USDA Loan Requirements (For First-Time Home Buyers)
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- čas přidán 29. 06. 2024
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0:00 2022 USDA Loan Requirements (For First-Time Home Buyers)
0:17 0% down payment
0:54 Direct vs. Guaranteed
1:27 Insured by USDA for "rural" areas
1:40 Extending your commute
1:52 First-time home buyer
1:54 Construction loan
2:22 Comment from last year's video
2:49 What is USDA
3:29 GUS
4:17 Pick a helpful team
4:57 COVID Changes
6:48 Down payment
8:26 Closing Costs
11:57 Proof of Funds
14:15 Credit Score
16:48 Credit Events
17:39 Interest Rates
18:55 Mortgage Insurance
21:56 Property Requirements
25:05 Appraisal Highlights
26:40 Sample homes
28:33 Loan Limits
31:09 Income and Employment
26:40 Sample homes
28:33 Loan Limits
31:09 Income and Employment
32:44 Affordability
34:04 GUS (front-end/back-end)
35:27 Manual Underwriting -640
36:56 Student loans/ CAIVRS update
37:53 Income-Driven Repayment
38:45 Manual Underwriting -680
39:38 Seller Credits
41:06 Special Requirements/Features
43:58 Refinancing
46:18 Success Rate & Seller Perception
48:17 How to get a USDA loan?
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...
![Хасан Халитов [ эфир 29.06.2024]](/img/n.gif)
I did this loan 2 years ago after following you and Shahedda Hill on this platform. You made it so easy! Continue to bless us with this knowledge!
Wonderful! Thanks for watching. :)
@SheOwnsAh Hill the process was easy I was approved in May of 2020 but I didn’t find a home I liked until September I closed in November of that year. The best advice I can give you is to make sure you get exactly what you want and not settle. The only small issue that I had was with the underwriter I had to give an explanation about a few reoccurring charges that I had on my credit card each month which is pretty common with any loan.
Congratulations!!
I'm doing this now and @shahedda hill and this channel are my go to videos
I just wanted to say that usda does limit the location of where you purchase. It’s mainly for rural areas. Usda guaranteed is for median low income and usda direct is for very low income. I had to do research on my own on the differences because the loan officers acted like they didn’t know what I was talking about. We kept getting denied but realized, the officers gave us the application for the very low income and we of course overqualified for that. I did some digging and finally told them they were wrong and went elsewhere. Our lender we have now didn’t know either but we have our pre approval amount a few weeks ago. =]
I cover this in the video :)
@@WinTheHouseYouLove sorry, I should’ve said for people who didn’t hear. Some people still asked questions. I assume that they didn’t hear correctly or just wanted a comment
Congratulations ☆☆☆☆, 🎊 On The Purchase Of Your New Home!!!
Literally it’s the first minute of the video..
I'm a mortgage loan officer.
Generally we don't deal with USDA loans much. So this section of loans it's great to do your own research so you can make sure everything goes right.
When I did my yearly coursework to upkeep my license. Usda loans weren't even touched.
Thank you for helping it’s rare finding someone that is willing to help others like yourself
Wow! Thanks. :)
I used a local bank to get a USDA Guaranteed loan last summer before rates started creeping up. It's an easy process similar to a conventional loan as long as you have done a little research and have all docs and anything a lender will typically need ready for them when you start the process. Closing was extended out to closer to 45 days, but that is because at the time USDA was backed up and they have their own approval on top of the bank that they have to do. When it was all said and done, at closing it cost me about $3800 for closing cost and then the loan was transferred to US Bank.
Wow! thanks for sharing your experience and for watching. :)
Thanks for this. Most lenders are quick to push to FHA or conventional. Do you know lenders that can do this in Florida?
@@emmychannel5563 This is a list of lenders by state. www.rd.usda.gov/sites/default/files/RDGRH-AllStatesList.pdf
@@emmychannel5563 Would love to know this as well, I live in Florida and the last 2 years all the lenders I met pushed for fha or conventional.
@@emmychannel5563 bank of america and wells fargo both do
I brought my home with USDA 6yrs ago and recommend this if you can do it. Good to see awareness for this as alot of people don't know about these loans 👍🏾
Yes, that's the reason why I make videos like this. Thank you for watching. :)
Thanks for spreading knowledge, new subscriber here. I like the layout , no music , straight to the point
Thank you so much for watching!! :)
I'm just starting to learn about this type of loan. Of all the videos I've watched, this one is by far the most clear and informative. Thank you for the knowledge!
Glad it was helpful!
Your videos are extremely helpful and informative!! Top to bottom full of detailed info! THANKS!
Glad it was helpful! Thank you!
Wow! This just blew my mind! I'm a home owner already, however I've been teach my young adult children about home ownership and credit since they were teens. I can’t wait to teach them about this type of loan.
You're an amazing teacher!
Thanks!
Teach to pay cash
I want to tell you "Thank You" for your clear, concise and accurate videos and constantly encouraging us to stay focused and not give up. I closed today!!!! I appreciate you 🙌💕
Awesome! This made my day, enjoy your home. :)
Congratulations
Thank you for the great information. Have a great day
Thanks! Have a great weekend ahead. :)
Great stuff!👍 Appreciate the break down!
Wow! Thanks!
Thanks so much for this information. This answered so many questions I had about a USDA loan.
Glad it was helpful! Thanks for watching. :)
Thanks for this info! I've been looking for options to buy my first home and I'm really excited
Best of luck!
I very much value that you start your videos sharing what information you are going to deliver. No fluffy intro with cool editing, I'm not really wanting that video style when I'm watching RE or personal finance videos. Thanks, Kyle!
I appreciate that! Thanks for watching.
Thank you for sharing this content because I have been looking for home
You are very welcome.
You're incredibly thorough and I appreciate the time and effort put in to this presentation. Thank you so much!
You're very welcome! Thanks for watching. :)
Hi.if you help us, you bring,your friend , if they are
Smarter then you. They get demand,let me know,
This is awesome! Love the part where you say, beware of loan officers that try to steer you to other programs! I literally just told somebody to look at FHA because I had no idea this existed. So that person sent this video to me! I’m so glad they did! I’m going to send this video to a lot of people! 😂
Love the new look lol and thank you for this info I’ve been doing much research to purchase a house and your vids have been great help
My mustache! 😁 Thank you and best of luck!
Just sitting here thinking that you're clear, concise and I'm learning lots of new info (to me anyway) thank you !
Glad to hear it! Thank you!
Thank you for making this information so accessible! Important to be educated buyers and sellers.
I just recorded a personal video reply for you: vid.us/va3kmk
Thank you for all this great information
No prob! Thanks for watching. :)
I've learned so much from watching your videos. Thansk so much for sharing and creating this content for us future home 🏡 buyers. These tools are beyond helpful . Im such a proud subscriber.
You are so welcome! Thanks for watching. :)
I truly appreciate how well versed you are in knowledge of USDA loans!
I appreciate that!
Excellent tutorial 💯
I needed this information and thanks
Glad I could help
I've payed rent on home 9 years now its time learning alot thanks for knowledge
That's great! Best of luck!
@@WinTheHouseYouLove thanks so far only badnews with usda loan is may jot qualify for more than 175k
*paid,
a lot
Great data points, I listened in its entirety but half way in I looked up and started looking at the vid and noticed that perfect hair lol. Thanks again for the info I definitely shared with a few ppl.
Hahaha thank you I cut it myself since COVID started!
Good video and info...we are wanting to go rural so this is great info for our situation !!
Thank you so much for watching!! :)
Great information in this video. Thank you for sharing:)
Thanks for watching!
Thank you for this information.
Glad it was helpful!
Thanks for the great info. much much easier
Glad it was helpful! Thanks for watching.
An ad for this type of loan came up in my social media, and then this video. Seriously considering this type of loan because I want to live in a rural area anyways
Love the stash, I've been watching your videos for the past few months and all tips aside, I must say your voice makes me feel like I can accomplish anything as long as you're there to guide me. lol.
The voice makes everything sounds easy.. hahaha thanks for watching!
I hope you see this, first off this is BY FAR the best and most thoroughly explained video on this subject I have seen. So thank you for that. Second, if you are in a Union and you take money out of your annuity fund to help with your closing costs do you need to have it in your bank account to “season” before you can go for the home buying process? Do they (the underwriter) look at this negatively?
Yes I have really like your podcasts! You always give good info that can be use now or near future. It helps so much so when you talk to bank, mortgages broker and realtor, you can talk with confidence and speak their language!!!!!
I'm so glad! Thank you!
Id love a video on one time close USDA loans. Im ready to be in the country with some scenery
Your the best sir!! thank you
Thanks for watching!
THANK YOU , THANK YOU, THANK YOU. I would keep going, but you get the point. Your video has been a life saver. I am currently looking to purchase and had not considered the USDA loans. I have halted my search to see if and what i qualify for. Considering i am looking for a rural homestead, this may be right up my alley. I will also consider a FHA as i am willing to put some money down, to bring down the monthly and interest of the life of the loan. I will be reaching out to the links in the description. You are truly a blessing and appreciated.
Awesome! Hope to talk to you soon. Thanks!
Thanks for your videos.
My pleasure. Thanks for watching. :)
Your video was very informative and helpful thank you!! There was a lot I never knew about USDA loan until the break down of your video. We are in the process of being homeowners and the loan is an USDA that we are getting.
Thank you so much for watching!! :)
I found a house I'd like to buy. I checked the map and it's literally 50 feet outside of the boundary that wouldn't allow me to qualify. But by the time I start talking to a realtor, the house will be under contract. They're going "Contingent" and "Pending" within days, sometimes within hours, of being listed.
This video is incredible
Thanks!
Ours was 620 score. your debt ratio & income impact how much house you can buy. We put 5% down. Fixed 4.5% interest. We did FHA in rural area. Is this the same as USDA? Our extra insurance stuff is $345 plus our house loan payment. Outside all this get the home appliance insurance. It saved us when our outside unit went to crap. We use" first American home warranty ". $1800 to fix but we paid $465. Trust every so often something will break & your responsible for fixing it. It's also a good idea to save $1000 for home repairs.
Great information..liking the mustache
Thanks for being early. :)
Thank you!!❤
My pleasure! ♥
You would think that the USDA would be more open to construction loans being that the loan is for rural areas. I always thought that “rural”meant more agriculture land than housing.
Thank you so much!
My pleasure. Thanks for watching. :)
@@WinTheHouseYouLove I learned so much from your channel that most realtors or consultants don’t even delve into. It’s like they don’t want you to ask questions, they just want you to purchase so they can make a commission. This is a big decision that should be thoroughly researched.
There are still certain zip codes adjacent to big cities like Phoenix and actually with Phoenix zip codes.
If anyone can answer this question I’d appreciate it.
If my client has recent delinquencies on their credit cards would that be an issue to qualify for this particular loan?
Thank you so much for the video I am about to close next month with the USDA hopefully they approve
Best of luck!
@@WinTheHouseYouLove Thank you so much
You just got a new subscriber 😍😍😍
Welcome aboard!
Me too just subbed 👋🏼
Thank You 🙏
My pleasure. :)
I had one of these, couldn't find a home in my price range that could pass the extensive inspection that is required. That's 500 bucks every time it happens out of pocket. Additionally the extremely competitive atmosphere here made it almost impossible to take advantage of the loan. Time limits run out and you have to repeat the process.
I’m sure I’ve asked already but can you do an updated video on the USDA loan and process of using it.
Zero down is different from closing costs correct? I’m trying to get out of paying closing costs. Been difficult.
Great content and thank you for sharing this information.
Wow! Thank you!
Great video! I just submitted my prequal application for the direct loan. Would love a video on the actual step by step timeline from prequal to application to closing. Thank you.
Best of luck!
It depends on how quickly you can have it inspected and appraised. If everything goes smoothly 3 months is not unrealistic.
Can I tear down the existing building and build a new house with this loan? Or would I have to refinance to a different loan?
Super informative and helpful! I’m in Washington. My family of 4 would love to receive this loan to finally become homeowners ❤❤❤
Thank you so much for watching!! :)
Once you’ve been approved for the loan and moved into the house, can your income then go up past the approval rating?
Thank you for this informative video! My wife and I are currently looking for land on which we hope to build a home. You mentioned that a USDA Guaranteed Loan cannot be used for "income producing land." Does that mean that at the time of purchase the land cannot be income-producing, but that after you've purchased the land you can begin to use it for agriculture? Or does that mean that the land can *never* be used for agricultural purposes?
1000% they will never come back and check if it starts growing melons
This in in regards to farming but if you do start producing a significant amount of revenue it is quite likely that it will trigger a review
Do you have any information on construction loans thinking of building from ground up
Will you be doing a video about the direct loan ?
Possibly in the future
Can you explain USDA loans when building a home? Would someone who is building a home have to pay on the loan while the home is being built? And…what about land? Would you have to pay on the loan for land during a build? Thank you.
You must OWN your land 1st, without any liens... they will not build on land that you are still making payments on...
@Melissa Merry, Hi you can use a USDA Single Close Construction Loan to purchase land to build your home on or build on land you already have (with certain criteria), or payoff land you are financing to use. I have attached receipts (Proof), straight from the USDA. Answers to your questions are in this guide. I am going to go with this method. Good luck:) www.rd.usda.gov/files/RD-SFH-ComboConstructionNotes.pdf
If you want to build on land it must be owned outright or you can not pull permits but you can do a loan to purchase land and convert it to a construction loan where you are paying monthly during the loan but it can not then be converted to a usda loan only conventional.
Can you tell the process if you own a house already? Thank you
Compared/combinable with a va home loan?
Do One on VA Loans Please!
Soon! Thanks for watching. :)
What’s there to do? VA loans are NO MONEY DOWN ✅
Gosh you are so cute and I love your voice. Also your information that you give is amazing. I’m active duty Army. Can you please do a video on VA loans. Thanks! 😊
Thank you! Sure, I will add VA loans to my to-do list. :)
Hey great videos! By the way I found a typo on your website
Oh no! Can you let me know at kyle@winthehouseyoulove.com
I’m pretty sure it’s in the figure 0ut your moving plan section!
@@WinTheHouseYouLove also. Stop by the channel and let me know your thoughts on my cartoon show ;)
Potential FTHB here…
Can I purchase a single-family property as my primary, live in one room and rent out another bedroom?
I don’t want to sell the property anytime soon after buying; just would like to find ways to lessen my mortgage at times.
Would like to add that I’m looking to do this with a USDA loan if possible
Are you gonna be the one looking for the place? Any listings suggested?
Do you know anything about the NACA program? I spoke with a HUD counselor and when I mentioned going with a USDA loan they said the NACA program was better because they work with conventional loans.
I'm working on putting together NACA video :)
What mic are up using? You sound great
I use a Neumann TLM 102
🙋♂️I got a question if you win a lawsuit do you still qualify for the 0 down payment or you gotta for conventional?
What software did you use to video with video on left and wording on right. Thanks good cideo
Ecamm
I've been trying g for two years now to buy. Trinity morgage has been making me jump through so many hoops. Last year they told me I was a shoe in. This year they are saying I need to make more money. But if my income comes up in 2022 it can only go up 20% which doesn't raise me up enough. But I could ammend my 2021taxes pay all the fees etc then raise my 2022 just 20%
So at this point I keep seeing this stuff and I just feel totally frustrated.
Genuinely surprised how much of MA is USDA eligible 🤔. I always assumed it was only for farm land. Great breakdown as always
Thank you so much for watching!! :)
My mom recently passed away and in the will it said I was to assume the mortgage for the remaining balance and the mortgage company told me I cannot assume the loan I would have to refinance I wonder why. I need guidance or someone to talk to I'm at a loss. I've lived with my mother for the last 9 years
Hi!, Looking at 31:00 I understand the income requirements however I'm curious if you can have an increase in salary that puts you over the threshold after (example: 6 months after) you have closed on a home using a USDA loan?
They only look at income up until closing. It does not get tracked after closing
Ok, so my wife and I combined make over the allowed income limit. What if I go through with the process and she just “moves in with her parents for a year” is this a loop hole? It can’t be that easy, is it?
With inflation and housing prices we are all low income borrowers lol. I sold my house in 2016 for 200k, the next owner treated it like poop. They tore down that building and now JUST the land is for sale for $1,800,000 dollars! That is a 800% prices increase. A increase of one million six hundred thousand. I will buy my land back once the price falls if i didn't have to relocate for the military i'd still own it. This is in Tampa Florida.
Would it be possible to be accepted for this type of loan if I had to have a cosigner as I've been injured last few years (not to mention virus outbreak) and have been unable to rejoin workforce. Credit is 750+ and have minimal debt.
Hi, I loved your video, but did not see anything about income requirements only proof of funds. Would that mean you only have to provide bank statements? Do you have to show two years of income/ tax filing etc?
31:09 Income and Employment
I am interested in a USDA loan, don't plan on renting the house out but I do plan on renting rooms out. Would this qualify?
What's the average mortgage interest rate for USDA loans? Average APY?
www.winthehouseyoulove.com/rates
How do we find lenders who can do USDA for something like a 2br/1ba around the $60k mark. I live in a USDA rural zone and median household income is around $35k. Most lenders either don’t want to or “can’t” work with homes under $100k. What to do?
Email me we can help kyle@winthehouseyoulove.com
Which loan would be the best for first time home buyer? FHA, Conventional or USDA? Thank you!
It really depends on your situation and goals :)
@@WinTheHouseYouLove Have you done a video on this? Pros and cons of each. Gonna have to scour your channel. Excellent content by the way.
I heard that you can put less than 20% down and still do conventional and once you've paid 20% down on the principal the pmi will come off. Is this true?
Are you able to talk more about USDA one time close construction loan.
On my list!
With good credit, no debt, only income is SS. As an elderly, disabled senior, I´ve been informed by local USDA office that my income in not sufficient for loan. So I must remain in an unsafe environment. When I moved into my present apartment i was not as disabled. Now I require more safety issues. Two-three year waiting list for senior housing, etc.
Hmm, I don't know why that would be. USDA Direct is designed for people in your situation.
So can you or someone tell me if you can use USDA and a Down payment Assisting Program at the same time?
You don't need down payment assistance since there is no down payment
@@WinTheHouseYouLove Thanks for answering but I think I asked the question wrong. What I mean was since USDA is no money down could I use the down payment program for the closing cost or it's just only to be use for downpayment.
Yes, as long as the DPA program allows you to use the funds for closing costs and works with USDA. You'll need to talk to the DPA program provider to see their rules.
Dose this loan exist in California?
What lenders work with 500-520 credit score
Thank you so much for a great video.
I would like to know if you and your team can help me buy a home in California or Oregon even though you are not from that area
Thanks for watching! Yes, all 50 states! Send me an email kyle@winthehouseyoulove.com
@@WinTheHouseYouLove Thank you!
Kyle, i had a question for you. i have a low credit score of 530 do you think if i added myself as an authorized user to my parents account (they have 800+) i would be able to pass GUS? i have a couple late payments on my record i dont know if they will still show up or they will go by my new score once i get authorised.
I don't believe an authorized user account would add 110 points, unfortunately.
You likely would benefit from a credit coach or ScoreMaster to help explore any negative items and simulate your best credit score in the near future.
Hello, I am the author of your credit, the bureaus & the fix on Barnes noble. What you might want to do is reduce your balance to a limit on credit cards down to 30% this can assist an increase in fico of up to 10 to 25 points per tradeline per bureau. You can increase the fico on your credit profile with an authorized user anywhere from 15 to 50 points depending on the limit to balance on their account and the timeframe opened. Make sure that the person who adds you does not charge up the account or fall behind on any payments. There are so many ways my 56-page credit book gets to the point on disputes and loopholes. I hope this helps. Thank you.
Question: We rent a home on 10 acres in Alaska. We want to purchase the house and land but use the USDA Construction to Permanent program. We do not want to continue living in the current dwelling but we want to live on the property. If we do that can we rent out the existing dwelling? Any info will help, thanks!
I don't believe USDA will allow you to have a 2nd livable building like that because it would violate the income producing building rule
Do you have any videos on section 184 loans
I don't at the moment
Great content! I would love to work with you and your reference. I'm based in Ohio also and have a couple of questions about purchasing in a rural area.
1. Is house hacking Frowned upon?
2. How many parcels can be on the property? Does the up to 4 units still apply here? Will it be listed as residential or in a different category?
3. I would like to buy 1-4 acres and build homes later in the future. Is it allowed? Or even put tiny houses on my land.
This is amazing. I had no idea about this loan. I had a conventional loan but didn't know about this one.
Thanks for watching! Feel free to email me kyle@winthehouseyoulove.com
1. No, but it's tough with USDA
2. USDA only allows 1 parcel with a property on it with only 1 unit residential
3. No, USDA has a construction loan where you can buy and build, but if you want to just buy land, you'll need a loan loan
@@WinTheHouseYouLove Thanks! This helps me understand a lot.
I looked this up in Atlanta and it’s only eligible 1 hour outside of the city 😢😢
Oh no!
Anyone know if there loans or grants that can help a family that has a home; on property they do not own; that could help us get assistance to acquire property of our own so we can relocate our existing home or possibly even get a new home with land outright so we can then just sell?
Hope someone can Help, as situation my family is stuck living in on existing property arrangement is very toxic and deteriorating fast. We def need help! Urgently...