USDA Direct Loan 2022 | Answering Your Questions! | How To Apply!
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- Опубликовано: 14 окт 2024
- Here is one last (probably, lol) video answering some of your questions about the usda 502 single family direct loan! I hope that some found this helpful! Thanks for watching! I would love it if you subscribed!
Here is the link for the self assessment tool:
eligibility.sc...
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This is probably the most helpful video ( along with your other one about USDA loans) that I have seen and I really appreciate it! This is exactly what I needed! I had no idea you could utilize the leftover money for appliances! 🤯
Glad it was helpful!
This is the third video of yours that I’ve watched. Thanks.
I have to give you a virtual hug and a hand clap. Thank you sooooooo much for covering the whole process of getting a USDA home because im looking to getting one as well. I wish more youtubers would cover this. Excellent job hon and hope to see more videos from. God bless and congratulations on your new home
🎉❤
Thank you so much! :)
thank for share this video to help 80% people can not buy home on market nowaday . thank you . God bless you .
Thank you for this. I’ve been trying to research this for months and it seems all the other videos never really helped with the direct site. Hopefully by this summer I can apply and get approved. Please pray for me! My daughter and I need our forever home!
Prayers sent your way! I wish you the best of luck, girl!
thank you for taking time to share this experience. I am 30 trying to finally get a place for me
Best of luck to you! :)
Great video! Quick question, do you know if it’s the same application if wanting to buy a single family home and also open to building a single family home?
Hello Melissa it’s different application I think so because my husband and I applied for different loan programs and the application we’re different from each other, btw we applied through Brianfromskip and it was successfully approved took some days though, i put his handle up on my profile, if you care to try him out, you can be part of the wonderful moment too. God bless you ❤
I’m back again, and I’m still waiting. They pulled my credit on 10/5/2022, but no update. Credit score well over 640 great payment history and one collection. If I’m not approved, it would be nice to know instead of waiting so long. But I think in another video you mentioned your initial response from them took about 45 days, I’m sitting at 31 business days right now. Im also interesting in DIY. Im sure if approved, I’ll have a home that’s needs improvement.
Yeah it took about 45 days for me. A friend of mine applied after me and it took him about 60 days which I think I read is the max. I’m sure you’ll find out soon :) if you haven’t heard from them yet I would count that as a good thing…the loan officer takes the longest out of the process to tell you how much you’re approved for and everything. Good luck girl! I know it’s hard to be patient!
Ever hear back?
Still waiting months later. Still in underwriting. Our local office is 5 to 8 months behind.
@@mellie1022 dang. What area are y’all in?
How are your payments figured? By amount of loan or by income?
Thank you for the info. I am in the first week of the underwriter looking at my application. How long before they contacted you to say whether or not you are approved? And also when did they ask you what property you were looking at? Thank you.
Your videos have been so helpful for me while getting myself ready to apply. Thank you for your help. I’m also self employed. If I write off a lot of my income on taxes, do you know how they would calculate income?
I’m so glad you find them helpful! I think they take the amount on your schedule C. We only write off a few thousand so I’m not exactly sure what happens if it’s a large amount. I wish I could be more help!
Thank you so much for your videos on this topic! So-so informative! May I ask how many years you've been self employed before you applied for this loan? We're on our second year, but in the first year we made 0$, since we spent lots of money to start this business
I’m so glad you find them helpful! We have been self employed for 11 years. When we applied, we had to turn in the last 2 years tax returns. One of those years was 2020 and we barely made anything! They just went off our most recent year because of that. As long as it’s more stable now, which could be proved with bank statements and such, it should be okay. Best of luck to you!
Thanks so very much for your video
Thank you so much for your videos on the USDA Direct Loan program. It has been my go to during the process. Do they run a second credit report just before closing? Thank you!
Hi! So glad it was helpful! No they did not run a second credit check for me :)
@@justjenny1255 Thank you so. much!
Hi Jenny! Thank you soooo much for doing this!! What do these things mean?
Applicants must:
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
Hi! It basically just means you can't already own a decent and safe house. We owned a mobile home that was both decent and safe when we applied. And the other just means your income has to be low enough that you wouldn't be approved for enough to purchase a home somewhere else. Like we applied for an FHA loan and was approved for 100,000....you can't find a home these days (at least in my area) for that amount. I hope this helped!
Yes that helps a lot! Thank you so very much!!@@justjenny1255
How much was your monthly payment if you don't mind me asking
What was your interest rate when you closed on your house? We are in the process of buying a house, inspection is this monday! Wish us luck as this is also our 2nd home to be inspected. Thank you for making these videos! This program is awesome!
Congratulations!! Our rate was 2.5. A friend of ours closed like 6 months after us and his was 3%….hopefully it hasn’t went up much more! I wish you the best of luck!
It's 4.5% now I think
@@cobrafan1403 We are locked in at 4% and we close in a week!
The application ask for all w2s...do they actually mean all of them you have acquired while working or just the last two associated with tax return
Do you apply with the state your living in or where you want to move?
They wouldn’t email us an application. They sent us a 2 page screening form and said it would take 9 weeks to screen us before we would be allowed to apply.
This is really helpful, thank you. I was wondering exactly how far back I need rental and bill payments receipts? You mentioned, I think, 6 or 12 months? I really appreciate the information you provided here. 🙂
Sorry for the late reply! You probably already have the answer to your question by now, lol. If not just let me know!
@@justjenny1255 actually, I got sick and things got pushed back a bit. I'm in Southern CA and looking to get a USDA house north of Sacromento, maybe the Clearlake area even. I want to be closer to better medical care. So I'd love your input of the bill question. Your videos are are really helpful. My mom, who lives with me, found them and we sat down and watched it together. From my understanding too the bills need to be considered on time for 12 months out of the last 24 months. Also, we're going with our rent and trash. If it's three bills then also we'd be using the water bill. But we were told at one point that if you're using rent you only need two. That might be wrong. It's really hard to get up with people at the USDA too to ask questions. We we're told by one person we needed a "packager" but then found out that was $2000, apparenlty, and that you could still just do it yourself. If you have any input I'd appreciate it. Sorry for the long reply. It is a bit complicated and I have and MA, lol. Thank you.
Do you help us with the application? Or do you have anybody can help? Thank you.
Any Closing cost involved? If so will USDA pay the full amount of Closing Costs?
They are building like crazy here in the rural areas of Texas, most of the rural new build neighborhoods are only 20-30 mins away from the city. I’m a single mom hoping to get approved and into a new build rural home asap for my child and I but I’m afraid of hidden fees or out of pocket costs, as I do not have the funds for that. I make 52k, single income and credit score is about 745.
This should be the perfect loan for you and your child! There are some out of pocket fees I talk about in my closing video, if you would want to watch that :) if you find a house for a little less than you’re approved, you can have your closing costs covered and you will receive all the money back that you had to front up front.
When you emailed them how long did it take for them to reply. Im currently waiting for them to reply but i called the office about a week ago and i called again today but no avail
Thank you!
They also did away with swimming pool ruke
I'm sorry to ask this, but thought I'd give it a shot.
How would I go about a USDA repair loan? We just paid our home off, by doing rent to own, and came across major issues.
I’m sorry for the late reply! Yes you should totally be able to get a repair loan. I would just google the office nearest you and call and get some info. I know they do this and you can get 1% interest rate for that type of loan, but I myself have not done it
I have a question please, so I got approved for the USDA direct loan but they required that I put all the extra money in my checking above 15K AS A DOWN PAYMENT , I have 24k debt on my credit cards! Is any way I can pay me credit card instead of having the money go to down payment? Would that affect my interest rate ? Thank you so much for all your help
Why would they want that? I thought it was no money down
They have too much money saved ,could go fha or conventional the direct loan is meant to be for people that don’t have any other option
While filling out the eligibility form, how would one know what their annual home insurance would be if you haven't gotten the home yet?
You kind of just have to estimate on that one, I would put around $1,000 :)
@@justjenny1255 ok thanks again for responding your awesome 😊
My income is $980 every two weeks. Then I have a nice credit score 730. Do you think iam going to qualify as base of income? I lived in Raleigh NC
Hi! It sounds like you would be approved. If you just click the link in the description, make sure you are entering your monthly income, it will tell you how much you can be approved for and the numbers are fairly accurate :) good luck!
Thank you for the very helpful videos! How long did you have to wait until time you turned in your application until hearing back? I turned in my application for USDA direct 3 months ago and still have not heard back except that they'll get to me when they get to me. Am wondering if there's anything I can do to find out what's going on. Any feedback or suggestions would be greatly appreciated.
I’m so glad you found them helpful! It only took us about 45 days from turning in app, to getting approved. I would try to email someone to get an update. I always had better luck emailing them than getting someone to answer the phone. You could try to call though and just ask them for an update. Best of luck to you!
Also, if you have an office near you, I would just stop in and ask
I have emailed and was told by my loan processor that my app was received and she'll get to me in order received. I'm in SC. I wonder if I should try contacting a supervisor to find out why the delay.
Hi Jenny, I submitted my USDA application with the $25. credit check fee back in May 2023. This past Friday I got news that my application is being sent to underwriters. How long will I get my loan amount? I'm looking in Myrtle beach, SC area. Thanks for the vids!
It should be anytime now! Congrats and good luck house hunting!!
@@justjenny1255 Thank you!
I would like to know does the amount of debt you have effect the loan even though you're paying on time?
Yes they do go based on debt to income ratio
You don't have to have a job. I'm applying with my Social Security Retirement, which is very low. You can be self-employed or drawing SSD too.
Don't assume that a town of less than 34,000 will qualify, though they usually do. I had to delete homes (that I'd saved at Zillow) in 2 small, rural counties because later I saw that the majority of the counties did not qualify. I haven't applied yet because I'm still deciding on a county/state. I guess there was too much retail in the country seats, or something. The county seat town took up almost the entire county in one instance because the country square miles was small. The other county was considerably larger. There was hardly any eligible space left in either county, which reduced the # of homes to choose from.
I abandoned both counties because I'm trying to choose a county where there are several homes for sale so I can have a better chance of finding something. I think Jen or someone else shared that they give you 45 days to find a house and you can receive two 30-day extensions. After that you have to apply again. So, check that specific county map before you fall in love with a home(s). At first, I was checking, on the eligibility map, every property that I was considering. After much searching, I started assuming that areas I was interested in were entirely or largely eligible, especially since it was KY. I'm looking in a couple of other states now.
The 2,000 square footage and swimming pool restrictions have been lifted. You can also use eForms online to apply like I'm doing, rather than email. There are instructions at the USDA RD Home Loans website.
Your voice is much louder this time. 👍🏽😊 Thanks for sharing!
Wait, so with the USDA direct loan you can get a home that's over 2,000 square feet???
@@khadijahdavis1572 Yes, but they want you to know that you're still restricted by your approved loan amount. Also, the house can't be a LOT larger than the average house in the community. I guess the USDA refers to an average size range of most of the area properties. I think the new guidelines are good for those who found an ideal house that was a little over 2,000 sq ft and because of that they couldn't choose it.
@@ArtsyLadyCrafter that's awesome thank you so much for responding, i live in a rural area on the outskirts in the country and I've wanted to get a home that was 2020 sq ft but waaaay smaller than lot of the houses that I've seen in my area but i disregarded them due to that sq footage limitation, so this is great news thank you😊
I am approved in Texas. My home had to be less than 2000sf. Maybe it differs in places.
@@jeannineladner7156 wow, maybe so because i was just told today by someone at the usda office in my area that the 2,000 sq ft limit was no longer apart of the requirements, so i was happy about that, also we can have pools on the property too, i already have my own land, it's just 2 acres that i got so that i could grow and raise my own food and give fresh organic produce to the community because it's not a wealthy community by far, but i purchased the property 2 years ago, paid in full, only i thought that i would be able to save enough money to get at least a manufactured home so that i can get out of this old man RV that I'm in😔, but at this point i absolutely need a home and I nor this RV will last another few years no way, i have to get out of this RV, I'm not use to living like this, i moved from another state where I've always lived in a big home with EVERY amenity, so this is very much to me like living in poverty 😀. Which brings me here, to the usda rural development loan program, i need a home, hell I'll take anything as opposed to this RV that's nearly inhabitable, i pray that i can get approved, i pray that we all are able to have a decent home
I’m in Georgia, my application is going thru underwriting right now and they are telling me before I even apply with USDA, I should have went thru a lender first. And if it didn’t go through, they want to receive proof that I went through a lender. So did you have to see a lender first before applying for USDA?
Not for direct loan.
In another video she does say they applied for an fha loan first but they approved them for very little compared to usda
This was very informative. Does one apply for this loan before looking for the house or vice versa? How does it all work? If you could reply to my question, that would be great. Thanks in advance.
Hi! I would definitely apply first. When we were house hunting, the houses were just flying off the market almost same day! You wouldn't want to find your dream home only for it to be sold before you were able to buy. Also you will get a certificate of eligibility letter stating how much you are approved for so you'll know the price range to house hunt in. Best of luck!
Thank you very much, this was very helpful. @@justjenny1255
What all papers/info do we need to apply?
I noticed one of the requirements for the USDA direct loan is that you have to be "without decent, safe and sanitary housing." What do they mean by that? Does someone who live with their parents, friends, or rent an apartment qualify?
Yeah I’m really not sure what they mean by that or why they say that. We lived in a mobile home that we owned that was both safe and sanitary and we got approved :)
Hi Just Jenny, i was wondering what kind of ballpark was your closing costs on your USDA Loan? or was you able to get them paid for you? was just wondering what other expenses you had or was able to get them paid for you? thnx thomas
Hi! I have another video about the whole closing process (costs, etc) if that might answer some of your questions :) our loan officer told me after we were approved, to start saving about $1500. A lot of people have commented that you can get help paying for certain things, but we did pay them out of pocket ourselves because I wasn’t aware of any help for those costs.
As for the actual closing costs, as long as you don’t spend your max amount and your home appraises for enough, you can get your closing costs included, so you wouldn’t have to pay anything out of pocket for that
@@justjenny1255 i will watch it, thank you
About how much should I have for closing costs and what if I don't have a lot of money in the bank
You need a have a couple thousand to cover inspections, earnest deposit, and you have to pay a year of homeowners insurance upfront. At closing you get all that money back though. You don’t have to have money in the bank when you apply. We only had $20 in the bank to cover the credit fee when we applied! Lol
@@justjenny1255 Hi, I hope all is well. You getting those funds back was that just for you or does that apply to all? Thank you
@@kimpenn5395 hi! That applies to everyone as long as you have enough funds to cover your closing costs :)
What about duligence money or doe it have to be earnest money? Thank you for answering my questions
@@kimpenn5395 no problem! It probably just depends on where you live really. My realtor was trying to have us put $1000 down but we did not have that much. He didn’t really tell us there was any other options. Our loan officer is who told us to just offer the $500. I would definitely check though.
Is the interest rate the same no matter your credit score? I read the going rate currently is 4%. Is there a chance it could be lower if you have better credit?
Yes your credit score wouldn’t affect the interest rate, but I think they calculate your payments in two different ways; one being if your interest rate is 1% and the other (I can’t remember how they do it) and your payment is the greater of the two calculations if that makes any sense. So your loan interest rate could differ I believe. Our interest rate is 2.5 but we applied last October and got that locked in.
What if you pay rent late but not more than 30 days is that a problem.
You will be good. Good luck
Did you fill out the application yourself or had a packager fill out ? I was wondering what option would be the best.
I just did it myself :)
I am interested in doing the usda I was wondering when you use all that money to purchase a house how do they figure out how much your mortgage is? And is all that extra money you have left over yours as well?
Hi! Sorry for the late reply. When you first get approved, they will tell you what your mortgage payment will be, but it was kind of confusing for us, because the amount they tell you does not include your monthly tax and insurance payments which will be added to your mortgage every month. You do not get the leftover money.
I currently live in one state but work in and want to move to another. Which state should I apply in?
I think you would apply to the state in which you’re wanting to buy a house. Best of luck to you!
My packager told me they did away with 2k sq feet rule
Have you received your approval?
I have to wait to apply due to something on my report. I apply beginning of October
How long was it before you saw the credit check was done?
I think it was exactly 30 days
Very helpful
How did it work for you selling your home within 45 days to close on your new home?
We actually just lived in a mobile home on a rented lot so we were able to close on our home right away and sell the mobile home afterwards, which sold within a week.
What Mortgage/Realtor company did you use?
The mortgage is USDA direct and I just found a realtor through google who I liked and we stuck with him. You can pick any realtor you want :)
Does the Loan Specialist make the decision on approval or denial? I spoke with mines on Tuesday and she stated my application looked good to her now she had to send it to the state and she would get back to me within a week. Does that sound like a good thing?
Yes that does sound like good news! Congrats!
Are garbage’s included in sq footage? Like does it have to be heated to be included in the sq footage?
No garages aren’t included in the square footage, neither are basements even if they are finished :)
@@justjenny1255 how can we have a house built with no existing land in our name? Can we find land and have a home built as long as it’s 2k sq ft and in a rural area?
They denied me for one blemish on my credit so idk how helpful they are and they didn't even call to tell me I had to call them , and my income and everything was on point so uea they are not that helpful at all in my opinion
What was it? My credit score is 680 but I have something in collections…
Was it late payments ? Collections ? Wanna see if it’s worth applying
Do you have to pay down payment or closing cost?
No down payment and as long as you find a home that’s a little under what you’re approved for, and it appraises for enough, you can have your closing costs included into your loan. I have a video about closing costs where I explain how much you need up front and everything :)
Do USDA pay or help you pay for your Property Taxes?
They just do payment assistance on your house payment, but your insurance and property tax are rolled into your house payment.
@@justjenny1255 thanks
Sending you a bouquet of appreciation! So glad I found your channel because you are chock full of valuable information🏆🩷
ᑭᖇOᗰOᔕᗰ 👍
Thank you ☺️
You’re welcome! ☺️