USDA Direct Home Loan 2022 | My experience closing on a house with this loan 2022
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- Опубликовано: 14 окт 2024
- Hi guys! Thank you so much for being here! Here is another video about the USDA section 502 single family housing direct loan. This one is all about my experience with closing on a home with this particular loan. I hope you found some of this information helpful! Thanks for watching!
This is the only video of anyone who has closed this loan on youtube. Thank you! It covers the possible issues, such as paying for more than one inspection, possibly problems (foundation), extra fees. Can you include ANY of the fees into the loan? I doubt it since yall payed them upfront.
Yeah you have to have the money up front but they reimburse you in the end :)
@@justjenny1255 Thank you, Income tax will cover some I'm sure
I finally made myself read through 3 online documents/booklets. At the end of one of them that requires a signature (I think) it says "I confirm that I have been told that the following fees can be financed..." And it lists all of the fees that Jenny mentions must be had up front. That statement does not sound like must have up front and be reimbursed. But it's best to simply ask your office. I haven't done that yet because I decided to delay submitting my app by a couple of months. That statement gave me hope though.
If money must be had upfront because financing the fees does not mean what I think it means, then social organizations such as The Salvation Army may have programs to help with monetary gifts to cover the fees to get you in a house.
This is so helpful!!!! I wrote this all down! PLEASE MAKE MORE, GIRL!!! I'll send more subscribers your way if I can!! ❤️
Thank you so much! I’m so glad you found it helpful!
Glad the first house fell through....THIS house looks like it fits you!! And it is adorable!! I hope you continue to do videos. You should of videoed the whole process, your moving and updates ....you would have a ton of content to share...lol. y'all should be so proud....you have a beautiful home to raise your kids in and you are reaching out to help others achieve that dream of home ownership ....kudos girl!!
Thanks so much girl! Yeah I wish I would have recorded the process! I do plan to continue making videos. Thanks for always watching and commenting!! 😊
This is the only Video on RUclips that explains the process. Thank you so much for all the information. I can't wait to begin my process.
Thank YOU ! This was SUPER helpful, informative, spoken in plain language that I could understand. I'm so grateful for your taking time to make & share this info. Sincerely thanks! : )
I’m eligible for the USDA Direct loan. You’re the only person whose been through it whose video I could find. Thanks.
So glad you found it helpful!! Thank you!
@@justjenny1255 Had my phone call with the USDA Direct packaging agent for Ohio at 1:10pm today. We talked till about 1:45. He answered some questions and gave me more info about the process.
1. Five to six weeks to process the loan. It takes him a week on his end to enter everything into the USDA computer system - if you turn in all the stuff on the checklist he gives you and your FICO credit score is above 640. If lower, the USDA is gonna dissect your credit history/report and ask for letters of explanation, etc. Then it takes your USDA regional office four weeks to process your application in its system.
2. You get a pre-approval letter if successful. From there you have about 105 days to find a house. When you find a house a make an offer, the USDA inspector will make his own report on any minor to moderate safety (not cosmetic) and structural issues that must be fixed. *USDA won’t finance houses with major problems that make it unsafe or unlivable at move-in.* Once you find a house, it then takes about six weeks till you get the keys.
A couple of changes since COVID and your video:
1. Houses with in-ground swimming pools are no longer excluded, which opens up the program for hot geographical regions where many houses have pools
2. The 2,000 sq ft maximum size is no longer a hard and fast rule. The house can be above 2,000 sq ft, especially in areas where most available homes are above that number, or where it’s only slightly over that number.
Be careful what income you supply, as there are strict income limits. If it’s in taxes and the government knows about it, you have to declare it. If you’ve got an all-cash or barter side hustle helping friends with tutoring or babysitting kids, painting house interiors, mowing a neighbor’s lawn for firewood, etc. think long and hard about what you declare or discuss. The USDA agent isn’t your friend, lawyer, or personal financial advisor. Anything you tell him is subject to reporting.
Thank you for this. My family and I are currently waiting for approval for the 502 loan. (live in a rural area in MA and the cost of homes has doubled in the past 2 years, investors buying single family homes to rent out is ruining people being able to afford and just buy a house) Just a word of advice for others is to see if your state has any down payment assistance programs which also can be used for closing costs. In non metro areas of MA its 5% up to 15k it is a loan though at 15 years and 2 percent interest. A lot of states also have grants that you can look into. Its a lot of research,calling and talking to someone directly is always best.
Thanks for this! A lot of people have been asking me if there is assistance and I was never aware there was!
Hi how do you find the application online for this loan? Can you post the link please?
@@JMC5888 I do not have a direct link. I reached out to a mortgage broker that handles MASS housing authority loans (listed on the mass housing authority site) I do not recommend one over the other and talked to multiple brokers (personally I dislike all of them) and currently working with a credit union as well. I would say reach out to your bank and see if their loan department works with mass housing authority or know of any down payment assistance programs.
Please share the link where you applied. I researched online but it ask me to work with one of their approved lenders but their lenders seems to push for FHA loans and not USDA
I agree. My finacee makes great pay, long job history etc… but we can’t even get a loan for 60,000. If we pay rent it will be over a 1000. Investors charge these prices of course. The area is RD approved & house would be higher with some tlc. USDA only helps those with 640 credit our credit is 539 & 709 (I’m currently finishing school). Makes no sense to rent 🤦🏻♀️
Thank you so much! I'm looking into applying for one of these loans and hearing your experience has been super helpful!
Thank you! So glad it was helpful!
Thanks so much for sharing this important info. It sounds like a nightmare, really. More to it than I thought. Especially having to have so much money up front! The RD USDA Direct Home Loan is for low to very low incomes, people who find it difficult to accumulate significant amounts of savings. Most don't have these funds to be reimbursed for. It's a good program but I'm discouraged and sorry to hear all of this.
BTW, I could barely hear you even with my earphones in and my laptop sound turned up to the max. Thanks again for taking the time to share your experience, and congrats to you and your fam! 🎉🌈🎊
Thanks so much! I do apologize for the audio and I appreciate you making me aware of that!
Yes we didn’t find out we had to have all that money until the day we found out we were approved! Luckily I had my mom to loan me some money, then once we sold our mobile home we were able to repay her.
@@justjenny1255 A saving grace is being able to buy a house for less than your approved amount and if the closing costs can be paid without out of pocket. I'd seen where a couple of RUclipsrs said there are ways to proceed without any upfront or out of pocket. Sad, really, that they make you pay the credit report and the inspections. They say this program has been around a long time, like since the 80s or something. I see why many people haven't used it. They qualify but can't.
Wishing the best and prayers for everyone watching your vid who wants to use this program. 🙏💜
@@ArtsyLadyCrafter What you said is 100% sadly the truth I am qualified for USDA but all the money you need upfront and for closing and the strict DTI I believe I'm just going to stop my search for now save money and get my DTI down and just let my COE expire and start all over later. I'm just disappointed and sad.
@@delaw2xoxo269 So sorry. 😢Sometimes people just need total help and that's it, without several hoops to jump through. I hope you are able to make it work for you sooner than later or never. 😞
But I’ve heard of several people getting into a rural new build home with absolutely zero down and closing costs covered?
This video was amazing! Soooo much information & so easy to follow! Thanks for being so detailed. I learned a lot from you. I even took notes to refer back to when I start the process! God bless you
Thank you! So glad you found it helpful! :)
This is so helpful. Thank you!!!
How long did it take after submitting your application to the USDA for you to get a certificate of eligibility?
Thanks for the info. What's your monthly payment look like?
Thank you soooo very much.. the information that you’ve given us all is very informative and highly appreciated it.. my question to you is do they allow you to use the subsidy even if you have money left over from your loan. Can you still have your home under subsidy payments each month until you get yourself fully settled
I applied to this program. I certainly hope I be blessed as you were. Thank you for the helpful information. Best wishes to your family.
Best of luck to you! I’m sure you’ll find the house of your dreams soon!
How long ago did you apply? I applied 10.04.2022 still no word back. The loan technician said I should hear from my loan specialist once the review department provides an update. I did not think it would take this long, but I'm sure the program is overloaded, even though YT land says its an under used program.
I applied 09/18/2022 and heard back by email with required paperwork to submit. They gave me a November 5th deadline. And now I wait. Best of luck. Hang in there. They will process your paperwork just keep doing what you can and save money on your end. That’s what I’m doing.
@@poetz153 it took exactly 45 days from me applying to hearing we were approved. Best of luck to you!
Can someone send me to link we’re you apply for loan.
Thank you for addressing the inspection
Yes clarity😊! Where did you find $1000 homeowners insurance. This is where I’m stuck at not getting a good deal on home insurance
Liberty Mutual was the cheapest we found :)
I closed now! Thanks you⭐️! Your channel was very detailed and helpful
@@ewilliamson814 yay! Congratulations!!!🎉
Congratulations 🎉 Thanks for sharing ❤
Thanks for the info! How many times did they pull your credit and did you have to go to a USDA office to close or a title company? I’m currently in the process but used a loan packager so I don’t get any updates. She sent my application over January 29 so it’s approaching a month
They only pulled it once and we went through a title company. Good luck!
Have you heard anything back yet? I’m in the process of applying and I need to plan to the best of my ability. 😅
Thank you so much for sharing your experience with this loan. We live in a rural area and looking for a house with a larger property also and this video was great!
Thanks! I wish you the best of luck!!
Thank you so much for explaining this process from beginning to end!
Thank you Jenny, watching this video has given me a general ballpark in out of pocket cash at the start (plus save every receipt to turn in) one question i have is does it matter where the funds came from to pay for as in the home inspection or the earnest downpayment (like borrow from family or friends) or did they ask or bring it up? thanks for the best walk through video on the USDA direct home loan process. these should be top of the charts.
Thank you so much! I’m so glad they were helpful :) No, they didn’t ask us where the money came from or anything. My mom actually loaned us the money for everything and we paid her back once we got the money back. Let me know if you have any other questions I may be able to answer :)
So if I get approved for 250,000 but they are selling the house for 150,000 could I use the rest for home renovations? Or would I have to get a usda grant?
I thought there was a limit on acreage. In GA they are saying it can’t be subdivided so max was 1.8 but it is dependent on county.
Yeah here in Indiana, they say 2 acres is the limit but not a firm limitation. The same with square footage.
I'm looking for a small condo. The thing is post pandemic mutated the market! 100k for a no frills 1br condo. To add to that, HOA fees can go up to $900! No heat included.
Sometimes I get really discouraged.
Sorry for the late reply! I know the housing market and prices really got crazy! The previous owners of our home bought it 5 years prior to us for $100,000...we purchased it for over $200,000! They sure made a killing! We've been here for 2 years now and the value is only rising. Just remember, your payments are based off your income, and in my area, my mortgage is a heck of a lot cheaper than any apartment. Best of luck to you!
Very informative 😃
What we’re the closing costs (if they weren’t paid for and you would have had to pay them)
Thank you for sharing what is your monthly mortgage payment
Hey, Jenny thanks for the encouragement but it seems to be getting more stressful. My question is say u find a home I have to go through underwriting correct? And they are the ones that can approve or deny ?. Also, I'm afraid if underwriting because my DTI is a little high and I only have 5,000 in savings should I look to be denied or what is the underwriter looking for. Thanks again and please help🥴
Hi! If you got preapproved then you have nothing to worry about. They checked all of that before approving you. Just don’t open any new lines of credit in the mean time and you’ll be fine :)
So what happened did you get your house?
if i physically cant be at the property at all until after closing. is still worth going through with the loan ??? because those issues you encounter were a nightmare lol !
Very helpful thank you!
Glad it was helpful!
Hey JENNY IM SORRY FOR ASKING SO MANY QUESTIONS BUT IM NEW AT THIS I JUST GOT MY COE LETTER BUT WHAT I WANT TO KNOW IS DO I HAVE TO GET A REALTOR AND HOW MUCH DO I HAVE TO PAY THE REALTOR? AND ALSO AFTER YOU GET YOUR CERTIFICATE ARE YOU ON YOUR OWN BASICALLY TO FIGURE OUT HOW TO BUY AND FIND A HOME.
There’s no such thing as too many questions! :) congrats on the COE! Yes definitely get a realtor. They help you find a home and do all the paperwork. You don’t pay them anything. They get paid after you close on a house out if the house sell. You don’t pay them any money out of your pocket. Let me know if you have any more questions :)
Very informative. I watched the whole video.
Thank you! I’m glad it was helpful!
For the direct loan I know USDA requires you to be without safe or sanitary housing to qualify. Did they have someone check your past home to verify? I just worry about a stranger coming into our current home since I have an infant.
Yes I’m not sure why it says that because they don’t ask that and they don’t verify anything. We had been living in a mobile home that we owned and it was both safe and sanitary. I really don’t know why they say that lol
I think that refers to ownership of unsafe or unsuitable housing. Renting, I believe, automatically qualifies you in that regard. If you, already, owned a perfectly good home you would not qualify.
@@joevdenne1930 yes! You explained it perfect! Lol
@@joevdenne1930 I think that explains it perfectly. Non-ownership IS a lack of housing.
Thank you so much for these answers. Can you make a video of how you found the right real estate agent and the credit requirements etc., for approval?
Yes I will! Thanks for the idea! I will start working on that soon :)
@@justjenny1255 You're welcome. I appreciate your videos. Thank you
How long did it take to get your certificate after you submitted your application? they say 30 to 60 days. I sent sent my application yesterday. Thanks for the video. Sounds complicated but the process to buy a home with a conventional is also.
I think it took exactly 45 days from when I put the application in to hearing we were approved. Best of luck to you!
I applied 10.04.2022, still no update. Hopefully soon.
@_poetz9738 did you get your update?
Did they give you the option to build new construction using the DIRECT loan?
What is the website to apply for a usda loan
With the steps you had Appraisal before closing. You mention what you have left you can fix it up but make sure you tell Loan Office before closing..I am a little confused as to how you know what the house is worth if you haven't appraised it yet?
You just need to let your loan officer know what you are replacing before the appraisal and the appraiser will determine the value of the home based on said updates, if that makes sense
I sent in my application and sent in all documents that wasn’t correct 11 days ago. About how long does it take to see how much you are approved for and again your video has been very helpful for me getting this process started
It took exactly 45 days for us from when we submitted the app to finding out we were approved. Best of luck to you!!
I was finally assigned to a loan officer and they pulled my credit. I’m hoping i get good new in a couple of days
@@codyharris3741 congratulations! I hope the best for you!
Did they send your application to an underwriter? They sent mine
My Finacee & I are currently interested in a small fixer asking lower price. Looks like seller will be ok with that. Home has been sitting awhile. The issue your video didn’t say credit has to be major factor. We were told we need over 600. That is where we cannot apply. My fiancée has 539 & I have 709. No one is willing to give us a loan for a home that is only 60,000 😒
With usda direct, credit is not a huge factor. If you can show proof you have paid your bills on time for so long (I think 12 months), they will approve you regardless of credit. Or you could apply yourself since you have good credit.
I'm sorry if I missed it, but did you state what rate you got on your loan? We first tried to get a Regions 100 loan, but that fell through because of too much income. So now we are going through the usda loan process instead. With the regions program we would have got about a 7.1 interest rate...with a good credit score. I'm hoping the usda loan will have a lower one. A year ago when we started looking the rates were at 3.5 percent now it's double 🙁
LORD JESUS guide you and yours thanks for sharing your experience!
We applied in October 2021 and got approved just in time to get 2.5 percent! A friend of ours applied about 6 months after us and he got 3 percent. Best of luck to you!
@@justjenny1255 heyyy I just applied for the loan how long is the process all together
@@uniquagunter9390 hey! It took about 45 days to get approved. After you find a house (the longest part of the process for us) , it took us about 45 days to go through the closing process.
@@justjenny1255 thanks so much the paperwork is in the hands of the underwriter at the moment so I’m waiting for the approval. I pray this goes ! Thanks Jenny
@@uniquagunter9390 for me it took 45 days to get approved, then however long it takes you to find a house, and then about 45 days to close on the house. I wish you the best of luck!!!
Thanks For Sharing.............
Pllease let me know where to find a person to help me process the application and everithing
There are loan packagers in your area to help.. try googling “USDA LOAN PACKAGERS” and add whichever area you’re in.
THABK YOU!!
Thank you! After receiving your Certificate of Eligibility, was there another underwriting process and a recheck of credit and bank statements before closing?
We had to extend our ceo a few times because we couldn’t find a house so we did have to send in more bank statements but they never checked credit again (just the initial first time)
@@justjenny1255 Thank you!!! We’re under contract now, and scheduled for an inspection on the 22nd. We’re looking to close by April 10.🤞🏽
@@adrianbarber377 congratulations!!!
Were you able to get a renovation loan/ grant for any of the repairs? We have some plumbing issues and i know it can be costly.
I meant to ask what are some of the approved home buyer classes that I must take and if I've taken one in the past how old can they be?.. Thanks
I’ll have to look through my paperwork and try to find it. I can’t remember what the one we used was called. I’ll try to find out though :)
Well just when I thought it couldn't get any more complicated I realized a house I was interested in the taxes and Insurance were too high according to my loan processor so I had to start over again looking was this an issue for you guys ?
Sorry to hear that! Your COE should say your max tax and insurance amounts. On the home finding apps you’re finding houses on, it will tell you what the taxes run on the house so just pay attention to that. I noticed in my area, the only houses with taxes too high were in additions. The more rural the area is, the lower the taxes are.
Congratulations 🎉 to you all! How do you go about applying for the loan?
Thank you! I’m actually going to make a video of that very soon :)
After you close.....is there anytime that you need to check in or deal with the USDA office again(besides making your home payments)? Do you have to report any income changes?
No you don’t have to check in with them or anything. They’ll just send a paper out every year saying if you made more than x amount then you have to let them know.
How can I email you for questions about the USDA ?
Hey, Jenny it's me again with the questions. forgive me for not knowing much about buying a home. My question is from what I understand I need to get pre-approved through a bank and also have my COE together I just thought I could buy a home with the USDA COE but I need to get preapproved from a bank also ? Please help I'm doing this alone and with a lack of knowledge. I'm trying to understand everything and educate myself also. I've been looking going into the 2 weeks and I really want to cry because currently, I can't find anything not even a good realtor but I won't give up. Thanks for any suggestions.
Hi! USDA is the bank and your COE is your approval to buy a home. You don’t have to go through anything extra. Just call and realtor and tell them you are preapproved for X amount and have them start showing you some homes! Don’t cry! I know it’s strsssful but it should be exciting! Start looking for your dream home! Let me know if you have any other questions:)
Do you know how to apply in schenectady by?
I have a question. When they start to build your houses with usda, do you pay them monthly till the house is done?
No, you don’t have to pay anything until it’s done and you’ve officially closed on the house, your payment would be due the next month.
@@justjenny1255 Thanks. I will apply this loan through my bank next week.
@@ndayembidi6781 you actually have to apply for this type of usda loan directly through their office. I have a video on how to apply with a link to their webpage :) wishing you the best of luck!
@@justjenny1255 thanks. I will
Question you mention your loan was approved for 250k but only use 219k the left over money was that cut in a separate check so you can work on the basement or did you have to tell usda what you were going to do with the rest of the cash ?
Sorry I didn’t explain that very well. You do not get the leftover money. If you want to replace carpet or something, you would tell them, get an estimate from someone, send that to your loan officer, and it would be covered. You don’t actually get cash in your hands.
How long did your appraisal take to come back? The appraisal person just came out 3 days ago.
I think it took around 14 days if I’m remembering right
When do they make you do the first time home buyers class? After the pre-approval? My app was sent to loan processor and waiting to hear back from review department. Not sure what that means but that’s where I’m at.
Yes you take it after you get approved. I wish you the best of luck!! 😊
Did you ever get approved by a loan processor?
Do you have to find your own realtor or loan officer or do usda assign you one?
The loan officer is assigned from USDA. You choose your own realtor :)
@justjenny1255 Do the cosigner need two years of work history for that be counted as income for DTI purposes ?im asking because I spoke with a realtor and for fha loans the borrower and coborrower need to both have two year of work history. Other wise the borrower with full two years of work history Is the income that's counted for DTI purposes. And the co-signer is not. I did the number and the borrower with the full year of work has the dti 50% front end and 60% back end it sucks cause we would meet those dti requirements if both of our income is together.
How long did it take to get approved for for your direct usda home loan start to finish
@@6ftfox it took 45 days from when I submitted the application to when I got approved. We got approved in November, we didn’t find a house until May, we closed in July. It seemed like forever but it was because the housing market was so crazy when we were looking….once houses were listed, they would literally be under contract within hours!
Tfs!
Does the mortgage payment go by your income or would it be about the same as if you would go the traditional route?
It’s income based. They give 33-38 years to pay it off making the payments cheaper and they also give payment assistance
@@justjenny1255 Thank you for the quick reply
Do you happen to know what range of credit score they look for on the direct loan program.
Sorry for the late reply! If your credit score is at least 630, you pass with flying colors, no questions asked. If it's under that and you have negative marks on your file, you will have to send them written explanations as to why and be able to show proof that you have paid some kind of bill on time for so long.
If you dont mind me asking, how do they determine how much can you afford?
Everything is just based off of your income. I will have to go through my paperwork and find their exact formula they use. We wouldn't even be able to find a one bedroom apartment in our area for less than our house payment, if that tells you anything :)
Hello i have a question.since the program is O downpayment.do you need to pay closing cost?
Sorry for the late reply! Let's say you get approved for $250,000....and you purchase a house that's $230,000, then you can have your closing costs included into your loan and there is nothing out of pocket. But if your house is the full amount of $250,000, you wouldn't have any money left to include your closing costs in your loan, so you would have to pay out of pocket. I hope that makes sense :)
@@justjenny1255 ..thank you
and also please let me know if I live in an apartment or good apartment they will lend money to me to buy the house?
Yes they will. I lived in a mobile home that I owned that was decent and safe and I was approved
Im 23 can i qualify if i meet the requirements, also do you know if i can get the loan for a new construction home thats being built in a rural area?
Yes and yes :)
If you don’t mind what was your interest rate when you closed on the direct home loan
It was 2.5% when we closed. I think it’s at 3% now
@@justjenny1255 thanks for getting back to me on that. One more question, will they let you make an extra payment or pay ahead or do they not like you doing that
I have done that before by money order. I just make sure to write on the money order what month the payment is for otherwise they will put it toward the principle and you'll still owe for the next month, if that makes sense @@codyharris3741
Love the shirt❤
Thank you! 😊
@@justjenny1255 your welcome and congrats I’m starting my journey as well so thanks for encouraging me!!
@@mkeys03 congrats! I wish you the best of luck!
How much for closing cost charge?
@@ndayembidi6781 as long as you purchase a house that’s at least a few thousand under the amount you were approved for, closing costs can be rolled into your loan so you won’t have to have any money upfront
Please let me know if I have student loan they will lend to me or not? I enrolled in the IDR program i have zero payments now
Yes they will I have the exact same thing :)
HI was your closing cost amount of 4000 based on what your house appraised for. Did your home appraise at 219000 or over 219000? My appraisal came in low and because of that, I have to pay my own closing cost. I do not know how much it is yet but I wanted to know was the 4000 the normal range for a 230000 home or if can I expect to pay more. Did you know your percentage rate for closing before hand? I know it can be from 3 to 6 %?
Hi! Our home appraised for a few thousand more than we were paying so we were able to include the closing costs into the loan. I think out of pocket closing costs is around $1500. Usda says around 3-4000 but they include fees into that, that have already been paid like the inspection.
@@justjenny1255 okay thank you because this has been a long journey. I have already paid my home inspection and my first year of home insurance. Hope the process will be finished soon. When you look at HGTV they never tell you about the potential delays. lol
@@oteliasmith1861 yes!! It took us 8 months from when we got approved until finding a house and closing! It sounds like you’re almost to the finish line! Congrats! :)
Yes. Thank you. Also thanks for informing us with your videos.
How much did your closing costs end up being? I'm under contract for a house for a purchase price of $209,000
I'm so confused. if I understanding your story correctly, you only had $500 single monthly income and they approve you for $250,000 maximum loan ???
because i get ssi 841 a month and the assessment keeps telling me different estimates under 50,000 loan lol
No that was based off around a 30,000 annual income. So around $2800 a month
Where did you find the application for the loan?
In my last video I have a link to their website and I walk you through the steps on how to apply if you’d like to watch that :)
Can usda cone in your home anytime they want after yoj buy and thdn threaren to take your home
No way! It’s just like getting a loan through any other lender. No one would show up randomly or at all and they’d only take your home if you didn’t make your payments, it would go into foreclosure.
what was the interest rate ? on usda site it says 4.0 apr
When I applied the interest rate was 2.5! Your interest rate will get locked in from the date of your application
Do you so happen to know what this means? "Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet" Thank you so much!
Yeah they’re pretty much just saying your income has to be too low to be approved somewhere else for a reasonable amount that would buy a home :)
Thank you so much for that! So if I was pre-approved for a $115,000 loan, do you think that they would reject me? Also, if I am living with family and do not own a home, does that count as not having decent housing? Thank you so so so much!!@@justjenny1255
City water is so expensive I definitely would of stuck with the well
It would have been nice to be able to use the well water but it was contaminated and no one knew where the well was located. We still haven’t found it!
@just jenny @justjenny please explain this?Be without decent, safe and sanitary housing
Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet , took usda assessment,quoted 300000 based on income,credit, debt, am homeless am i disqualified?
I’m really not sure why it says you must be without safe and sanitary housing. We were living in a mobile home that we owned and it was both safe and sanitary. They didn’t ask any questions or anything about it. If it said it looked like a good fit and gave an amount on the assessment then you should be good to go. Also, for us, the amount that it gave was pretty accurate to what we got approved for :) good luck!
@@justjenny1255 and yet the requirements say must be without safe and sanitary housing, I'm worried that I would be disqualified if I got into an apartment for instance
@@arcatacompany I think it just means you can’t already own a safe and sanitary house. Renting somewhere will not matter.
@@justjenny1255 Did you decide to sell the mobile home after everything was done. I have a home and want to still try to apply. I’m wondering if that will affect my assets if I sell first or would it be better to wait until after. I also said I was a good fit, but did not ask for any housing info. Is this asked later on in the process at all?