USDA Loans Info, Pros and Cons
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- čas přidán 6. 07. 2024
- Considering a USDA loan? Tom Freppon with Stockton Mortgage explains how it works and some of the pros and cons. He also addresses some of the delays happening currently with the loans. Make sure to like and subscribe to our Love moving page!
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The man speaks in a whisper!!!!
Needs to be explained after you purchase a home if you decide to sell
Ther cons of trying to sell your home after you get a loan
Does USDA allow a career change? Also can you get a loan with an offer letter? My husband was a local driving mechanic and recently switched to over the road truck driving paid by cents per mile.
Hi Arlene! Thanks for asking these great questions! We have reached out to Tom Freppon featured in the video to get his thoughts. We will let you know what he says ASAP!
Arlene, thanks for your questions.
USDA requires a minimum 2 year work history but does allow for a career change within that 2 year history.
The likely issue with your husband's new employment is the pay structure rather than the career change. When pay is variable as in commission, bonus, or in this case, per mile, there needs to be enough history to accurately determine the amount and continuance of that income. In most instances, that would require a two year history to determine an average income earned.
An offer letter is not sufficient to obtain a USDA loan. Although, there is no requirement for minimum time on your current employer, it is a requirement to have a pay stub sufficient to verify the income that is being received.
I would be happy to look at your circumstances or answer further questions. You can reach me directly at tfreppon@smcapproved.com or 859-240-2332. Thank you
Tom Freppon thank you for the quick reply! I will try to gather the pay stubs
Approved for a conventional and a USDA loan. How much higher would payments be if i went USDA typically?
I would be happy to compare the two different loan types for you JH if you would like me to. Depending on the amount of down payment on the conventional loan (assuming maybe 3%) the USDA loan payment is typically very similar if not a little lower. Feel free to reach out to me at tfreppon@smcapproved.com or 859-344-7306 for more information.
Can I get a property in Rockland county NY for USDA loan.
Hi! We service Kentucky, Ohio and Indiana, but know lots of great agents in New York if you would like us to put you in contact with one.
Can you later on buy another house with a conventional loan and rent the usda property?
Yes, you can. We will let Tom Freppon explain the different ways to do that. If you need help finding a property, let us know!
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