USDA Loan Requirements For 0% Down!
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- Опубліковано 3 чер 2024
- USDA loans are the underdog of the mortgage world. So many people either don't know about them or are afraid of them. In this video, we'll break down the 2021 USDA loan so you can learn how you can get a solid mortgage with 0% down.
Applicant Orientation...
English: www.rd.usda.gov/files/RD-SFH-...
Spanish: www.rd.usda.gov/files/RD-SFH-...
Map and Income Website: eligibility.sc.egov.usda.gov/...
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0:00 How USDA can help
0:41 Overview
2:34 USDA experience
4:02 Credit Requirements
5:40 Credit Events
6:30 Rates
7:25 Mortgage Insurance
8:35 Property Requirements
10:10 Example homes
11:12 Loan Limits
12:47 Appraisal
14:55 Employment
16:28 Debt-To-Income Ratio
18:38 Down Payment/Closing Costs
20:57 Seller Credits
21:42 Special Requirements/Features
23:54 Seller Perception
25:21 How To Apply
26:14 4 Main Types Of Loans
LEGAL:
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Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity
Shout out to the annoying piece of fuzz in my hair ✌️
As much as I’d like to be perfect, quick mistake to point out. In the DTI section, the actual calculation should be 1,982.75/mo for the front-end DTI. Sorry for the typo!
NOTE: The default waiting period on CH 7 BK is 3 years; however, GUS can approve a shorter waiting time. USDA doesn't give any guidance on the specific circumstance that allow this, though.
I have the right zip, looking to do a build any good brokers in nc?
We are looking into USDA . I have 1 question my husband signed for our daughters car because she had no credit, it is over 2 years and she has made all the payments would this stop us from qualifying for USDA loan?
@@ataylor3581 Hi, I'm a loan officer. It would show up on the credit report and "could" affect your Debt to Income ratio. Now you said she made all of the payments. The underwriter would look to see that the last 10 payments came out of here bank account. If she's making the payments and there's a paper trail to it then it shouldn't affect you.
This for low income
I live in South Carolina and it's nothing like that
My husband and I got approved for a usda loan and we’re able to move in with $0 down! We’re so excited!!
That is awesome!
Can you help point me where to go
Amazing
Did you pull from both credit? My wife has a higher credit score then I do. Should we just pull from her credit then use both incomes?
@@yooo2568 I think if you're married and are both on the loan they have to pull both parties credit scores. You can purchase the house on only one spouse's credit but you won't be able to use their income I don't think, and if you live in a community property state you won't be able to do it using just 1 spouse. Research what your state will and won't allow good luck.
My ears think this is ASMR! Your voice is so velvety 😅
Thank you so much for watching!! :)
Isn’t it?????
low key lol
Facts💯💯💯
🤣 same
Just recently purchased a new construction home with a USDA loans. 2.875% interest rate. Paid 5k in good earnest money which we used to pay down interest points. Also, builder and their preferred lender contributed 2k each toward closing costs. I had to bring 1475 to closing. Although my home is in an USDA area, it is really close to city limits. I think that the lots of my end of the street are the only USDA eligible homes in my subdivision.
How are things going. My wife and I purchased some land and are looking to build. I was looking on the USDA page but didn't see anything on new builds. Do you have any suggestions?
@@Samestori214 Everything is fine! I did everything with an area builder and used their preferred lender. They pretty much took care of everything. I suggest finding a lender or agent who is well versed in USDA loans.
@@lakendrabrewer6615 adding on
If you find a lender and agent in the area you’re looking to buy, chances are they are more familiar with usda loans than someone from the city. Best of luck!
I want to say thank you for this video! I saw this video when it came out as I was house shopping. I realized it was perfect for me! I had already been approved for an FHA, bur since I was already looking outside of my city, this allowed me to be approved with 0% down. Since I had extra funds, it allowed me to reuse the funds I had to start my own business! I was able to buy exactly what I wanted with $0 down and even got my earnest money back because the seller agreed to pay 6% of closing costs! This video was perfectly timed for me and I am so greatful to you and your wealth of knowledge.
Thank you! Best of luck!
Congratulations 🎊
Hey Kyle! I watched all of your videos a month or so back, went through the entire housing process and closed and finally moved into my new house this week.
I was able to get a conventional at 2.93% with only 6% down! (PMI falls off 8 years) thanks to your guidance and useful videos!
On top of that everyone involved was throughly impressed with the knowledge I had with every step of the home buying process, especially as a first time home buyer!
Thank you for empowering me as a first time home buyer with the knowledge you shared in your videos and keep doing what you do!
This is such an incredible comment! First, I'm so glad you found a great home with such a fantastic loan.
Second, your comment means so much for me. I feel so grateful for the impact that these videos have made. Thank you for sharing!
I just watched your other usda video, this is right on time! I can use my 600$ pity check from the government towards closing cost. Lol.
Haha pity check made me giggle. It really is a worthless bill they pushed out 😒
LOL
True
Brittany...Yes I dying laughing😂😂😂😂😂😂😂😂😂😂😂😂😂
I did use my stimulus from last time $3400. Married with 2 children so it was very helpful to buy my frist home.
You have no idea how insightful and helpful you have been in my preparation of home buying. Thank you so much for your videos and being so informative!
You are so welcome!
Wow! It's been a while since I've watched such helpful and easy to understand video! So professional, clean, organized and informative. THANK YOU!!
I'm starting soon as a Loan Processor and these videos are helping so much! Thanks for the great content!
Awesome, glad to help!
I like the way you talk. Very calm, smooth, clear and informative.
Glad you think so!
@@WinTheHouseYouLove You can talk to me anytime. Lolbvs
I love your voice and the way you
Accentuate certain words and sentences. Everything is so clear to understand
Thank you!
things to consider before getting usda loan:
Credit Score: 640 or up
2 year employment (same employer)
money for closing cost (depending on the price of the house) or if Seller agree to pay the closing cost.
You need to live in your house for at least 10 years to qualify for no downpayment
USDA properties are mostly in rural areas.
USDA is for primary residence only
Hands down! Thanks for watching!
Kyle- You are a Godsend. I just subscribed....so glad that I found your channel. Thank you!!!!
Thank you so much for watching!! :)
Love the homes you pulled for an example !!!! I’m looking for that in the 1/3 rd version !!! Lol but seriously.. I’m a single person... want to have less to maintain but the nice environment!!! Hope we all get what we have worked so hard for !
Thanks for watching!
My husband and I did this sixteen years ago, we also got help with a subsidy loan so that our payment was low enough that we could afford it. We still live here today. It was wonderful!
Awesome!
What is a subsidy loan?
@@lindastanford3262 It's not really a loan, when we got the loan they offered help with our payment according to our income. For a while they were paying like 300.00 of my house payment. We have to prove income every year to keep getting it and the help goes up or down depending on what we bring in.
@@dawns.6620 , Thank you.
@dawn who is "they"?
Thank you so much for how you go about explaining, and making it more in layman terms for us to understand! Watch a lot of videos on youtube but just now attempting the idea of being prequalified for a new home build that is USDA approved and scared about it (or the unknown) and this is awesome!
Thank you so much for watching!! :)
This was perfect 💯 I'm purchasing a home in the next few months. Thank you 🌹
You’re welcome 😊
This video was very helpful. Thank you so much for being so detailed!!
Glad it was helpful!
Thank you for the table of contents. This is so effective for me to save the video then keep coming back to rewatch a section.
Glad it was helpful! Happy watching & learning!
Currently getting a new house built using USDA. Not an easy process but it’s definitely a blessing 🙏🏽
Amazing!
@@JoelKlemmer Movement mortgage is the brokerage I'm using.
Stick built or Modular? Could I pick your brain?
@@bbsvchic Sure. Its stick built
@@Humblethyself656 So what did you have to do? I would love to build a house instead of trying to remodel a house that is going to have issues. Did you have land to build on already? Are you in the low income bracket? What state/area are you in? I'm in North East Texas. Thanks
This was very well put together and helpful, thank you!
Glad it was helpful!
Wow this video is literally a free course. So much valuable information. Thank you so much
Glad it was helpful!
This channel is absolutely amazing and I’m so grateful I clicked on you! 🙏🏽🙏🏽🙏🏽🙏🏽
Welcome aboard!
Thanks for creating this resource. It’s not easy to hear USDA programs explained like this.
Thank you so much for watching!! :)
This channel is very detailed and organize. Finding information is quite simple. Thanks for sharing. I'm looking into this route.
Thank you so much for watching!! :)
He is giving me all kinds of Clark Kent vibes!! 😍 Love the video and channel!! Thank for you amazing content 🙂
Thank you so much for this video! We’re just entering this crazy market and have so many questions, you just answered most of them!
Thank you so much for watching!! :)
don't sweat it Mate...you are awesome at explaining the whole process keep up the good work.
Very informative and substantive. Thank you for doing this. Really this is great!
Thanks for watching! I'm glad you enjoyed it!
Another great video! I use your explanation on USDA loans to my clients!
I love to hear that! Thank you!
I'm looking to buy a house soon. I listen to all of your videos religiously. Thanks for the info.
Great Video, you also rocked it with Miles! Thank you for what you do.
Excellent video, your breakdown & presentation made it extremely easy to follow & understand....Thank you Sir.
Glad it was helpful!
Thank you for such an detailed video! I needed all this information 🙏🏾
Thank you so much for watching!! :)
Not me watching this whole video even though I already know all about USDA loans just because Kyle's voice is really nice
Hahah well I'm glad you're here!
You're a damn good creator. Keep going.
Thanks so much!!
@@WinTheHouseYouLove I just came across your video and you’re a perfect teacher for me! really soft Spoking, details and explain step-by-step! Help me understand a lot with especially English as my second language.. My daughter and I trying to get a home and it’s our first time buyer. So we work with a broken and we been Per approval, but if we don’t fine a house closing in 30 days then, we won’t be able to get the loan due to my income went down for 2020 tax return due to Pandemic and I’m a self employed and I’m the main in the loan. My daughter went to school for a nurse and she been working as a nurse about a year now. I asked my broker to use my daughter income as the main one for the loan if my loan don’t go through. He said, couldn’t use her as the main loan due to she hasn’t been in the same job for two years. On your video that it could work even though haven’t been in the same for 2 years? Sorry for long paragraph
Thank you for producing this high quality content! I’m going to make a playlist for newer Realtors coming to work on our office. I have to ask, what mic are you using?? The audio quality is on point 🤌 🎙
Thank you for watching!
The mic is wayyyy overkill, it's a Neumann TLM 102
This was super helpful! I took about 2.5 pages worth of notes. The market here in TX is so crazy that I doubt we will go this route but it's good to know it could be an option. I'm trying to educate myself so I can stifle the nerves about house hunting. We have been working on our credit for months now and I'm finally up to 760 from 500ish 😳(I was a stay at home mom for over a decade so it was just a matter of getting good credit) My husband is almost at 700. Hoping that makes a difference! Thank you for these videos! 🤗 You rock! And yes! Your voice was so calming! 😇
That's good to hear, best of luck!
Thank you very much for all the great tips you have been providing!
This is how I purchased I’m so happy and thankful, USDA helped make my dreams come true!!
Nice! Thanks for watching!
This was very informative! Thank you. I do a question though, so you find that monthly payments are higher for usda loans than other loans that do require a down-payment?
Only slightly
wow you covered all corners nicely. I am in the market for buying a house through USDA loan and you saved me ton of time with valuable information. Well done thank you sir.
Glad it was helpful!
I appreciate this video you’re doing some legwork on the Internet that realtors in my area will basically hang up on you for. Ty.
Glad you liked it! Thank you!
This was thorough and AMAZING.
Thanks for watching!
My wife and I did the USDA Rural housing mortgage 5 years ago on our first home. It was a zero percent down loan but we put 15% down and it got us an even lower interest rate. At that time USDA rural housing loan had the second lowest interest rate next to a VA loan. USDA is a great mortgage product and I would suggest it to anybody who qualifies.
Thanks for sharing your story. :)
Totally agree. We also used USDA when we bought our home 14 years ago. We didn't put any money down and it was an extremely easy process once we finally found the right home.
curious question on the 15% you put down even with the USDA loan...... They didnt deny you (obviously) because you had money in the bank? I read somewhere that if you have money in your account, lets say $20,000, that they claim you have enough for the down payment and therefore do not approve. Is that true?
Extremely informative, you just gained another subscriber. Keep up the awesome videos.
Thank you very much!
Thank you for explaining what this type of loan is about. I really thought it was for farm land only (lol). After watching your channel, I now understand what type of loan this offers and how to apply for it. Your channel is very informative. I enjoyed it so much, I subscribed :)
Yes, when we see or hear USDA we think of agriculture...plants, and all those animal's in "Old MacDonald Had a Farm" nursery rhyme. 😂 Thanks for the support!
Thank you very much for this video. I'm in NC looking to purchase using a USDA loan and this video is very helpful.
Glad it was helpful!
@@WinTheHouseYouLove are you knowledgeable on the USDA One-Time Close Construction loan and if so what are the pros and cons of it?
Great content and voice, it can replace my Rain rain app 🤣👍 subscribed!!
Awesome! Thank you!
Wow your voice is wonderful for my anxiety.
Try watching my other videos...it's a good cure for anxiety. Kidding!😂
Very informative and well put together. Thank you.
Glad it was helpful!
Love your videos man! Been preparing for couple months watching your videos. I am leaning towards Building a Home: Get a Loan to buy the Land, and Build the house (Trying for an Owner Builder In Maryland). It be awesome to see some content on a "Build to Permanent" loan.
Thanks so much! I'll add it to my video list :)
We got a USDA loan. No money down. Brand new home built and the builder closing. The thing is, we had to qualify when we picked our floor plan and upgrades then we had to qualify once again after the house was built.
Awesome!
@Phil Anderson- About how long would you say the loan process took you?
@@adust5139 less than a couple of weeks
@Phil Anderson If you don't mind, can you please share which Bank did you use?
@@joseestela3920 I used a mortgage company called People's Mortgage.
This man's voice is so very calming great share sir thank you
So nice of you. Thank you for watching!
Thank you for all of the great informative videos. I just found your site last night and find it very helpful. I’ve searched but have found no video on the Teacher Next Door or Hometown Heroes home purchase assistance programs. If I haven’t overlooked one, do you mind doing a video on these educator assistance programs? Thanks in advance!
If you're a Teacher , maybe, we can all wait for this one. :) check out the link: ua-cam.com/video/RQannIGCdBk/v-deo.html&lc=UgyS4wvuzm4mmluA1Hx4AaABAg
If you need to watch something for VA's also, ua-cam.com/video/DD_2sJ6fP58/v-deo.html
Hope it helps. :)
I bought a home in September with a USDA loan. It was an overall good experience. I got a 0 down loan, 2.5% fixed rate 30 years, and dealing with the USDA was somewhat easy. I did have two issues: 1. the inspection report left out one key USDA requirement, so it had to be resubmitted, 2. the amount of homes being purchased caused a backlog that led to a two week delay in approval from USDA. Otherwise, things went pretty smoothly on the loan front. And my home is only about four miles outside the Austin city limits.
Thanks for sharing your experience!
Wow that’s great Austin is up there in price!! I’ve been looking for a while but houses keep selling so quickly! I’ve been looking in cedar creek area about 20 mins from airport
@@Nereidabby yes, it was very stressful. I bought in Manor, and it was a tough fight getting a home. I did have to go over asking price by $10,000 and also agree to cover closing costs for myself. It's a sellers market right now. But I am in my home now and happy with it.
What lender did you go with in Austin? I'm in the preapproval phase and the lender I tried clearly didn't know how to calculate for the USDA loan.
@@lakendracollier5099 Angel Oak Home Loans. The loan officer was a family friend who was initially just going to consult with us to see what our options were, but after seeing the low rate from USDA, suggested we buy instead of rent.
Hey Kyle! Your channel is fantastic. It's chock full of great information. Would you consider educating us on USDA Direct and/or with SSDI Housing Authority ticket? I appreciate considering my request. Thanks!
Thanks!
I'll add it to my list :)
best video ever so simple so direct to point
Glad you think so!
This was very informative! Thank you
Thank you so much for watching!! :)
Thank you for this information. I just this information to my mortgage guy. Praying we get approved.
You're welcome!! Best of luck!
EXCELLENT VIDEO very informative I plan on applying for USDA DIRECT Loan this program sounds better than NACA's program 👍🏾 Thank You so Much ❤
Thank you so much for watching!! :)
Thanks for all your advices
You're welcome!
This was very insightful to learn as a first time buyer!
wow, thank you for the information.
You're welcome, thanks for watching!
as a mortgage broker. I got to tell you. you are awesome! really clear, real information.
just awesome!
I appreciate that!
@Think Dude USDA focuses more on farmland and rural areas based on population.
Thank you, you explain it really well. Learning allot.
Glad to hear that! Thanks for watching. :)
Love the Chanel! Can you do a video on USDA/FHA One time Close loans? I know many lenders are stepping away from the program, but some changes might have them come back in...
It's on my video list :)
I just looked at the USDA map last week and am now watching this video. Serious deja vu @8:54 being from Springfield Ohio
Hahah that's awesome! I'm based in Dayton
Columbus, OH here. I'll be reaching out soon! Be well guys!
Cincinnati here, looking for my first home
Thank you so much 🙏. New subscriber here!! 😃
Thanks for watching! I'm glad you're here!
Kyle, thank you for your insight! Do you know if there are any restrictions by USDA when purchasing a manufactured home?
There are some minor ones, but as long as it's permanently attached to the land, you should be fine
You're awesome! Thank you for all the information🙏🙏
Happy to help!
Man I love your channel. I haven't applied for any loans yet but I always thought home ownership is way out of my reach.
Thank you!
Thank you for the information on the video. For someone with credit scores in the 700s and no current debt (just a credit card with 1% usage) is it possible to go higher than 29% front end debt to income ratio on a Usda 0 down loan?
I covered this in the DTI section
Best content I have found… and I’ve looked at a lot! Thank you for taking the time to put this together. Can/do you work in Washington state?!
Thanks for watching! No, not yet in Washington state.
Wow this was super helpful! Thank you!
You're so welcome! ;)
Would love recommendations on lenders that use the manual underwriting system!
Right now, Carrington is one of the only ones doing it with COVID. HOWEVER, they are very very slow.
He is handsome with beautiful voice and his choice of glasses suit his face
Thank you so much for watching!! :)
I grew up in a USDA home. Nice little town (despite it's problems) and not very rural, it was still a town. The farms were at the fringes of the community and the nearest city's downtown was only 30 minutes away.
Awesome, thanks for sharing!
You had me at tipp city, I drive through there all the time, small world!
No way!
Kyle, you're a great teacher. Your channel has helped me have confidence that I can navigate the home buying process. Thank you! Wish me luck in finding a home and getting financing. My goal is to move into my new house in May or June 2021. For USDA, would I need to have an offer accepted in March to meet my goal to move in May?
Thanks so much for watching!
Anywhere between March-April should put you in a home around May :)
Im looking on my options too around June July. This channel is so helpful
Hope you got that home!
Logann Marie- I did!!! Got a beautiful home that I love in the right location. Offer was accepted in February and I closed in April.
Really trying to save for the house! Taking notes
Thankyou
You are so welcome!
SAME BOAT! I SAW A LENDER THEY TOLD ME TO WAIT ANOTHER YEAR :( IM TRYING
Wow I just came across your channel this is interesting please keep going I'm in GA me and hubby need this like yesterday do that have that here?
Thanks for watching! Yep, it's nationwide :)
I have a 101k retirement plan & looking at a foreclosed fixer upper house to purchase got this whole army barracks layout with a loft bed edition to add but in mke wi still available for a year worth of funds thru my retirement account I've even started spending my red risk money with 11% tax so glad I found this channel cool video THANKS
That’s how I bought my house last year 🙏🏼
Love it!
Thanks for this video. My wife and I are planning on buying a manufactured home on about 10 acres of land and then building our "forever home" on the land and keeping the existing home as a guest house. Would this situation qualify for a USDA loan?
Hmm, that's a tricky one. As far as the initial purchase, yes. Building on the land though would most likely require that you reach out to your lender and see if that's something they'd allow.
This was awesome!! Thank you so much! I’m in the market and I was clueless!
One question can I put or build a modular home on land with USDA? Funding?
Yes, I believe your can build a manufactured home using USDA loan.
Excellent Information. Thank You!
Thanks also for watching! :)
EXCELLENT 💯🙏🏿🙌🏾🙌🏾
Thanks!
I bought my home with a USDA loan in January of last year the seller paid all the closing cost and the repairs
Can i buy another usda loan house if i have a usda loan already?
Congrats! You can only have one USDA loan at a time
@@SammySosa-cafepilon that's what i want to know too.
I love your videos, thank you so much!!!
Glad you like them!
love your content, it truly is priceless! could you talk about new construction within usda loans and how they work together? hope this is a topic in the future!
Great suggestion!
Thank you so much.So informative.Studying to become an underwriter.Is there any link that you have that can help me to be prepared for the job and interview .I will be glad to have you as a mentor.thank you.
So difficult though I love the USDA program but now that houses have gone up so much and the median income that they use wouldn’t even allow me to buy any home here in Florida if I made that low🤷♀️
It can be a tough box to fit in
This would be great for me if I could find a qualifying home less than an hour from work. My Luck but thank you for all the useful information.
Thank you so much for watching!! :)
hi .Love the info!Do you have to pay mortgage insurance on these loans?
Thanks! There is a MI section in this video
Thank you very much. I found the home I'm really wanting on the usda website. This makes me so excited. My DTI is below 20% and credit is above 650. It should go smoothly
Thank you so much for watching!! :)
Can you do video on Fannie Mae Home Ready loans
It's on my video list :)
Great information. I have always wanted to own my own home and did not know this. I am a single mom and your information just made it so possible for me to buy me and my girls a home. I wish you were a broker here in Orlando Florida. Thank you
Thank you so much for watching!! :)
If you text #apply to 937-358-6542 I can connect you with a loan officer in FL
Great info, never heard you mention could you buy a manufacturer home? Are you licensed in Michigan? So does USDA approved after preàproval and just before closings?
I’m so excited! Thank you for these videos
Glad you like them!