For those who are putting excuses I’ll place my own scenario. Got a 100% USDA mortgage 30 years fixed, this is a government backed loan so risk is lower for lenders which provides decent rates. Loan was for $220k, seller paid for closing and my mortgage was a little under $1100 which was less than the rent available. Out of pocket wasn’t $1000 because I decided to buy down my rate (2.275%) so did about 5.5K at closing. Excellent experience!
It does, it also means taking out a PMI but the question one has to ask oneself. Is it better to try and save 20% for a house 300k plus, which may take years. Or is it better to get into a house while it’s still cheaper, with what you have and work out getting your mortgage payment down. Which you can do. But it’s up to that person. Put it to you like this, in my area rent went from $850 to $1300-1400 a month for a 1 bedroom in 3 years. A house was 250k move in ready, now a fixer upper is 300k. So, you have to figure out what make sense to you.
The self-assessment questionnaire takes your income into account for prequalification. Don't discount your eligibility based on 'common sense' ideas. Take the questionnaire and see the results that apply to you personally.
I didn't get a USDA loan, but I did get one with a very low downpayment. Total costs for me was $8000, which I had. My mortgage is lower than I would be paying for rent. It's a LOT lower than the 40% rent increase I was facing at my old place.
You can buy a mortgage loan/house and pay double with the home is worth over the course alone by interest payments and less payments to principal bank love this better. Hope you don’t default cause you’re really only renting it from the bank unless you pay it off.
If you default on a lease you'll be evicted and potentially sued for what is owed. When you own a home you benefit from the equity you gain through property value appreciation and/ or improvements to the property, and your principle and interest payments stay the same for the duration of the loan, whereas your rent payments will continue to increase with inflation. It may not be the right choice for everyone, but home ownership long term is more cost effective than renting.
Great video thank you so much. Sometimes I just wish they had a single mom single income home buyer incentive.. USDA is definitely the closest thing to that. However some of the areas that USDA covers the school systems are not that great. And quite frankly it can be a little scary out there in the rural area by yourself and the little ones lol if they had affordable new home developments that offered USDA..that would curb the rural anxiety.
I live in St. Tammany Parish, a very highly populated area with some of the best public schools in the state and the entire Parish is approved for this loan. The name "rural" can be deceptive, it doesn't mean the only areas approved for eligibility are in the country. I live 3 minutes from a Whole Foods and Starbucks, for example, and my area is within the eligible area for this loan.
Good info, however, there is more to owning a house than a payment. It's called the cost of ownership and encompasses much more out of pocket expense than just a monthly payment.
Yep. Not including if the water heater is due to be replaced. Furnace heater. If roofing is due to be replaced, if last replacement happened 10yrs ago. Pipework. Gas tank. Mowing the yard. Water/sewage, gas and trash services. You name it. 😬😵💫 And that's not including electric and internet services (either your cell phone or home services or both).
@@maylin1986precisely, which ends up (depending on many variables) being around what you’d pay in rent sometimes. I live in the most expensive city in the U.S. and my rent is $2400 total for a 1000 sq ft 1B/1BR condo in a gated community with a garage. Prior to this I paid $2600 for a 700 sq ft studio non-gated community and a reserved spot under a shared car port… Home owning here is either the same (for lower quality) or more expensive (for same or better quality) without the worry of cost of ownership expenses. Our whole community had the roofing replaced, guess what that cost me? All landscaping taken care of free, only utility I pay is electric and have renters insurance for like $20. All in all, that’s my particular case. I am considering a relocation, but I also don’t see a need to buy a home as I am just used to moving every few years thanks to the military. That being said, I have 2 young kids and would like to raise them in a house. So this has piqued more interest in potential home buying.
Yeah but rent is rising with no end in sight! I am paying 1845 for a 2bd 2ba started out 1270 back in 2018 no laws in place to curb landlords high rising rent hikes not to mention utilities electric gas water and sewer in which all went up as well. It is time to buy!!
Mmmm, not sure about the claim of being able to buy a duplex or multi unit property with the USDA program you are referencing - it's called the Single Family Housing program (Section 502) for a reason. It is a good program for a standalone home which is owner-occupied.
The credit score is a measure of one's financial responsibility. 620 is a very low bar to meet. So if a person doesn't have that, or has no interest in working on their credit to get that, then they're not likely to be a reasonable risk for lending to begin with.
Getting a camper and owning an acre is better and way cheaper you'll never have to pay taxes. Atleast in texas. Unless you have a family that will stay with you it's not worth getting a house with high expenses you don't yet own. As far as FHA loan it sounds good but you'll just be paying more with mortgage insurance and closing costs 1 3rd of your life. To me that's stupid keep your money people common sense.
There are places you just can’t pull a camper and live off grid. Check zoning regulations before you buy I had a client that wanted to put a camper on a few acres. But the local zoning board wouldn’t allow it. See if you need sewage, are there square footage or type of structure requirements?
If the USDA loan only covers 110k, how is the remainder financed if the house is sold for 200k? Would you need a conventional mortgage with 20% down in addition to the USDA mortgage?
On the USDA website is a questionnaire that anyone can take for prequalification. Every county in every state may have different income guidelines, which is why he suggests taking the questionnaire for your particular state and county. Do that and see what you're eligible for because, really... what have you got to lose but 10 minutes or so?
@@LizaLavoltait’s a tax that you pay back to the federal government for the benefit of a lower interest mortgage loan. I think it is released after 9 years
Awesome info thank you so much! I've shared it with everyone I know that's trying to buy as well I am a new subscriber thank you thank you thank you thank you
One thing you did not mention. Yes, you can buy a house with the USDA loan for $1000. However, keep in mind that because $0 or the smaller the down payment, the greater the monthly mortgage payments. Most people don't have enough to cover a huge monthly mortgage payment. They need to be realistic with their budget.
I heard you say this isn’t for first time home buyers. Did I understand that right? I’m interested in this as my rent is $2200. I live in Minneapolis and want to move OUTSIDE of the city. But I’ve never owned a home before. I def have $1000. Rent is kicking my 🫏 😭
Wayne thank you all good points why mineral rights? Are there certain places that having mineral rights won’t make it better or worse? You wouldn’t move into a suburban home and expect to use your mineral rights to drill an oil well, you wouldn’t be able to get the variance from city hall.
hi Wayne, i am 65 years old and ss salary retirement 1200 but I have down payment( %10) to buy a house with good credit score over 730 my question can I buy house and how in my situation? Please share your insight. Thanks
After living in the home for 1 year and deciding to get tenants. Should someone put the house in an LLC and will the loan transfer easily? You mentioned that someone cant get a USDA loan is they own a home. If someone currently owns a home should they transfer into a LLC? Or would the USDA loan be done within an LLC from the start and a person use their personal credit and income to qualify?
Will I qualify even if I only make 32k a year? My credit score is 630. I’ve worked on my job for over 10 years. Always rented but it’s getting ridiculous, I’m never late on my rent. Have a family of three I’m taking care of but seem I can’t get anywhere. My lease is up in September and worried that we might not be able to find anywhere else to live because I already pay $1765 month for a two bedroom one bath.
Same here. Pay over 1000 (that's the cheaper end in my area) and i am the only bill payer. I barely make 30000. Working on credit but have been hit hard in divorce. I am paycheck to paycheck and don't have any more savings. Doubt I'd qualify, I'd never be able to make the requirements.
In my experience most "rent to own" homes don't end up working out for the purchaser. Owner financed properties are a good option, but you typically need 10%+ down payment to get into that type of deal.
How can I find available homes that qualify for usda? So far it looks like you plug in a zip code and guess. Is there a another way in case youre willing to move to another area?
Not true. My city has a Whole Foods, Fresh Market, Target, multiple Starbucks, lots of traffic and the entire area qualifies. The name can be very deceiving.
@GypsyTheGoatOnTube. Yes. Buy a 2family live in one side and rent out the other to pay your mortgage. Buy owner finance where you don't need bank financing. This is being done everyday all over the country.
Until you understand the program, you can't say what $1k buys anywhere. Did you learn about the specific details of the program in each state before deciding that you can't buy a home this way in those 3 states? Or is this just your common-sense bias talking?
@@RichardHarlos it’s my common sense biased opinion, but again I’m not a realtor or an investor, I’m just a home owner that was blessed to pay CASH for my HOME without having to take out a mortgage $587k All praises to God
From your last video on this subject, i began to look in my area, contra costa county usda loan homes for sale and found NOTHING. I am not sure if i am not looking correctly or if there is simply nothing in my area. So disheartening.
Have you talked to a lender to get qualified yet? Once you know what amount you're qualified for you can purchase ANY property that lies within the qualified areas.
I live in Texas. Working Uber for the last eight years with the deduction I get my tax returns show no taxable income. Don’t know how to get a loan that verifies income without tax returns.
I make 30$ per hour and the website says i dont meet the income limits? I'm really interested in this but do you have to make under a certain amount per year or something?
Yes, there is a loan limit, in most states it is $110,650 for a household of 1-4 household members and $146,050 for 5-8 household members in most states. There might be other grant programs in your area for down payment assistance, or FHA might be a great option for you. Best bet would be to talk to a mortgage lender in your state who can give you all your options. If you would like my help connecting with one reach out at ContactWayne.com
I feel like I'm living in the Twilight zone these days. And I'm not on drugs. Because the majority of the country hard-working people don't make any where near close to $100,000 a year. I have a CDL and I drive locally and I gross 45k a year. And everything else would be overtime which is not being offered lately. The most people in this country are the working poor dirt poor. It's actually almost impossible for a poor working person to buy a house these days $1,000 down or not. Our income just doesn't allow it.
Yes, they accept self-employed. There is a little more paperwork, such as making sure your business isn't in decline 20% year over year, and a few additional verifications to show the income is available to you personally, etc. But the same 620 score and 2 years applies.
I’m sorry. They just aren’t going to be lower Inventory is still so low , all over the country Housing starts are up but still not keeping pace with demand Sone areas of the country are more affordable. Pittsburgh and Cincinnati are two
@@emilyfeagin2673 i'm willing to wager that once the bandage is ripped off and the "media" start reporting the real numbers... prices will colapse. a min of 35%. just think too about all these nice well kept neighborhoods being taken over by 3rd world illegal immagrants (which the us gov has been secretly funding for the past 3 years). property values will plumet. existing legal residents will flee in an atempt to escape it. only to find that its happening all over the country. the dollar has lost 96% of its value since they rolled it out. it will collapse. it will be replaced. history always repeats itself. its in our dna. good luck everyone.
I’d be happy to connect you with a lender licensed in the state you want to purchase in- reach out to me at ContactWayne.com (link is also in my page profile)
Yes, in order to get your initial out of pocket costs as low as possible we negotiate for the seller to pay your closing costs, and it's absolutely possible and happening regularly, even in this current sellers market.
He didn't tell people to buy. He said for those who want to, this is one way to do it. I think it's dishonest to accuse people of saying things that they didn't say.
I have bought house for $10,$1000, $2000 down. There are many different ways to buy house. I bought house with owner finance zero down and sold on rent to own getting $10,000+ as down payment. Get knowledge instead saying it can't be done🤔
For those who are putting excuses I’ll place my own scenario. Got a 100% USDA mortgage 30 years fixed, this is a government backed loan so risk is lower for lenders which provides decent rates. Loan was for $220k, seller paid for closing and my mortgage was a little under $1100 which was less than the rent available. Out of pocket wasn’t $1000 because I decided to buy down my rate (2.275%) so did about 5.5K at closing. Excellent experience!
Thanks for the detail.
what was your income and your credit score to get that amount and rate?
Layoffs happen every 5 to 10 years. How does one keep that house?
For someone willing to live in the USDA approved zones, that is an excellent example of how to get into a home with not a lot of funds!
@@beebee4334 the amount (cost) of house you get still depends on your income
I got one of these loans back in 1988. They are real, and mine even allowed me to adjust the payment if my income decreased.
Wow that is awesome
Homeless single mom of 3, recently moved from TN to NYC , definitely needed this information ❤
So glad!
No down payment or low down payment means high monthly payments
It does, it also means taking out a PMI but the question one has to ask oneself. Is it better to try and save 20% for a house 300k plus, which may take years. Or is it better to get into a house while it’s still cheaper, with what you have and work out getting your mortgage payment down. Which you can do. But it’s up to that person. Put it to you like this, in my area rent went from $850 to $1300-1400 a month for a 1 bedroom in 3 years. A house was 250k move in ready, now a fixer upper is 300k. So, you have to figure out what make sense to you.
The self-assessment questionnaire takes your income into account for prequalification. Don't discount your eligibility based on 'common sense' ideas. Take the questionnaire and see the results that apply to you personally.
Does this also work for multi family dwellings?
@@Tenacious894 He mentioned that in the video. Did you watch it?
@@CatEyedGoddessUSDA loans don't require PMI. Only FHA and conventional
I'm in California, and there are so few affordable 3 bed houses. And, a lot of insurance companies are not selling in California anymore.
Where I'm from $1000 barely buys you an appraisal.
@@wiseforce7045 Cherry Hill, NJ
Exactly... Appraisals in NC are $1000 and UP
The typical cost of an appraisal across the US is $500-$600 for a single family property.
Illinois?
I didn't get a USDA loan, but I did get one with a very low downpayment. Total costs for me was $8000, which I had. My mortgage is lower than I would be paying for rent. It's a LOT lower than the 40% rent increase I was facing at my old place.
That's fantastic!
Thank you so much for such an informative video. I have never found a realtor who would honestly answer all these questions. Thanks again!
Glad it was helpful!
I have $10k and single mom! Great credit score! Let’s do this!!!!
You got this! Reach out to me if you would like help connecting with professionals in your area who can make it happen for you ContactWayne.com
Let us know how it goes please. I am wanting to buy as well.
You can buy a mortgage loan/house and pay double with the home is worth over the course alone by interest payments and less payments to principal bank love this better. Hope you don’t default cause you’re really only renting it from the bank unless you pay it off.
If you default on a lease you'll be evicted and potentially sued for what is owed. When you own a home you benefit from the equity you gain through property value appreciation and/ or improvements to the property, and your principle and interest payments stay the same for the duration of the loan, whereas your rent payments will continue to increase with inflation. It may not be the right choice for everyone, but home ownership long term is more cost effective than renting.
The obstacle for me would be home owners insurance, property taxes and indoor/outdoor maintenanece.
Prepare for the obstacles first
Mortgage payments are comprised of Principal, interest, property taxes and insurance
This is GREAT information, and well presented too! Thank you!
Great video thank you so much. Sometimes I just wish they had a single mom single income home buyer incentive.. USDA is definitely the closest thing to that. However some of the areas that USDA covers the school systems are not that great. And quite frankly it can be a little scary out there in the rural area by yourself and the little ones lol if they had affordable new home developments that offered USDA..that would curb the rural anxiety.
That yard “backed up to the forest at the end of a dead end street” he just showed suuuper creeped me out! Lol NO THANKS 😂
I live in St. Tammany Parish, a very highly populated area with some of the best public schools in the state and the entire Parish is approved for this loan. The name "rural" can be deceptive, it doesn't mean the only areas approved for eligibility are in the country. I live 3 minutes from a Whole Foods and Starbucks, for example, and my area is within the eligible area for this loan.
Great information and thank you for being here and sharing all this very important information.
Thank you for being here!
Good info, however, there is more to owning a house than a payment. It's called the cost of ownership and encompasses much more out of pocket expense than just a monthly payment.
Yep. Not including if the water heater is due to be replaced. Furnace heater. If roofing is due to be replaced, if last replacement happened 10yrs ago. Pipework. Gas tank. Mowing the yard.
Water/sewage, gas and trash services. You name it. 😬😵💫 And that's not including electric and internet services (either your cell phone or home services or both).
He mentioned that in the video. Did you watch the video, or are you commenting on the title alone?
@@maylin1986precisely, which ends up (depending on many variables) being around what you’d pay in rent sometimes. I live in the most expensive city in the U.S. and my rent is $2400 total for a 1000 sq ft 1B/1BR condo in a gated community with a garage. Prior to this I paid $2600 for a 700 sq ft studio non-gated community and a reserved spot under a shared car port…
Home owning here is either the same (for lower quality) or more expensive (for same or better quality) without the worry of cost of ownership expenses. Our whole community had the roofing replaced, guess what that cost me? All landscaping taken care of free, only utility I pay is electric and have renters insurance for like $20. All in all, that’s my particular case. I am considering a relocation, but I also don’t see a need to buy a home as I am just used to moving every few years thanks to the military. That being said, I have 2 young kids and would like to raise them in a house. So this has piqued more interest in potential home buying.
Yeah but rent is rising with no end in sight! I am paying 1845 for a 2bd 2ba started out 1270 back in 2018 no laws in place to curb landlords high rising rent hikes not to mention utilities electric gas water and sewer in which all went up as well. It is time to buy!!
Data shows that home ownership is still financially superior compared to renting.
Great information, presented very well. I appreciate all the details you are sharing and considering
Thank you!
Mmmm, not sure about the claim of being able to buy a duplex or multi unit property with the USDA program you are referencing - it's called the Single Family Housing program (Section 502) for a reason. It is a good program for a standalone home which is owner-occupied.
I'm excited to let my daughter know! She pays almost 1000 dollars a month in rent .
The credit score is the problem for most people
The credit score is a measure of one's financial responsibility. 620 is a very low bar to meet. So if a person doesn't have that, or has no interest in working on their credit to get that, then they're not likely to be a reasonable risk for lending to begin with.
Getting a camper and owning an acre is better and way cheaper you'll never have to pay taxes. Atleast in texas. Unless you have a family that will stay with you it's not worth getting a house with high expenses you don't yet own. As far as FHA loan it sounds good but you'll just be paying more with mortgage insurance and closing costs 1 3rd of your life. To me that's stupid keep your money people common sense.
Buy land how? Loans are not available for land.
There are places you just can’t pull a camper and live off grid. Check zoning regulations before you buy
I had a client that wanted to put a camper on a few acres. But the local zoning board wouldn’t allow it.
See if you need sewage, are there square footage or type of structure requirements?
That's a beautiful home!
Great job Thank you for sharing
If the USDA loan only covers 110k, how is the remainder financed if the house is sold for 200k? Would you need a conventional mortgage with 20% down in addition to the USDA mortgage?
On the USDA website is a questionnaire that anyone can take for prequalification. Every county in every state may have different income guidelines, which is why he suggests taking the questionnaire for your particular state and county. Do that and see what you're eligible for because, really... what have you got to lose but 10 minutes or so?
Thank you DJRenee. I'm not quite ready to do it yet and I'm in Texas.
USDA direct has subsidy recapture.
what is that
@@LizaLavoltait’s a tax that you pay back to the federal government for the benefit of a lower interest mortgage loan. I think it is released after 9 years
Thank you Mr. Turner
Colette
Great info! Enjoy your video
Have to investigate this here in Southern California.
Awesome info thank you so much! I've shared it with everyone I know that's trying to buy as well I am a new subscriber thank you thank you thank you thank you
One thing you did not mention. Yes, you can buy a house with the USDA loan for $1000. However, keep in mind that because $0 or the smaller the down payment, the greater the monthly mortgage payments. Most people don't have enough to cover a huge monthly mortgage payment. They need to be realistic with their budget.
good stuff man! keep em coming
than u bro please make
moreeee
Can I get a usda loan to buy a Barndominium?
Great concise info 💜
no it doesnt wayne. i looked into it. wrong. yeah maybe you have done things because you get a chance. some of us dont.
Good information just shared by you Wayne.
Thanks for that
I wish you showed us the house properly instead of walking around and talking it made me dizzy. But great info
Where is this property located?
I heard you say this isn’t for first time home buyers. Did I understand that right? I’m interested in this as my rent is $2200. I live in Minneapolis and want to move OUTSIDE of the city. But I’ve never owned a home before. I def have $1000. Rent is kicking my 🫏 😭
That's correct! You do not have to be a first time homebuyer to qualify for this!
It is still not to hard to find a foreclosure that needs a bit of work under 100k in most areas. Lots of starter homes out there.
You are exactly correct! Lots of options!
Excellent video.
Not in California. Not on a lot of states
But also, *IN* a lot of states. What's your point?
This loan is available in CA
Wayne thank you all good points why mineral rights? Are there certain places that having mineral rights won’t make it better or worse? You wouldn’t move into a suburban home and expect to use your mineral rights to drill an oil well, you wouldn’t be able to get the variance from city hall.
Can people on social security with no other income qualify for an FDA loan?
Yes
Thank you. Thumbs up.
I wish the income limit to qualify was more inclusive for the middle class. Many people in the $130k-$160k range in higher COL areas.
USDA loans don't have an income minimum to qualify and the income limit varies around the country depending on the COL
Thank you Sir you are great at what you do 👍
Thank you!
Hey Wayne, I'm retired; Can I get a USDA loan on retirement income: social security, dividends, interest,.....? thanks.
i’m pretty sure you can.
Yes
hi Wayne, i am 65 years old and ss salary retirement 1200 but I have down payment( %10) to buy a house with good credit score over 730 my question can I buy house and how in my situation? Please share your insight. Thanks
Talk to a mortgage lender in your area.
After living in the home for 1 year and deciding to get tenants. Should someone put the house in an LLC and will the loan transfer easily?
You mentioned that someone cant get a USDA loan is they own a home. If someone currently owns a home should they transfer into a LLC?
Or would the USDA loan be done within an LLC from the start and a person use their personal credit and income to qualify?
A USDA RD loan has to be your primary residence, so the loan cannot be taken out in an LLC
Good info!
Glad it was helpful!
Will I qualify even if I only make 32k a year? My credit score is 630. I’ve worked on my job for over 10 years. Always rented but it’s getting ridiculous, I’m never late on my rent. Have a family of three I’m taking care of but seem I can’t get anywhere. My lease is up in September and worried that we might not be able to find anywhere else to live because I already pay $1765 month for a two bedroom one bath.
Same here. Pay over 1000 (that's the cheaper end in my area) and i am the only bill payer. I barely make 30000. Working on credit but have been hit hard in divorce. I am paycheck to paycheck and don't have any more savings. Doubt I'd qualify, I'd never be able to make the requirements.
Look into rent to own homes .
There is no minimum income requirement
There is no minimum income requirement, but your credit does need to be about 620 or higher
In my experience most "rent to own" homes don't end up working out for the purchaser. Owner financed properties are a good option, but you typically need 10%+ down payment to get into that type of deal.
I would like to buy an investment property like a duplex, or triplex, but I don’t have 20% to put down
You can buy multi-family with FHA and only need 3% down payment, but you are required to occupy one unit for a minimum of 1 year.
Not bad, but I’m not ready to sell my house right now and to move now, I’ll keep your information, thanks again
I missed where he said how expensive this example house sold for. Did anyone catch this? What is the price of this house?
Not sure if it was sold yet but I believe I heard him mention it’s 268,000 I think. He definitely did mention this home is in a flood zone though. 😮
In Illinois. Hard to believe.
It's possible... Depends on which counties!
I do already own a house. Is there something out there for house owners? This is great info.
Are you wanting to buy a second home as investment or for personal use?
Yes I do
As an investment
What about buying land?
You cannot buy land with a USDA loan, but you can buy an existing home that comes with acreage
How can I find available homes that qualify for usda? So far it looks like you plug in a zip code and guess. Is there a another way in case youre willing to move to another area?
You can check that area. Is that a USDA area. Check USDA website.
USDA loans are available in areas that are less densely populated
omg he sounds just like early cuyler
Tell The DOWNSIDE of Usda loans? Theres a lot!! Also most sellers dont want to pay closing costs
Most sellers in my market, and markets in most of the country, will pay closing costs
That is good news
You have to really live far to have such a deal
Not true. My city has a Whole Foods, Fresh Market, Target, multiple Starbucks, lots of traffic and the entire area qualifies. The name can be very deceiving.
Credit score very good, but been retired and live off of money in the bank. Can i buy a little home as a single woman?
In order to qualify for the loan you will need income to prove you can pay it back.
@GypsyTheGoatOnTube. Yes. Buy a 2family live in one side and rent out the other to pay your mortgage. Buy owner finance where you don't need bank financing. This is being done everyday all over the country.
1k doesn’t buy a home in Texas, nor in California and sure as heck not in Florida.
Until you understand the program, you can't say what $1k buys anywhere. Did you learn about the specific details of the program in each state before deciding that you can't buy a home this way in those 3 states? Or is this just your common-sense bias talking?
You absolutely can purchase a home in all of those states with only $1k out of pocket
@@RichardHarlos it’s my common sense biased opinion, but again I’m not a realtor or an investor, I’m just a home owner that was blessed to pay CASH for my HOME without having to take out a mortgage $587k All praises to God
@@68entaustin Well, your 'common sense biased opinion' happens to be incorrect in this instance.
Facts and evidence are better than bias.
Oh i need to hear this
Vey helpful. Thank you.
Glad it was helpful!
Can you show how to afford 20 or 30,000 wef mandated home improvement for net zero
The gross income limit, how does this apply as far as being married? Is this a total amount or individual ? Thank you.
Total
Wayne, Question for you?
Could USDA do OTC Loans?
In other words, a pre- construction home that's 99% completed in a rural area?
Doesn’t sound pre construction if it’s 99% complete.
You can buy new construction with USDA, but it needs to be completed.
@@TheRealWayneTurner awesome!
So, the modular home is attached to the earth, but it is in city limits. Does that disqualify that home?
If it meets the requirements of the program it will qualify.
@@TheRealWayneTurner thank you & thank you for responding.
Do we have this type of program in Nevada?
I would search a owner who will carry the loan. Why use lenders when you can pay the owner directly. If they are willing
That's certainly an option for buyers who may not qualify for long term financing, but it would limit you on the available properties
@@TheRealWayneTurner of course, but my goal would be not to do financing because of the rates.
From your last video on this subject, i began to look in my area, contra costa county usda loan homes for sale and found NOTHING. I am not sure if i am not looking correctly or if there is simply nothing in my area. So disheartening.
Have you talked to a lender to get qualified yet? Once you know what amount you're qualified for you can purchase ANY property that lies within the qualified areas.
Thank you so much.
How to stat buying links
I live in Texas. Working Uber for the last eight years with the deduction I get my tax returns show no taxable income. Don’t know how to get a loan that verifies income without tax returns.
Use your bank statements
Please help me to buy the. House as you advertise
Thank You !!!!!
You're welcome!
Do you recommend anyone that wants to buy my commercial property?
Where is it located? Reach out to me at ContactWayne.com
Can someone who is an investor but does not own a personal homestead use this program?
This program requires you to live in the property as your primary residence for a minimum of 1 year after closing.
The purchasing is the easy part. Keeping the house is the hard part.
Where there's a will, there's a way. People who really want something find ways to make it happen.
You have to be able to afford the mortgage.
What about California?
You're kidding, right 😂.
I make 30$ per hour and the website says i dont meet the income limits? I'm really interested in this but do you have to make under a certain amount per year or something?
Yes, there is a loan limit, in most states it is $110,650 for a household of 1-4 household members and $146,050 for 5-8 household members in most states. There might be other grant programs in your area for down payment assistance, or FHA might be a great option for you. Best bet would be to talk to a mortgage lender in your state who can give you all your options. If you would like my help connecting with one reach out at ContactWayne.com
Is there a website I can go to for foreclosures so many scammers are out there, and I don't want to be taken advantage of.
I would go on zillow but still go through a reputable real estate agent when you look at home .
Best way to find foreclosures is through a real estate agent, they will all be listed in the MLS
I feel like I'm living in the Twilight zone these days. And I'm not on drugs. Because the majority of the country hard-working people don't make any where near close to $100,000 a year. I have a CDL and I drive locally and I gross 45k a year. And everything else would be overtime which is not being offered lately. The most people in this country are the working poor dirt poor. It's actually almost impossible for a poor working person to buy a house these days $1,000 down or not. Our income just doesn't allow it.
The income limits are the MAX you are allowed to make, there is no minimum.
how about if you are self emp
Yes, they accept self-employed. There is a little more paperwork, such as making sure your business isn't in decline 20% year over year, and a few additional verifications to show the income is available to you personally, etc. But the same 620 score and 2 years applies.
How can we find foreclosure homes?
HUD home store is one
I recommend working with a real estate agent. Most, if not all, foreclosures get listed for sale in the MLS
$1k to buy it. then under water the rest of your life. no thanks. prices need to be slashed in more than half.
Totally!
Worth it if you opt for buying a multiplex dwelling though. You can always buy a single-family home with your profits later.
I’m sorry. They just aren’t going to be lower Inventory is still so low , all over the country Housing starts are up but still not keeping pace with demand
Sone areas of the country are more affordable. Pittsburgh and Cincinnati are two
@@emilyfeagin2673 i'm willing to wager that once the bandage is ripped off and the "media" start reporting the real numbers... prices will colapse. a min of 35%.
just think too about all these nice well kept neighborhoods being taken over by 3rd world illegal immagrants (which the us gov has been secretly funding for the past 3 years).
property values will plumet. existing legal residents will flee in an atempt to escape it. only to find that its happening all over the country.
the dollar has lost 96% of its value since they rolled it out. it will collapse. it will be replaced. history always repeats itself. its in our dna.
good luck everyone.
Where do you live that prices have gone down over 20 or 30 years?
How do you get a usda loan? No where in their site I can apply.
I’d be happy to connect you with a lender licensed in the state you want to purchase in- reach out to me at ContactWayne.com (link is also in my page profile)
Wouldn't you have to have 5% or 10% down. Not everyone has 10,000 or 20,000 just laying around.
What part of 'only $1k' seems unclear to you?
FHA is 3.5% down. USDA and VA are no money down but you need money for loan application and home inspection
@@emilyfeagin2673 The down payments don't apply to the loan program described in the video. What's the point of mentioning them here?
Can i use this loan to build a barndominium on my property?
You can't use this loan program to build (you can buy new construction, but it must be completed at the time of closing).
@@TheRealWayneTurner thank you
Do I need to ask the person to pay my closing cost?
Yes, in order to get your initial out of pocket costs as low as possible we negotiate for the seller to pay your closing costs, and it's absolutely possible and happening regularly, even in this current sellers market.
What about if your retired?
That's ok -- you just have to have enough regular income to show, from *whatever* your get monthly. It doesn't have to be from a "job".
why wouldnt you have to pay capital gains when you sell? he mentions that not being a factor.
There is an exemption for your personal residence
You don't pay capital gains on the first $250,000 PROFIT ($500,000 if you're married and file taxes jointly) of the sale of your personal home.
Does this qualify also for in California
yes, you can go to the USDA's website to view the eligibility maps.
any connections to people that want to buy a house for cash is SWFL? Tired of this place and the sky high insurance
Insurance is a major problem in all the coastal states, unfortunately.
WAYNE, HOW DO WE E-MAIL YOU? THIS IS A GREAT VIDEO
you can connect with me at ContactWayne.com
Does this work in New Mexico?
Yes! This works in all 50 states!
How do I get started
Who wants a home. The taxes and utilities alone will bury you in many states
Location can make a big difference on whether owning or renting is a better option.
is this usda buy direct?
USDA Rural Development
Oh and if ya family consiat of more than just you, your loan wont cover a home actually big enough to keep ya family together.
I think is irresponsible to tell people to buy because it's only 1k out of pocket.
Same, there are so many other costs to owning a home where it sometimes is more than renting.
He didn't tell people to buy. He said for those who want to, this is one way to do it. I think it's dishonest to accuse people of saying things that they didn't say.
I tell people the exact same thing. Because it’s true.
Hone ownership helps build wealth. And it gives people stability
I have bought house for $10,$1000, $2000 down. There are many different ways to buy house. I bought house with owner finance zero down and sold on rent to own getting $10,000+ as down payment. Get knowledge instead saying it can't be done🤔