Category: USDA

If you used USDA financing to buy your current home, you will need to sell that home in order to use USDA financing on your new home!

If you used USDA financing to buy your current home, you will need to sell that home in order to use USDA financing on your new home!

Related Article Title: Will USDA Allow Financing on More Than One Residence? Question: My client presently owns a manufactured home, and the loan is more than the property can be sold for.  They would like to buy another home using USDA financing and keep this home until it can be sold for at least what […]

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Will USDA Allow Financing on More Than One Residence?

Question: My client presently owns a manufactured home, and the loan is more than the property can be sold for.  They would like to buy another home using USDA financing and keep this home until it can be sold for at least what is owed.  Can this be done? Answer: Unfortunately, they cannot keep their […]

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Borrower Needs to Move Due to Disability

Question: My client currently has a home financed with FHA. Due to his disability, they need to buy another home because the current home does not meet his needs.  They would like to use USDA/RD financing if possible.  How can I document this “need”? Answer: This is what HB-1-3555 Chapter 8 has to say:“The disability […]

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USDA Identity of Interest – Buying from a Family Member

Question: My client is buying a property from his grandparents.  Will there be an identity of interest issue with this scenario? Answer: USDA has no “identity of interest” restrictions like FHA. It’s already a zero down loan product and the grandfather can actually pay all the closing costs/prepaids up to 6% of the sales price. […]

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Under the USDA-RD Program, a manufactured home can be financed as long as it was built in 2006 or after. This is a great program offered to clients who qualify, as it does not require the down payment restrictions of other programs.  Sound interesting?  PM me and let’s talk.

Under the USDA-RD Program, a manufactured home can be financed as long as it was built in 2006 or after. This is a great program offered to clients who qualify, as it does not require the down payment restrictions of other programs.  Sound interesting?  PM me and let’s talk.

Related Article Title: Age of Property Eligible for USDA Manufactured Financing Question: My client is interested in purchasing a manufactured home with USDA-RD financing.  It was built in 2012 and the guidelines state that anything newer than 2006 is acceptable.  Another lender is telling the listing agent that USDA only accepts new construction.  Who is […]

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