Category: USDA

If you are purchasing a Manufactured Home, ask the seller for the Manufacture Date!  USDA will not allow a manufacture date exceeding 12 months of the purchase agreement contract.  I help homebuyers finance manufactured homes and I’m happy to answer your questions!

If you are purchasing a Manufactured Home, ask the seller for the Manufacture Date!  USDA will not allow a manufacture date exceeding 12 months of the purchase agreement contract.  I help homebuyers finance manufactured homes and I’m happy to answer your questions!

Related Article Title: Financing Manufactured Homes Over 12 Months from Manufacture Date Question: We keep getting a “refer” from GUS for a manufactured home that has never been lived in, but has been vacant for a while.  Is there a rule about the age of the property even when it has never been occupied? Answer: […]

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Financing Manufactured Homes Over 12 Months from Manufacture Date

Question: We keep getting a “refer” from GUS for a manufactured home that has never been lived in, but has been vacant for a while.  Is there a rule about the age of the property even when it has never been occupied? Answer: You need to ask what the manufacture date was. It cannot be […]

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Paying Off a Second Lien on a USDA Streamline Assist Loan

Question: Will USDA allow a second mortgage, which is a housing agency assistance loan, to be paid off using a RD Streamline Assist?  Answer: Unfortunately, you cannot include the second lien unless they subordinate it to the USDA loan. This is from the USDA FAQ’s: Can existing subordinate “silent” seconds be included in the loan […]

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Manufactured Home that was Never Occupied – New or Existing?

Question: My client is purchasing a Manufactured Home and using USDA financing. The home has never been lived in and has never been on any other property, and has been on the market for a while.  Is this considered new or existing? Answer: This is from Chapter 13 of the guidelines. It looks like you […]

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Important USDA Update!  USDA is changing the way that they will allow MCC [Mortgage Credit Certificates] to be used in qualifying a borrower. Previously lenders could deduct the monthly benefit from the house payment and then qualify the borrower for the remainder.  Now, they are requiring the lender to add the monthly benefit as income.  This will make a big difference in qualifying!  PM me with any questions.

Important USDA Update!  USDA is changing the way that they will allow MCC [Mortgage Credit Certificates] to be used in qualifying a borrower. Previously lenders could deduct the monthly benefit from the house payment and then qualify the borrower for the remainder.  Now, they are requiring the lender to add the monthly benefit as income.  This will make a big difference in qualifying!  PM me with any questions.

Related Article Title: USDA Releases Advance Copy of Proposed Changes for Chapter 9 Written by: David Hail, Staff Writer USDA is cranking out a massive amount of Chapter updates with extensive changes and clarifications.  Anyone working with USDA needs to keep up with these guideline updates and clarifications that our USDA expert outlines for you […]

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