?
Just boost that credit. Pay off some debts. Shouldn't take but a few months
What if the business you purchased has existed for 8 years when you purchased it? Do they consider the previous years income if you switched from w2 to self employed?
I already have a VA loan. I'm guessing a USDA is the most similar option I have when trying to get a home loan with my unmarried partner.
Hi Jeb, I really appreciate your channel. I have a question about the monthly payment for USDA loans. So if someone qualifies for $0 down wouldn’t that just make the monthly payment really high? I get the benefit of not having to put money down at closing but it doesn’t seem to help if the payments are extremely high. Definitely would like so insight on this. I’m new to this whole process. Thank you
While it's true that $0 down means you're financing the entire purchase price, USDA loans also have competitive interest rates which often make monthly payments quite manageable. However, the exact monthly payment depends on multiple factors, such as your loan term, interest rate, and the cost of property taxes and insurance. So it is essential to have a complete understanding of your monthly payment before securing the loan. It's always recommended to seek advice from a reputable mortgage loan officer to further clarify these points. Happy home buying!
Been hearing that usda is not funding any loans until 2027?
This is good info. BUT not a single loan officer wants to deal with USDA loans . They rope u in to get u a different loans because this loan is simply a pain to deal with for the lender
it's certainly true that USDA loans can seem a bit daunting due to their specific criteria and guidelines. They are indeed a bit more complex compared to other loan types, but each loan has its own unique benefits and those that can do USDA probably should.
Find a USDA packager.
@@thequeenofchange6254 I tried for many months .
@@thequeenofchange6254 Any advice on how? I've been looking for almost a year now. Had my time waisted with numerous agents.
Does employment matter if making VA monthly pension for life? $4100 a month
No..........They will be able to use the pension.
Can a retired couple with social security only get a usda loan in Clayra City, Minnesota
If you’re Social Security income, allow you to meet the qualifications then yes you can purchase using a USDA loan. You can use it anywhere that is deemed rural per the USDA
Theres 2 types of USDA1) Guaranteed Loan: Backed by the USDA but issued by a lender like a bank and 2)Direct Loan: Provided directly by the USDA to eligible low-income borrowers.
🎉The reason USDA loans are a pain is that you cant go over 115% of the median household income for the area. That means you cant make more than 115% of household but you need to have enough income to satisfy LTV, DTI etc. In theory it makes sense,in practice is a nightmare in most places.
Lol buy a house while.juggling jobs lol