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 Expert
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Location: Gainesville, TX | My husband and I are hoping to buy a home soon, rural area, and are looking into FHA and USDA lenders. What do you all know about this process and does anyone have any suggestions about good lenders, esp. around the Fort Worth area? |
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 Elite Veteran
Posts: 928
Location: Northern CA | USDA has crazy requirements that make no sense for "USDA". I believe the property cannot be larger than 5 or 10 acres, major restrictions on mobile/modular homes, no outbuildings, etc. FHA was easier to work with. |
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Elite Veteran
Posts: 667
| Mine is USDA and it was pretty simple. I am in Tennesse though. It was through Impac mortgage. |
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 Expert
Posts: 2276
Location: ohio-in my own little world with pretty ponies :) | Were going USDA hopefully. Our mortgage lender is AMAZING! But were in Ohio so not much help. We were told that USDA was really complicated and had a lot of restrictions. As of right now the only obstacle we've ran into is the mobile/manufactured home issue. Seems like everyone is trying to sell their modulars. Good luck!! |
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 Magnet for Stupid People
Posts: 2775
Location: If I ever get back to Oklahoma..... | We had a USDA Rural Development loan when we put our modular home on our land. They had all kinds of restrictions and hoops that we had to jump through to get the financing. We also had to have a down payment. Not sure what it was, but I don't think it was more than 2500. We had to have about every piece of paper imaginable from tax records to pay stubs to permits, etc. It was a time consuming process for sure, but I think mostly because we were putting the house in from the ground up (foundation, well, septic, electric, etc.)
They told us our loan would be sold after it turned from a construction loan to a mortgage, and it was. No notice or nothing. I was paying my Chase credit card online and noticed there was a rather large loan amount on there for another account. Luckily I recognized the loan amount and couldn't freak out too terribly much then.
Good luck!  |
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 Elite Veteran
Posts: 695
Location: Missouri | halter_ego - 2014-04-01 12:17 PM
USDA has crazy requirements that make no sense for "USDA". I believe the property cannot be larger than 5 or 10 acres, major restrictions on mobile/modular homes, no outbuildings, etc. FHA was easier to work with.
Not true on no out buildings! Regulations have changed and will be changing again by September. USDA guaranteed loans ( where you go to bank and USDA guarantees it if you default) follows the HUD guidelines on the house. It is true you can't buy a ton of ground, the acreage cannot be more than 30% of appraised value. You CANNOT have a boarding facility but it can have a smaller barn.
Most of the time it is the realtor that is not current on the regs and assumes they are very picky!
Main thing is call the USDA Rural Development office the handles your county and ask questions, they will be able to help!
Great program if you do not have a lot of money to put down! |
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