USDA Construction Loan Requirements 2024 Full Guide!

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Nicole Nark

Nicole Nark

Күн бұрын

Пікірлер: 207
@juliacassidy
@juliacassidy Жыл бұрын
This video has been more helpful than all the articles I’ve read and all the lenders/realtors I’ve asked about this loan combined!
@NicoleNark
@NicoleNark Жыл бұрын
So happy to hear that you found it helpful! 🥰
@peterb.houtman1012
@peterb.houtman1012 Жыл бұрын
Would like to hear about the VA CTP loan process. Thanks for the great info
@daniellemcmillan2108
@daniellemcmillan2108 Жыл бұрын
We are in the same boat. We found that the interest rate on a construction to permanent was at 7.5% (VA doesn't offer a construction loan they just take over the loan after the construction is completed). Hope this helps a little.
@tinawalker5335
@tinawalker5335 2 ай бұрын
We have built for USDA in north central Florida
@NicoleNark
@NicoleNark 2 ай бұрын
How long would you say the process took?
@tinawalker5335
@tinawalker5335 2 ай бұрын
@@NicoleNark I’m not sure how long the buyer was at it before hiring my husband as the builder but he built the house in 4 months. The only issue was that they only pay builders 60% of the draws and a lot of builders probably wouldn’t want to do that . He practically built the house out of pocket.
@frenchyalicea649
@frenchyalicea649 Ай бұрын
​@tinawalker5335 but he eventually got the remaining 40%? How long after the project being done did he have to wait for the last draws?
@brilasblog714
@brilasblog714 Ай бұрын
I would love to connect with you. We are looking to build using USDA in Jackson County fl and I'm looking to put together the team now.
@islandbound843
@islandbound843 11 ай бұрын
Thank you for this. This is so helpful. This information is pretty tough to come by in general
@NicoleNark
@NicoleNark 11 ай бұрын
Glad it was helpful!
@NevaJWilson25462
@NevaJWilson25462 2 жыл бұрын
When I'm figuring on the calculator can I use the gross up for SSDI.
@1nesymphony
@1nesymphony 2 жыл бұрын
Thanks!
@NicoleNark
@NicoleNark 2 жыл бұрын
Thank you for supporting my channel! 💕
@CristianM4252
@CristianM4252 Жыл бұрын
I have not found a lender that offers 0 down . The lowest I’ve found was 15-20% down.
@elizabethchapman1980
@elizabethchapman1980 10 ай бұрын
Thank you so much! I’d been searching for someone to break this down. Really appreciate you taking the time ❤
@NicoleNark
@NicoleNark 10 ай бұрын
Glad it was helpful!
@MyFullFiguredLife
@MyFullFiguredLife Жыл бұрын
Thanx for this.
@NicoleNark
@NicoleNark Жыл бұрын
Thank you for watching!
@JosephMbidi
@JosephMbidi Жыл бұрын
I love this program. I do have this program. My mortgage monthly $450. as I have a nice credit score 895. I have 4 bedrooms single family houses. Thanks god
@NicoleNark
@NicoleNark Жыл бұрын
That is awesome!
@jinnyrichards1357
@jinnyrichards1357 Жыл бұрын
So you actually used usda and found a contractor?
@clpnetwork522
@clpnetwork522 6 ай бұрын
Nice!!!!👍🏾
@clpnetwork522
@clpnetwork522 6 ай бұрын
Beautiful! Was it hard finding a USDA contractor?
@malachibergman902
@malachibergman902 6 ай бұрын
This is a joke. Credit score goes up to 850 😂
@EC-um2kh
@EC-um2kh 2 жыл бұрын
how long do you have to live in home , In case you need to sell?
@ashabrewer9960
@ashabrewer9960 2 жыл бұрын
Thank you Ms. Nark! You provide such important and detailed information. Plus, you've helped me get closer to my dream of building my home. After 3 years of intense looking, I've found a property that is exactly what I wanted. I will live on my 5-acre property in my beautiful custom-built house by next year, if not sooner. Now I'm just hoping for a miracle because I would love for one of those companies that print 3D houses to reach out to me. Thank you for doing what you do!
@Santeeclaws
@Santeeclaws Ай бұрын
How many buildings can you construct on the land with this option?
@lla77
@lla77 2 жыл бұрын
Love your work. Can you please do a updated video on Fha requirements with the down payment assistance programs that are offered and those requirements. Ive heard that there is Chenoa and the new 10 % down program what could they cover in cost
@deniseflores6894
@deniseflores6894 Жыл бұрын
And is it a better choice for 1st time buyer
@ketinathompson4680
@ketinathompson4680 2 жыл бұрын
Thank you, Nicole! This is exactly what I was looking for this information. I live in the area where United Home Built is a home builder company
@NicoleNark
@NicoleNark 2 жыл бұрын
Glad it was helpful!
@burlyfishmonger
@burlyfishmonger 2 жыл бұрын
This was the perfect video at the perfect moment! I am considering the USDA construction loan however I might go with FHA. I am in the process of buying undeveloped property on a 15 ye fixed, debating if I will switch to an ARM before closing as I expect to build within 5 years. I have to wait, though, while I rebuild my savings. The 20% down and closing costs are going to empty out what I have now, but I think it will be worth it. Thank you for this video, as it makes me feel like I can still make this happen.
@justaninja1
@justaninja1 Жыл бұрын
Does USDA do multi family if you live in one of the units?
@masonhensley350
@masonhensley350 2 ай бұрын
i’m curious about this also, looking to build a duplex. did you find anything?
@authorauthority7193
@authorauthority7193 Жыл бұрын
I love your channel, thank you for making these videos.
@NicoleNark
@NicoleNark Жыл бұрын
Thank you for being here! I appreciate you and it makes my day knowing that my videos are helpful! 😊
@davep2945
@davep2945 Жыл бұрын
The USDA program is great in theory but in practice extremely difficult to use. I live in a good area for construction with dozens and dozens of builders and banks as well as mortgage specific institutions. NONE of the lenders in the area work with the USDA loan. I had to go to an online lender. Then, as she stated, finding a builder who was willing to work within USDA guidelines was difficult. And then, of course, that builder took on more work than they could do because they were tying to squeeze every dollar they could out of the freak market that was 2020 into middle 2022. So, they more than tripled their original estimate between our first consultation and their final bid. Well, that ended things real quick. So, more than a year later I'm starting the process again. Lenders and builders had it good for several years and got used to a run of success they foolishly thought would last forever. Builders are more receptive to working with the USDA program than they were a year ago when they couldn't keep track of all the requests to build but they are still way overpriced. And I am back to the same online mortgage company because no one in my area seems to have gotten the message that the good times are winding down and it might be a good idea to expand your lending options.
@lizbethdiehl318
@lizbethdiehl318 Жыл бұрын
Which online lender are you using?
@travistint1277
@travistint1277 Жыл бұрын
which online lender did you find
@MM-pn8ho
@MM-pn8ho 3 ай бұрын
What is the name of your online lender?
@techiegirl2927
@techiegirl2927 2 ай бұрын
We had one it was surpringly easy to close and hubby was a bartender so....tipped wages still they were easier than our current fha
@kertonniapetty-miliken4834
@kertonniapetty-miliken4834 2 жыл бұрын
I think is an interesting program and yes if you would break then down a little more please.
@jessicapowell4584
@jessicapowell4584 2 жыл бұрын
How do we go about applying for the construction loan? Do we have to buy the property first? Or can we buy the land with a construction loan and roll it into a mortgage? Also any tips for help with closing costs and blueprints?
@JosephMbidi
@JosephMbidi Жыл бұрын
No. They have to find the area for you as mine have this program NC. My mortgage monthly $500 as I have a nice credit score 867. I have 4 bedrooms.
@amandamedina2296
@amandamedina2296 Жыл бұрын
Ok you are awesome!!! Arkansas person here!! And I’m learning so much!! Where in Arkansas?
@NicoleNark
@NicoleNark Жыл бұрын
Woohoo! This loan can be used SO many places in Arkansas. As a general rule of thumb, most cities with less than 30,000 people will qualify. Please reach out to me via my contact form with any additional questions, I’d love to help!
@gr82bloved43
@gr82bloved43 Жыл бұрын
perfectly made video ... thank you!
@NicoleNark
@NicoleNark Жыл бұрын
You're welcome! Glad it was helpful ☺️
@1nesymphony
@1nesymphony 2 жыл бұрын
Thank you for always sharing valuable information on your platform, greatly appreciated
@mariagomes9882
@mariagomes9882 2 жыл бұрын
Excellent information! I am buying a lot right now and these are valuable info for me. Thank you
@NicoleNark
@NicoleNark Жыл бұрын
Glad it was helpful!
@iyabomarvel8506
@iyabomarvel8506 Жыл бұрын
@NicoleNark Thankyou for your videos. Downloaded your list of lenders and found one in my state and town!! Called yesterday and already starting the application process. Thankyou so much for all that you do
@NicoleNark
@NicoleNark Жыл бұрын
Woohoo! So happy to hear that the video brought you some value and helped you get started! ☺️
@Dabeast2004
@Dabeast2004 2 жыл бұрын
What if you already own property that is paid off? Will this loan route work?
@Steve-zr1tt
@Steve-zr1tt 2 жыл бұрын
Anyone watching use this construction loan? I have scanned allover the area and the only thing available in the rural areas are empty lots or lots with trailer. I am interested in this loan for the purpose of construction being I would not buy a lot with a trailer on it… I imagine this will be very hard to find a contractor with this loan…
@Daveortiz693
@Daveortiz693 5 ай бұрын
Good information, thanks for the comprehensive video!
@the4evrQueen
@the4evrQueen Жыл бұрын
OMG you already made it! TY
@NicoleNark
@NicoleNark Жыл бұрын
Absolutely!!
@joettssouder3841
@joettssouder3841 Жыл бұрын
Please please tell me how to do this
@tclodfelter8789
@tclodfelter8789 Жыл бұрын
So if you're D/I ratio is BELOW 41%... BUT your income is over their max for "moderate" income...you CAN'T USE the USDA home build loan!!??
@DaleHiggins-m4c
@DaleHiggins-m4c 11 ай бұрын
I need to build a handicap accesible home it is nearly immposible to find one already built
@joannhargrove8838
@joannhargrove8838 2 жыл бұрын
Do is construction builder and USDA Rural Development in Franklin County, NC (list construction built)?
@cryptopope1772
@cryptopope1772 Ай бұрын
Where’s the time bar ?
@Goodkind-express
@Goodkind-express 2 ай бұрын
thank you
@DaveGlick-v4q
@DaveGlick-v4q 2 ай бұрын
Great information about these USDA Construction loans. By chance would you happen to have a link that directs one to what all is covered with this loan type ? In the area I am wanting to build or buy a Modular home there will need to have septic installed, Water ( wells drilled ) covered with this loan etc. Please let me know and your viewers as well. Thank you
@adriangutierrez1441
@adriangutierrez1441 2 жыл бұрын
Hi Can you brake down the FHA 203K loan ty.
@faihasan2020
@faihasan2020 2 ай бұрын
Really love the USDA program
@RAIBACH-l6l
@RAIBACH-l6l 3 ай бұрын
I would like to make an arrangement with the seller in a letter of intent to purchase, to allow me some time to secure financing. I'm not interested in getting lower price necessarily. The negotiations are about time, and for this uncommon place, time is money. I have to find a USDA approved Builder, I have to get some stuff before I know if USDA will guarantee the loan or if a bank will finance it. I want 30 days to work this uncommon situation out, without the fear of a cash buyer coming in while I'm working on it. And I want to do this with a Letter of intent to purchase. With a “no shop” clause to prevent the seller from finding another buy in the middle of the process.Only because a LOI is non-binding traditionally.
@errndog
@errndog Жыл бұрын
Wondering if I could use this for a barndominium?
@NicoleNark
@NicoleNark Жыл бұрын
Great question! From my understanding USDA prefers stick built homes to those with a metal shell. Depending on how you plan on constructing the home, it might work!
@khalidqatash2525
@khalidqatash2525 Жыл бұрын
Great information. Thanks for the hard work.
@NicoleNark
@NicoleNark Жыл бұрын
Thanks for watching!
@medetk1166
@medetk1166 3 ай бұрын
What would be the APR for usada loan?
@Jay-wp2nw
@Jay-wp2nw 25 күн бұрын
Can you recommend any lenders in Florida I have been looking for over a month and have had 0 luck… it’s been such a headache
@GermanShepherdForever
@GermanShepherdForever Жыл бұрын
Good information Nicole.
@NicoleNark
@NicoleNark Жыл бұрын
Glad it was helpful!
@RayVelasquez-x8j
@RayVelasquez-x8j Ай бұрын
Hi, Nicole! Thank you for all the great information in this and all your videos. I'm really excited to get one of these USDA Construction loans. I've looked around town and haven't found any lenders that will do the loan. Can you help me find a lender?
@Hemidakota
@Hemidakota Жыл бұрын
What about buying land and building a new home?
@bdunk3403
@bdunk3403 2 жыл бұрын
I just bought land, can the land be put into the usda loan? otherwise I would be over the 41%
@qtlylikewoh2774
@qtlylikewoh2774 5 ай бұрын
What about any grants for low income families
@TheNyn8tiv3
@TheNyn8tiv3 6 ай бұрын
Can you build a multi with this loan?
@lyndsipratthorsemanship
@lyndsipratthorsemanship Жыл бұрын
Hi Nicole, thank you for this information. Got a question for you or anyone who knows. We have our eye on a rural property which has utilities and an unfinished cabin - it is livable, but would need interior finished and also the well repaired. Do you think this could qualify for the USDA construction loan, or is that for new builds only. It is sounding like it would not qualify for the other USDA loans since the house is unfinished. Thank you.
@shannonkelly5138
@shannonkelly5138 Жыл бұрын
yaya
@pharoahsghost2868
@pharoahsghost2868 3 ай бұрын
can this program be used on heir property?
@DaleHiggins-m4c
@DaleHiggins-m4c 11 ай бұрын
Have you ever seen a construction to perm loan. Others say it just dont happen
@NicoleNark
@NicoleNark 11 ай бұрын
Construction to perm loans I have seen many times. The USDA construction loan specifically I have not seen anyone use.
@Saminthefloof
@Saminthefloof 2 жыл бұрын
I have a huge question and I'm praying that you can help answer it! What if I was gifted a piece of raw land on (from) my family's property of 1 acre and we already know that it's zoned already for residential and permitted already to build on. I also meet the requirements for a USDA. How would I go about getting an address for this acre for the lending? Would I just use my family's address since the acre is part of their property?
@MrChappey711
@MrChappey711 Жыл бұрын
can i use USDA for a manufactured home?
@CMIC
@CMIC 11 ай бұрын
Yes
@AbdullahTech
@AbdullahTech 2 жыл бұрын
I don't think you mentioned modular homes
@amandamedina2296
@amandamedina2296 11 ай бұрын
Can you use a USDA Construction Loan and convert it to a VA loan at the end of completion of the home?
@nickformato6838
@nickformato6838 Жыл бұрын
Hi Nicole. Thank you so much for this video. Can I get approved for a USDA construction loan with a pre-fab home?
@latonyalee7821
@latonyalee7821 9 ай бұрын
You can for a modular and manufactured (mobile) home. Does Pre-fab fall into one of these categories? If so, yes.
@IneffableK
@IneffableK Жыл бұрын
What if we already have land? What if it's not legally ours? Like, we will live on property near family??
@1027jmorris
@1027jmorris Жыл бұрын
Hi @nicolenark! Thanks so much for making this video. I am concerned about student loans debt. If I applied with another person but used my income, would it work for us?
@NicoleNark
@NicoleNark Жыл бұрын
Great question! When you apply with another person, the income, debts and credit scores of both individuals will be considered. There’s no way to use the income of one person but the credit score of the other for example. If you want more of a breakdown, check out my recent Debt To Income ratio video! It will help you learn how lenders will view your finances!
@latonyalee7821
@latonyalee7821 9 ай бұрын
If you are paying your student loan, the lender uses your payment amount. If you are in deferment or forbearance and not paying, they use 1% of your total balance as the monthly payment. Example, if you owe $40,000 in student loans, the lender factors a payment of $400.00 in your debt-to-loan ratio. However, if you are paying a fixed amount of $125.00, they would use $125.00 in your debt-to-loan ratio. It's best to get your payment as low as possible for at least a year before you apply. Two years is even better. I'm speaking from my experience with my credit union only.
@JohnDavidWright-xs3ys
@JohnDavidWright-xs3ys 3 ай бұрын
Can this loan be used to build a fourplex(one unit would be for me)?
@jaxg8rchick167
@jaxg8rchick167 2 жыл бұрын
Have you done a video on where to even being with all this? I have no clue do you call contractors do you call realtors do you call lending companies or the government to utilize the process I have no clue where to start . Please help I'm in Florida
@kbinco
@kbinco 2 жыл бұрын
Love your videos Nicole. I currently live in South Dakota but looking for a possible move to Fayetteville. I recently received a newcomers guide to that area. I am by myself looking for a one bedroom apartment, do you work with people looking for apartments? Thank you in advance...
@Homesteadhappyhour
@Homesteadhappyhour 2 жыл бұрын
Has anyone successfully completed one of these?
@applejack2911
@applejack2911 2 жыл бұрын
What credit score would you need? Would a 626 score be ok, with 2 years on time rental payments?
@anabhousen7159
@anabhousen7159 2 жыл бұрын
I doubt it. I applied years ago with a 650 score and got rejected. I'm now applying again with a 770 score and I'm still having issues getting approved. Good luck
@ananunez5478
@ananunez5478 Жыл бұрын
You should apply anyways
@rms-vp6hf
@rms-vp6hf Жыл бұрын
It isn’t a loan. It is a “guarantee” from the government they will pay if you don’t. The Federal Government is basically co-signing for you on the riskiest form of RE lending. You still have to find an actual lender who have the by-laws etc to do it. It isn’t a slam dunk sadly. Know the program, any CFRs involved and the proposed lender’s criteria for FHA/VA/USDA so when they say “no, because…” you can counter with why it has to be “Yes”. If you meet the criteria and they say no it’s discriminatory. That’s why the criteria are so specific.
@arcatacompany
@arcatacompany 2 жыл бұрын
Barndiminium" love it,never heard that name but I know exactly what your saying and just saw a nice place that was a barndiminium
@DL-1
@DL-1 2 жыл бұрын
Can this be used to build a fourplex?
@nomdeguerre8464
@nomdeguerre8464 2 жыл бұрын
NO
@DL-1
@DL-1 2 жыл бұрын
@@nomdeguerre8464 how do you know?
@nomdeguerre8464
@nomdeguerre8464 2 жыл бұрын
@@DL-1 I've researched it. You clearly haven't. Feel free to call your local USDA office. Does a 4plex even make sense for the spirit of this program?
@debrock42
@debrock42 2 жыл бұрын
Great info...thnx for sharing. What about Charlotte, NC...can you advise?
@p2pportal
@p2pportal 2 жыл бұрын
Start with the eligibility map to fine an area around Charlotte. Link is included in video notes. Best on desktop but mobile is ok too. Drag map around look for areas that are highlighted(orangeish color?) those areas are eligible. Then look up “usda approved contractors for construction loans.” Look specifically for the state you are looking to build in. UNITED HOME BUILDERS is a big one I know of
@fabiennegoydadin9046
@fabiennegoydadin9046 2 жыл бұрын
Very informative! Just subscribed! Thanks :)
@NicoleNark
@NicoleNark Жыл бұрын
Thanks for the sub!
@powerassata
@powerassata Жыл бұрын
What if you have money left over after your home us built, do you return it to the bsnk or is it yours to keep and pay back?
@SportBikePC
@SportBikePC Жыл бұрын
Just found a lender for this in NJ .. already submitted our app. Our builder we chose has been around for decades, so hoping he won’t have an issue taking on our job if approved…. We already own our land outright, but the house cost is pretty high .. thanks for the video I feel even more confident now!
@cnigeldgriff6283
@cnigeldgriff6283 Жыл бұрын
Hello I’m in NJ. Can you provide the builder info?
@milkdiamond1490
@milkdiamond1490 Жыл бұрын
Same here @Sport Bike Powder Coating. I am also in NJ and looking at this. If you wouldn't mind, kindly share the lender and builder you used. Thank you!
@jovanturner3670
@jovanturner3670 Жыл бұрын
how is your application going?
@SportBikePC
@SportBikePC Жыл бұрын
@@jovanturner3670 I didn’t go through with it, as the lender kept trying to get me to do a different loan with no explanation so we stopped it and walked on that option..
@jovanturner3670
@jovanturner3670 Жыл бұрын
@@SportBikePC sorry to hear that, do you know what lender you were working with? I am NJ licensed and have an investor that will process and underwrite USDA Loans
@louisflores9643
@louisflores9643 Жыл бұрын
We have a 5 acre property in SE, NM. I want to build a small warehouse to store all the things my sister wants to keep. Then I want to have a standing home demolished & put down a foundation for a Modular Built home 3 bdrm, 2 ba + 2 car AG, 1700 sf., I think I can get one made for $250K or less. Do you know which Modular builders deliver in NM. I think there is a showroom in Carlsbad, NM.
@deniseflores6894
@deniseflores6894 Жыл бұрын
Hi which is better to get a usda construction loan or update loan to buy a house
@milesdyson5211
@milesdyson5211 5 ай бұрын
Is there a MAP of some type for my state to qualify for rural areas ?
@opx4real
@opx4real 4 ай бұрын
In the description.
@diegob5608
@diegob5608 2 жыл бұрын
You are amazing 👏Thank you
@thecowboyofrealestate
@thecowboyofrealestate 3 ай бұрын
Hey sis! Love your content! I'm an agent in Illinois. Trying to find a lender that does this loan in my state. Thanks!
@PoetandProfessor
@PoetandProfessor Жыл бұрын
Is skoda construction an approved builder/contractor?
@ericka11051
@ericka11051 8 ай бұрын
Good video! Quick question, I have 7 acres and want to build on only 1 acre yo later do a business on the other is that possible and be eligible to do still get this loan, the land is eligible for usda
@tomekialloyd8221
@tomekialloyd8221 2 жыл бұрын
Thank you so much! Good stuff.
@july4thmoonstar
@july4thmoonstar Жыл бұрын
Is this the same as the FHA one time loan?
@questpropertiesllc4952
@questpropertiesllc4952 Жыл бұрын
HI NICOLE,SO DOES A USDA DIRECT APPLICANT NOT QUALIFY FOR USDA CONSTRUCTION LOAN ? THANKS
@graftedinthruYahusha
@graftedinthruYahusha Жыл бұрын
Curious as well
@tiffanygurney1780
@tiffanygurney1780 Жыл бұрын
Nicole, I looked at the lender link and do not see my State in there. I live in Maine do you know if there are any lenders in my area!??
@troyjackson3164
@troyjackson3164 Ай бұрын
Why do they require a high credit rating which defeats those who need a construction loan.
@gripboy5042
@gripboy5042 2 жыл бұрын
Do the income limit counts overtime or just base pay?
@VictoriaLussier-eg2ig
@VictoriaLussier-eg2ig Жыл бұрын
it is on your tax returns
@kikitootsie
@kikitootsie Жыл бұрын
How does a contractor become a USDA approved contractor? I know you listed the requirements but where is the actual website to apply?
@latonyalee7821
@latonyalee7821 9 ай бұрын
You can google USDA approved contractors and find one in the area where you want to build. That's what I did. Good Luck!
@kingtt6275
@kingtt6275 Жыл бұрын
Does this loan applies to a Modular built home to ? I know there’s two types of homes that can be built
@CMIC
@CMIC 11 ай бұрын
Yes
@chillbillch
@chillbillch Жыл бұрын
Does this include the price of the land?
@lgsupport440
@lgsupport440 2 жыл бұрын
Nice video Mrs
@yencymartinez4138
@yencymartinez4138 2 жыл бұрын
Great information! Thank you
@NicoleNark
@NicoleNark Жыл бұрын
You bet!
@BruceMcKeever
@BruceMcKeever Жыл бұрын
Does this loan allow up to a four unit complex like the FHA does?
@NicoleNark
@NicoleNark Жыл бұрын
Nope, only single family.
@tessabaty7909
@tessabaty7909 8 ай бұрын
would this include or exclude the land to build on as well or would you need a separate loan for the land?
@ToOpen6seven
@ToOpen6seven 6 ай бұрын
In NC yes as long as the total is not over the loan amount 3!
@samanthagray4859
@samanthagray4859 2 жыл бұрын
Do you ever have time to meet one on one? Thank you so much!
@Boujieboss
@Boujieboss 2 жыл бұрын
I want this loan .
@tonyavirges1155
@tonyavirges1155 8 ай бұрын
Hey Ni old Indiana area lended. Fort wayne ind2j
@DeannaMaurice
@DeannaMaurice 2 жыл бұрын
Yahhhh thank you 😊
@vkriese56
@vkriese56 2 жыл бұрын
What if you’ve had a bankruptcy in the last year… Will that not qualify for USDA loan?
@NicoleNark
@NicoleNark 2 жыл бұрын
It needs to be at least 2 years after your bankruptcy was dismissed before you can qualify.
@1975gucci
@1975gucci Жыл бұрын
How long does it take to qualify for a usda loan after bankruptcy?
@KallMeKarma89
@KallMeKarma89 Жыл бұрын
3 years after bankruptcy discharge
@IrisEstrada-lc7gr
@IrisEstrada-lc7gr Жыл бұрын
We are interested in this loan but my husband makes 100k and I make 70k, would he be able to get approved by himself? If so how much would he be able to get approved for? Most bids right now are 500k plus, how would that work to get approved?
@NicoleNark
@NicoleNark Жыл бұрын
Keep in mind even if he is the sole applicant that USDA looks at household income. All household members income would be taken into consideration even if they are not on the loan.
@DAY2DAYY
@DAY2DAYY Жыл бұрын
Ask your job to put your 1/2 of income in a 401k. Until approved. Or ask for a salary reduction until approved.
@malyism1
@malyism1 2 жыл бұрын
Is the income limits gross or after taxes?
@zea3647
@zea3647 Жыл бұрын
Gross
@ndayembidi6781
@ndayembidi6781 Жыл бұрын
Yes
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