2023 USDA Loan Requirements - Complete Guide For First Time Home Buyers

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  • Опубліковано 16 чер 2024
  • The USDA Zero Down Rural Development Loan is a great way to buy a house in 2023! In this video, first time home buyers will learn the differences between the Direct and Guaranteed loan types, how to apply for the USDA rural development loan, who qualifies for the loan and what type of properties can be bought!
    ✨NEW 2024 First Time Home Buyers Guide: • Buying a House in 2024... ✨
    Home Buyer Tools:
    ✅Get connected with an AGENT in your city → homeandmoney.com/nicole/
    🔎 → Search RD Eligible Areas: eligibility.sc.egov.usda.gov/...
    🔎 → Check Income Limits in Your Area: www.rd.usda.gov/files/RD-GRHL...
    🔎 → Find Your USDA Office: offices.sc.egov.usda.gov/loca...
    🔎 → Find a USDA Guaranteed Lender in Your Area: www.rd.usda.gov/sites/default...
    Work with Nicole in Arkansas:
    🏠 View AR Homes For Sale → listings.narkhomes.com/i/arka...
    📩 Contact Nicole → narkhomes.com/contact/
    Other stuff that's cool:
    💡 Support My Small Business → www.amazon.com/kvnbrands
    🛒 Shop My Camera Gear → bit.ly/NicoleGear
    (As an Amazon Associate I earn from qualifying purchases)
    Social Media Links:
    📱 Instagram → / nicolenark
    📱 TikTok → / nicole_nark
    📱 Facebook → / nicolenarkrealtor
    Chapters:
    00:00 - Intro
    00:16 - What Is The USDA Loan?
    01:13 - How Can I Get It?
    04:40 - Direct vs Guaranteed Qualifications
    09:30 - Property Requirements
    12:17 - Applicant Qualifications
    14:07 - Helpful Tips
    - DISCLAIMER -
    Nicole Nark is a licensed Realtor and the Principal Broker (PB00083374) of HomeWay Realty. HomeWay Realty is not a lender, does not issue loan qualifications, and does not extend credit of any kind. The topics discussed, and ideas presented are Nicole Nark's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

КОМЕНТАРІ • 562

  • @dianyadira
    @dianyadira Рік тому +406

    I used USDA for my first home loan. It helped me become a home owner by myself before my husband and I married. Very proud of myself.

    • @NicoleNark
      @NicoleNark  Рік тому +6

      That’s incredible Diana!

    • @thenenej
      @thenenej Рік тому +10

      This gives me hope lol congratulations 🎊

    • @pilarramirez9441
      @pilarramirez9441 Рік тому +2

      Whats bank you use for get this loan for uSDA I’m looking for

    • @dianyadira
      @dianyadira Рік тому

      @@pilarramirez9441 I used First United for my bank loan. They were easy to work with and knowledgeable.

    • @jahzicarino992
      @jahzicarino992 Рік тому +1

      What was your credit score when you applied ?

  • @LightingLotusLove
    @LightingLotusLove Рік тому +46

    I Am A Homeowner, I Can Do it, the entire process is easy for me, I deserve it, I Deserve stability, it is done ✅ 😊

  • @davyannajones
    @davyannajones 10 місяців тому +10

    There are no set limit home price… except there is. The limit is set by your area. You can’t make more than 115% of the median income of the area. So for example the median income in my area is about $76k. You can’t make more than $87k. With a 5% interest rate that means you can’t get a house over $345k with this program.

  • @Imamachine7
    @Imamachine7 Рік тому +14

    I can’t believe so many people don’t know about this. Bought two houses since 2010 with this type loan.

    • @sherrybradshaw6504
      @sherrybradshaw6504 Рік тому +4

      Please tell me how. I was preapproved for a small loan but thats all i received. I have no idea of how this program works other than what im reading on UA-cam. The people in my state are very unhelpful. I feel like Ive been dropped. No help whatsoever. No follow up. Seriously, how did you accomplish this?

  • @Peejayyofficialtv
    @Peejayyofficialtv Рік тому +8

    Hi Nicole! Where have you been all my life! You explain everything soooo well and very well articulated. Thank you for all efforts in putting these great videos out! ❤

  • @briangrant2005
    @briangrant2005 9 місяців тому +8

    This was extremely helpful! I just moved to a new town, and I finally feel like I can put down roots. A friend of mine who's a realtor mentioned this, and I've been going nuts researching!
    Hugely concise video! I'll pass it on to my friends who would love their own home to call their own!

  • @krissiebrown2600
    @krissiebrown2600 Рік тому +12

    That’s great no money down and low payments if you can’t afford the payment that they offer and it’s great that you don’t have to go through the owner only the lender process and working with USDA directly and to be able to close in a 30 day period is also definitely great. No credit score minimum is definitely great too and you only have to meet some direct specific route.

  • @kiab-mylifemyway7647
    @kiab-mylifemyway7647 11 місяців тому +2

    Listen here when I say that you have been a wealth of knowledge. This journey to home ownership is something else. I truly appreciate your time, efforts and and excitement on the topics and to bring knowledge. Ive subscribed

  • @tammywilliams9138
    @tammywilliams9138 Рік тому +55

    Can you do a video on how to buy a home through USDA on SSI and Social security

  • @elisafisher3804
    @elisafisher3804 10 місяців тому

    Very educational! Thank you, the lender I used DID NOT explain all this to me, nor do they advertise their rates unless you sign a contract. Now I know my options, Thank you Nicole, you're my Angel. Thank You Thank You Thank You, Im glad I found this video.

  • @jillmorton3096
    @jillmorton3096 Рік тому +1

    Thank you so much for this. I knew all of what you said as going through a direct loan. For me its an easy process im dealing with two people through USDA process which they both take the time to go over things with me as I had many questions. So far so good. 🙃🙂 tomorrow is the inspection..God willing as there is another storm coming

  • @LightingLotusLove
    @LightingLotusLove Рік тому +3

    Thanx so much Nicole 😊❤ I’m a single mom and I know that I am a home owner 😊 you’re helping me so much 😊

  • @charlynrenee2114
    @charlynrenee2114 Рік тому +5

    Thanks! This was very educational and helpful in understanding a little bit more of the process.

    • @NicoleNark
      @NicoleNark  Рік тому

      Thanks for watching! Glad it was helpful! ☺️

  • @billclisham8668
    @billclisham8668 6 місяців тому +1

    Thank you Nicole, This video was well thought out and produced. I learned quite a bit from your information.

    • @NicoleNark
      @NicoleNark  6 місяців тому

      You are so welcome! Glad it was helpful 🎉😊

  • @SoniaGonzalez-bm9bw
    @SoniaGonzalez-bm9bw Рік тому

    Thank you for sharing you knowledge. This is a very well detailed helpful video 🙌🏽

  • @blackwolf7777
    @blackwolf7777 Рік тому +5

    "Don't worry! You don't have to live on 20 acres in the middle of nowhere!"
    But, that's the thing I want to do!

  • @TheRateUpdatewithDanFrio
    @TheRateUpdatewithDanFrio Рік тому +1

    AMAZING VIDEO AS USUAL Nicole

  • @fsmith68
    @fsmith68 Рік тому +39

    i knew basically nothing about buying a home, and the more i researched the more confused i became....and then i found you Nicole....what a blessing you have been to my life...thank you soooo much for taking the time to explain "everything that we need to know". Very much appreciated!

    • @NicoleNark
      @NicoleNark  Рік тому +1

      Thank you so much for the kind words! It means a lot to me to know that you get value from my videos! 🥹

    • @lisag.4054
      @lisag.4054 6 місяців тому

      This made me giggle. I too, am here because I know nothing about buying a home and have become more confused with research 😂

  • @nvwi9687
    @nvwi9687 Рік тому +5

    That's how I got my first house with no money they just signed a bunch of papers and they gave me the key 🗝️

  • @luvz1wish
    @luvz1wish 4 місяці тому

    Wow! thank you so much for this info! very detiled! much appreciated!

    • @NicoleNark
      @NicoleNark  4 місяці тому

      You're very welcome! Glad it was helpful ☺️

  • @silviamartin5583
    @silviamartin5583 Рік тому +70

    I will always be so thankful for you and these videos. Because of you, I learned so much about this loan and you set me up with a realtor in the area of Arkansas I was moving to. I recommend to do as much homework as possible. Remember, the lenders, realtors, and escrow people are there to help you and not work against you. I had the best experience and I appreciate that so much especially being a first time home buyer.

    • @NicoleNark
      @NicoleNark  Рік тому +3

      Great points Silvia! You are the sweetest and I am so glad we set you up for success when moving to Arkansas! 💕😊

    • @WarmongerYT
      @WarmongerYT Рік тому

      Congrats! I currently live in Conway Arkansas (originally from Ozarks in Arkansas) & am wanting to buy 1 to 2 acres & build a 605 square foot house on said acres. Did you end up using a USDA loan if you don't mind my asking? I've been considering FHA. My credit score is 711 , we make $54k per yr & only have my car payment $320 per month.

    • @silviamartin5583
      @silviamartin5583 Рік тому

      @@WarmongerYT yes, I did use a USDA loan.

    • @georgehuerta1990
      @georgehuerta1990 10 місяців тому

      @@NicoleNark how does this type of program help if I’ve already bought the property does it help me if I want to build a home.

  • @quesadillathrilla7132
    @quesadillathrilla7132 Рік тому

    Thank you Nicole great information

  • @fredmjohnson183
    @fredmjohnson183 5 місяців тому

    you are the best as far as can i tell thank you Nicole

    • @NicoleNark
      @NicoleNark  5 місяців тому

      You are welcome Fred! Thanks for watching ☺️

  • @Gator805
    @Gator805 Рік тому +39

    We're 4 months into the process. Went for a 502 direct. Our rate is 3.25 % because we applied before December 1, 2022. It's a very slow process. Thanks for your guidance.

    • @NicoleNark
      @NicoleNark  Рік тому +2

      Absolutely! Hopefully your file moves along soon!

    • @iamthatiam9936
      @iamthatiam9936 Рік тому +5

      4 MONTHS ?😳 I hope you have your home now

    • @BC-wg5pq
      @BC-wg5pq Рік тому +1

      Hay, are you in Washington state?

    • @BC-wg5pq
      @BC-wg5pq Рік тому +1

      Do you know where that rule in on the USDA website? We have our loan, got it in November 2022 and we have a 4% .....

    • @sarahleeblanc8274
      @sarahleeblanc8274 9 місяців тому

      @@BC-wg5pqgoogle It

  • @ivisr5142
    @ivisr5142 13 днів тому

    Thank you so much for the video! Very detailed and explained so well

    • @NicoleNark
      @NicoleNark  12 днів тому

      Glad it was helpful! ☺️

  • @30pvfd
    @30pvfd Рік тому +2

    Thanks!

  • @LexiLaconi
    @LexiLaconi Рік тому

    You are awesome Nicole! Such a great video.

    • @NicoleNark
      @NicoleNark  Рік тому

      Thanks Lexi! Happy to help ☺️

  • @asiam9678
    @asiam9678 Рік тому +4

    Great job explaining. I closed on my home with a Direct loan (Texas) in September of 2021.

    • @NicoleNark
      @NicoleNark  Рік тому +1

      That is awesome! Congrats on becoming a homeowner 🙌

  • @sharonlee43
    @sharonlee43 Рік тому +1

    You explained this so well and in great detail! Thank You!!!

    • @NicoleNark
      @NicoleNark  Рік тому

      You are so welcome!

    • @frantzyaubin6744
      @frantzyaubin6744 Рік тому

      Hey Nicole, I was wondering if USDA allows for a non-occupanying co-borrower to get pre-approved.

  • @LadyEL4
    @LadyEL4 6 місяців тому

    I plan on using this loan when I move to South Carolina. I do have money for down payment already. I just want to make sure Im fully covered. 😂 Thank you for your help!!!

  • @janettsantiago2934
    @janettsantiago2934 Рік тому

    Thank you !! Excellent information

  • @Listella.
    @Listella. Рік тому +1

    Great video and great info!

  • @ADYA22457
    @ADYA22457 Рік тому

    Very good information! Thanks a lot!

  • @DeannaMaurice
    @DeannaMaurice Рік тому +1

    Great video as always!

  • @almapinon4299
    @almapinon4299 Рік тому

    Good Morning Nicole thank you for the video

  • @KatSolovei
    @KatSolovei Рік тому +18

    As always, the best information!
    I'm located in NC and wanted to apply for Direct. 2+ years to process in Forthys County. I asked the officer why the wait time is so long, and he answered that there are just 2 people in his department who had to work on 4 (!) USDA programs. They're extremely understaffed. He gently asked me to go the Guaranteed road

    • @NicoleNark
      @NicoleNark  Рік тому +5

      Thanks for watching Kateryna! In most cases the guaranteed route is much faster than the direct route. If you can make it happen, its often the way to get around the long wait times!

    • @gladbunny3276
      @gladbunny3276 Рік тому

      About how long of a wait is it on avg. We currently live in Wa state? Gee.. you'd think because "being without proper safe housing that they would find a way to expedite services as long as the borrower has all thier ducks in a row And are anticipating and waiting for thier home and the next venture in life!

    • @WarmongerYT
      @WarmongerYT Рік тому +9

      @@gladbunny3276 Our gov or anything having to do with government does NOT care even slightly about us peasants.

    • @DAY2DAYY
      @DAY2DAYY Рік тому

      @@NicoleNark ? If someone has 2 scores higher than the third. Which two are used

  • @IcelandMountains
    @IcelandMountains 7 місяців тому

    Nicole is always very Informative!! Thank u 😊
    i really needed this detailed information

    • @NicoleNark
      @NicoleNark  7 місяців тому +1

      You're so welcome! Thank you for watching ☺️

    • @IcelandMountains
      @IcelandMountains 7 місяців тому

      @@NicoleNark you're very welcome!
      Keep up the Good work Educating Our Communities 📚📝 😉🙂

  • @Rocio36800
    @Rocio36800 Рік тому +2

    great 👍🏼 video

  • @kevinpoole4323
    @kevinpoole4323 Рік тому

    Thanks Nicole

  • @MightyMoeDaFarmer
    @MightyMoeDaFarmer Рік тому +32

    Could you do the same breakdown with farm and business rural area loans through the USDA? Love the way you break this down.

    • @workwithCandy
      @workwithCandy Рік тому

      May I ask what you did with it? I would
      Like to buy multi fam housing. Can these funds be used for this?

  • @_poetz9738
    @_poetz9738 Рік тому +6

    Most states are severely understaffed and they cannot keep up with the flow. This is not an underused program. They are overwhelmed and will take a very long time to respond or not respond at all in many states. Plan accordingly.

  • @Tahvyy
    @Tahvyy Рік тому +5

    Thanks for this video 🤩. I recently inquired about the loan at my credit union and they never mentioned that I possibly could roll the closing cost in the loan. He said I would have to leave the closing cost in my account for 60 days. 🤨 Should I just go direct or try another lender that offers the program. I’m in VA. Thanks 😊

  • @mortgagewithclare
    @mortgagewithclare Рік тому +37

    This loan offers the perfect way for you to purchase a property without having to come up with a down payment. Plus, you could qualify for a low-interest rate and 30-year loan payment plan.

    • @LOLZHAHANOTFUNNY
      @LOLZHAHANOTFUNNY Рік тому +18

      My husband and I used this program in 2019, bought a modest house with a 3.25% interest rate, $850 monthly payment. We were so glad to get out of renting and now have more than $70k in equity.

    • @8split2
      @8split2 Рік тому +2

      How to get low interest rate?

    • @deejeanlee
      @deejeanlee Рік тому +1

      ​@@8split2improve your credit scores.

    • @unknowndriver6652
      @unknowndriver6652 Рік тому

      ​@@8split2low interest rates mean maybe 1% you aint getting 3 or 4% if thats what you thinking

    • @8split2
      @8split2 Рік тому

      I have a repossession with a 650 fine on my credit. It's been 3 years, should I pay it or let it fall off

  • @JS-xs5hq
    @JS-xs5hq Рік тому +9

    Thank you for this update. With a 100% financing, how much rainy day savings do the underwriters want to see in your account......even with a half decent credit score?

  • @tammyvoss473
    @tammyvoss473 Рік тому

    Excellent !

  • @catd7547
    @catd7547 Рік тому

    Very helpful.

  • @aracelisortiz8563
    @aracelisortiz8563 Рік тому +2

    Hi Nicole. Thank you for this information. Do you have any recomendation for USDA loan process officer for Pennsylvania....eventhough we live in NY.

  • @madonnanewman7244
    @madonnanewman7244 Рік тому

    Great communicator

  • @RandalLovelace
    @RandalLovelace Рік тому +2

    Very informative video, I was able to pause and take notes, as I am looking now for how to get a loan in order to get my own place. The information you shared here, shows that a USDA loan may be a good fit based on the area I live and my current income. Thanks.

  • @chrisitl
    @chrisitl Рік тому +5

    I have a question. What if for the direct loan, I meet all the qualifications except I do live in a decent apartment? Would that disqualify me for the direct loan? Also I was laid off during covid and I just started working last year again around April, what if one year of income is all I have?

  • @christineplaton3048
    @christineplaton3048 11 місяців тому

    Its my DTI. Thats what I need to deal with. My credits in the 700 to 740 range. The income is fixed. Social Security

  • @sardarmehmood8063
    @sardarmehmood8063 4 місяці тому

    Very good job ❤❤❤❤

  • @biz4smitty
    @biz4smitty Рік тому +1

    Hi Nicole, are you speaking of the seller’s credit option to bring your payment down?

  • @samantha198607
    @samantha198607 Рік тому

    Thank you ❤❤❤❤

  • @robertobrown5542
    @robertobrown5542 Рік тому

    Hi Nicole, do you have anything for commercial property or land in Florida that get help from the government?
    Thank you Nicole.
    You're Rock

  • @firemax37
    @firemax37 Місяць тому

    Valuable info. Oh my God

  • @beyoutifullynatural9451
    @beyoutifullynatural9451 9 місяців тому

    Thank you so much! So much helpful information! I’m in Benton Arkansas so I think this would be perfect for me

    • @NicoleNark
      @NicoleNark  8 місяців тому

      Are you looking to buy in Benton?

    • @503DS
      @503DS 7 місяців тому

      My parents have land in rural Dallas County Arkansas they are willing to give me. My childhood home burned down on the land. So its a clean slate to build a new one. I want to have a 2 br house built on the property. I qualify as low income but don't know where to start.

  • @welcometosusansmukbang9215
    @welcometosusansmukbang9215 Рік тому +5

    🎯Good video 👍 Our government and banks are making USDA, FHA and Conventional loans difficult. Who came up with these stupid rules??? Buying a house should be simple process similar buying a car. This is why 99.9% of people have stress and anxiety. Life is too short. Please keep it simple. We don't live on this Earth forever.

    • @josecalderon233
      @josecalderon233 9 місяців тому

      I think 2008 is at fault for this 😂

  • @sardarmehmood8063
    @sardarmehmood8063 4 місяці тому

    Very nice ❤❤❤

  • @livinfaithfully
    @livinfaithfully Рік тому +3

    I have been doing research and am I understanding correctly that I can purchase the land, new construction build, and mortgage all rolled into using USDA using the Guaranteed and 524 loan?

  • @alexmanga4897
    @alexmanga4897 Рік тому

    Good info,👍

  • @mohammeddiallo8431
    @mohammeddiallo8431 Рік тому +2

    With score USDA pull, FICO score 8 or FICO score 5,4 & 2.

  • @LalaAwesum
    @LalaAwesum Рік тому +4

    Thank you so much for sharing this knowledge! Do you have any information about getting a USDA loan for a manufactured home on raw land? Do things like water, septic and electrical already have to be set up?

  • @BeulahSimone
    @BeulahSimone 6 місяців тому

    Thank you

    • @NicoleNark
      @NicoleNark  6 місяців тому

      You're welcome! Happy to help 😊

  • @dorisvalera5551
    @dorisvalera5551 Рік тому

    Thank you 😊

  • @greatoztv4200
    @greatoztv4200 Рік тому +9

    Great video! A few questions: for the requirement of not being able to meet 20% of a property with a conventional loan, does that include reserve cash? Does that include or exclude closing costs? What does a person do if they can afford the 20% with the closing costs, but have nearly $0 (otherwise be broke) in the bank? For the 29% requirement, is that just the mortgage loan (principal + interest) or does that include property taxes and insurance? Does the 41% include utilities and other expenses (phone, internet, cable, etc)? Are those percentages measured from gross income or net income?

    • @NicoleNark
      @NicoleNark  Рік тому +5

      The 20% does include reserve cash. It does NOT include retirement accounts like a 401k or IRA. If you have 20%+ you will not be eligible for this loan type. If putting that amount of money down would drain you, then it would likely be better to look at something like a 3.5% down FHA or a 5% down conventional.

    • @eo3064
      @eo3064 Рік тому

      @@NicoleNark Does the 41% include utilities and other expenses (phone, internet, cable, etc)?

    • @NicoleNark
      @NicoleNark  11 місяців тому +1

      @@eo3064 Nope! Check out my full DTI video to see a breakdown of everything that is/isn't included! ua-cam.com/video/YoXd5HSnLWQ/v-deo.html

  • @gr82bloved43
    @gr82bloved43 Рік тому

    Here’s an off the wall question for Nicole. My husband and I moved to Texas - bought a house (he’s on the mortgage & I was out on the title because we’re married ) So if I wanted to buy my own house since I’m not on the mortgage - could I use usda by myself ?

  • @BBookman713
    @BBookman713 2 місяці тому

    Thank you for the helpful video. My only question is with this particular loan, wouldn’t your monthly payments be higher?

  • @huntercortez4808
    @huntercortez4808 Рік тому +1

    What if you have an medical collection on your credit report, are you still qualified for the USDA loan?

  • @sabrinazarry2559
    @sabrinazarry2559 Рік тому +2

    Do you have any recommendations for USDA lenders in the Tampa,FL area?

  • @dawnlara422
    @dawnlara422 10 місяців тому

    This was great information and was very helpful, you definitely cleared up a lot of my questions. Thank you 👍 also you favor Demi Lovato 😊

    • @NicoleNark
      @NicoleNark  10 місяців тому

      Happy to help! And I’m a big Demi fan so I’ll take that any day ☺️

  • @mzruffin786
    @mzruffin786 Рік тому +4

    I would like to know what are some of the closing costs? And, Wonderful video!!! Very detailed explained!

    • @NicoleNark
      @NicoleNark  Рік тому +1

      Thank you for watching! Closing cost are made up of several fees. These include lender fees, title search and document preparation, prepaids for your home insurance, etc. Usually closing costs are close to 3% of your loan amount!

  • @Sortthingsout-79
    @Sortthingsout-79 Рік тому

    hi there, i love your conent!! Question, i am in California (San Bernardino County) can you speak about new construction eith a breezeway. Would i be on seperate utilities? Thanks

  • @scottstevens2777
    @scottstevens2777 Рік тому

    Genius caliber video

  • @kaylaclemmer9037
    @kaylaclemmer9037 Рік тому +1

    You say to get pre-approved first but what I've found is I need to know what house or the address for the USDA loan. Do I have to pick a bunch of places and see if I can get approved hit or miss?

  • @rondadecker2397
    @rondadecker2397 Рік тому +1

    Hello please could you do a video on people that have SSI or retirement income how they could buy a house? If there is any programs available please.

  • @quaccface
    @quaccface Рік тому +1

    Your videos are the best! You explain things very well so thx. I have a question about the direct loan if the area you are looking at is above 300k are even rural areas close. With your credit 640 would they start with that price point to qualify

    • @NicoleNark
      @NicoleNark  Рік тому +1

      It’s a possibility. But you would need to have the income to support that price point!

  • @newcreature7733
    @newcreature7733 Рік тому

    Thank You for the useful information. Can you recommend a lender that works with Alabama families seeking a USDA guaranteed construction loan. Thank You kindly

  • @FlyPiggie
    @FlyPiggie Рік тому +1

    Would a doublewide on a tie down foundation qualify? I live in a area that is 95% manufactured homes. Also it can't be income producing but if i plan to homestead, chickens veggies ect to provide for my own needs would that disqualify or mess anything up after closing if i apply for a homestead credit for property taxes. Not planning on selling anything.

  • @thethreebrothers6370
    @thethreebrothers6370 Рік тому +1

    I already owned a home ,but my house was so small for our family, I wanted to get construction loan and list my current home for rent. Do I still qualify for a USDA program. Thank you

  • @scrumptiousjdp
    @scrumptiousjdp Рік тому +1

    Are you familiar with NACA loans? Can you compare that option with these?

  • @Kenquinones
    @Kenquinones Рік тому +2

    Nicole, my mom has a property but she is considered low income, since she only make $9600 per year. would she be able to have a house built under the USDA on her property or would she have to look for a house under the USDA

  • @gabrieldineros587
    @gabrieldineros587 Рік тому

    Could you talk about the USDA "chapter 11 ratio analysis" debt ratio waver 11.3

  • @yajjmai
    @yajjmai Рік тому +5

    My biggest thing has been the 2 year employment, every lender I’ve talked to has said it needs to be 2 years at same job smh i could’ve been gotten my home but now I’m waiting on the market to calm down

    • @NicoleNark
      @NicoleNark  Рік тому +3

      Nope! As long as you can show 2 years of steady income, most lender will be happy!

  • @edelgonzo
    @edelgonzo Рік тому

    I had a work history brake due to the corona situation. Will that effect my qualifications?Im trying to buy land and put a manufacture home on it. What would be best route? my DTI ration is very low and my score is above 750+

  • @shakeitpopitrollit
    @shakeitpopitrollit 2 місяці тому

    Nice video. Thanks for posting. I would like to apply. However, I can't seem to locate the application on the e-form? Where do I locate the application to get started with the process? Also, is a housing counselor required?

  • @louisbengyella6405
    @louisbengyella6405 11 місяців тому

    Nicole, this is a great video. Where do I start? I am in PA, state college which qualifies for USDA housing loan. So how to I proceed?

  • @alyssamarie8635
    @alyssamarie8635 Рік тому +2

    how do you prove that you don’t have safe living conditions? i won’t be able to afford my apartment when my lease renews and have been looking into this but how would i prove that?

  • @AlazeLuxxx
    @AlazeLuxxx 11 місяців тому

    Hi can you help me please? What are the income limits for Clark County Las Vegas NV?

  • @MiguelHernandez-lq4sb
    @MiguelHernandez-lq4sb Рік тому

    Hi Nicole what bank would you recommend to get a new construction loan 🤔🤔🤔🤔

  • @Ivy15993
    @Ivy15993 10 місяців тому

    What do you recommend for Massachusetts Nicole?

  • @ebberheguedusch1935
    @ebberheguedusch1935 Рік тому

    I got to look into that here in the Florida Area; would love to move towards Sarasota, FL

    • @NicoleNark
      @NicoleNark  Рік тому +1

      You should! Pretty much everything to the West of 75 would not be eligible but there are a few pockets that are. East of Fruitville would likely be your closest bet! I lived in Sarasota from 2009-2011 😊

  • @jayvito86
    @jayvito86 Рік тому

    Great video, i was stuck between Nav fed loan or USDA for my home purchase usda seem to be the better option

    • @NicoleNark
      @NicoleNark  Рік тому

      It’s a great option for homes in eligible areas!

  • @samuelsanchez7504
    @samuelsanchez7504 11 місяців тому

    Hi, I have a question: let's say that I live in southeast Florida and I want to buy a property in a rural area in north Florida and move there once it closes., at the time I submit the offer, do I have to live in the rural area where the subject property is located or can I live in another city or state?

  • @user-gc7ic7xw8r
    @user-gc7ic7xw8r 10 місяців тому

    @nicolenark I found 1 acre of lot in Texas it does not have a house on it but it does have neighbors at both sides, is there down payment assistance for that, it is in USDA Eligble area ?

  • @HomemakingWithHesed
    @HomemakingWithHesed Рік тому

    Does the total household income limits apply to both types of loans?

  • @M.Johnson69
    @M.Johnson69 9 місяців тому

    Do you have to pick a property in the same county area that your job is in? Could I pick a property outside of that like in another state or completely different county?

  • @ladyofchange2386
    @ladyofchange2386 Рік тому +2

    What do you think? I want to living in a rural type area where I can get acres of land......What kind Of Loan Can I Apply for Want to Do A Construction To build type which is a pre manufactured shed and possible living off grid. I want my payment monthly fixed....

  • @crimestoppers1877
    @crimestoppers1877 Рік тому +2

    This is interesting! I have a few simple questions for you. 1) When you as a consumer want to buy something ( product or service) and you select the features, qualities and conditions you want, how do you determine whether you are being charged a fair price? You realize of course that ALL real estate prices are based on emotions and relative values which can change daily, but you have signed a legal contract to pay interest for the duration of the loan. On average for most single family dwellings it can take 7 or more years during in an inflationary market housing market to just break even on your costs. If the local housing prices dip slightly you can easily owe more on the house than it is worth if you sell today. 2) As a prudent buyer who meets these USDA requirements how you you compete against me for the house of your dreams that you know is the house for you. You might be encouraged by your licensed agent to bid higher? Will you? When I make an offer on a house it also must be in pristine "move in" condition. I always make an offer 10-20% below asking/CMV/comps and I do not need approvals, inspections ( mortgage or insurance) and most of my Lowball offers are quickly accepted. I specialize in SFR located in Exurbia or Agriculture areas. The are thousands of buyers just like me who can close in hours, days maybe a week. The sellers quickly become a friend. 3) How do you protect yourself from overpaying and facing years of financial problems? I caution you about these properties. They are costly to maintain and even if you are a DIY person the materials cost can hurt any budget. I just paid 100K cash for modest damages that were not covered by my homeowners insurance because of recent storms. What would you do? No roof and raining for days. There is NO law anywhere that legally REQUIRES an insurance company to pay legitimate claims. I am also a cash buyer and all sellers become my friends. One of my strategies where legal in your locality is Dual Agency. I buy only with advice and representation from the listing agent. Never a buyers agent.

  • @ladyofchange2386
    @ladyofchange2386 Рік тому +2

    Can you still do a construction to build with both of these