|
|
 Valley Girl
Posts: 6741
    
Location: Willamette Valley, Oregon | Anyone gone through it? What problems did you have? |
|
| |
|
 Expert
Posts: 2276
Location: ohio-in my own little world with pretty ponies :) | We were trying to buy a house through that loan and they are SOOOO picky about it. We gave up trying to do it bc we couldn't find anything that met their standards |
|
| |
|
Valley Girl
Posts: 6741
Location: Willamette Valley, Oregon | They have now recently allowed outbuildings
What did you find they didn't allow? We have found a few homes that seem to have met their standards, and our loan officer seems confident about them, she says that she closes them often |
|
| |
|
 I Love the Oldies
Posts: 3767
Location: Central Washington | Doing this as we speak. It has been an absolute nightmare, NOT because of USDA in our situation, but the mortgage company. We made offer on the house June 17....still have not closed. Supposedly in the next week or so, or that is what I am being told.
Once the USDA finally got a hold of the file, their turn around time was about 2 weeks.
The place we are trying to buy only has a large shop, we had seller tear down old, falling down barn. No other outbuildings. |
|
| |
|
 Elite Veteran
Posts: 695
Location: Missouri | If you are going thru the USDA guaranteed program then the rules changed a couple of years ago for the better! Yes they will allow some types of out buildings but they can not be income producing, ie, no silos or commercial boarding facilities. They will allow a hobby barn. If it has acreage it can NOT be more than 30% of the total appraised value.
The trick to these types of loans is to find a realtor AND a lender that deal with these types of loans regularly. You can call your local RUral development office and they can give you a list of active lenders. Just know that with this program you do NOT deal with USDA rural development you only deal with lender and the lender sends the packet to USDA.
If you have any questions please PM and I will try to help. Good luck it is an outstanding program and for everyone that says it is government waste, guess what this program is not funded with tax payer $ it is self supporting.
|
|
| |
|
 Buttered Noodles Snacker
Posts: 4377
Location: NC | another has been - 2013-12-20 6:49 PM If you are going thru the USDA guaranteed program then the rules changed a couple of years ago for the better! Yes they will allow some types of out buildings but they can not be income producing, ie, no silos or commercial boarding facilities. They will allow a hobby barn. If it has acreage it can NOT be more than 30% of the total appraised value. The trick to these types of loans is to find a realtor AND a lender that deal with these types of loans regularly. You can call your local RUral development office and they can give you a list of active lenders. Just know that with this program you do NOT deal with USDA rural development you only deal with lender and the lender sends the packet to USDA. If you have any questions please PM and I will try to help. Good luck it is an outstanding program and for everyone that says it is government waste, guess what this program is not funded with tax payer $ it is self supporting. I was really hoping to use a USDA loan to buy a home. With the 0% down and lower PMI and was really excited. But it isn't looking like it is going to work. Mainly because of the whole land can't appraise for over 30% of the value of the property. It is really frustrating....  
Edited by HorsesNHarleys 2013-12-20 8:01 PM
|
|
| |
|
 Too Skinny
Posts: 8009
Location: LA Lower Alabama | We lost that type of loan because we pay cash for things and they wanted bank proof of X Y and Z. You have to show money going out of one account (example being work check or someones bank account) and show it going into yours and then out of yours to pay for whatever. Receipts were not good enough to prove we paid rent!!! |
|
| |
|
Expert
Posts: 2276
Location: ohio-in my own little world with pretty ponies :) | carhartthoney4x4 - 2013-12-20 6:15 PM
They have now recently allowed outbuildings
What did you find they didn't allow? We have found a few homes that seem to have met their standards, and our loan officer seems confident about them, she says that she closes them often
The outbuildings square footage can't be over a curtain amount and every place we have found with a barn is too big. they have to be stick built so no modular sand apparently modulars at popular in the area we are looking bc almost every one that we find is a modular. They have a huge list of what they don't allow. It was just getting so frustrating. |
|
| |
Folks on-line