What’s a “ball park” timeframe to get an answer once EVERY DOCUMENT REQUESTED has been received?

@MortgagesbyMiles

2 ай бұрын

Good question. This timeframe can vary with each USDA office. My local office is 2 days or less right now.

Something that I don't understand is about the interest percentage, in your video you put a % very close to what all banks give with conventional loans, but on the USDA website it appears that it is currently 4.75%. Isn't it supposed to be that and not close to 7%? For example, a person who earns 4680 a month with a score of 760, what % interest is most likely to get with a USDA loan?

Hi!! Question 🙋‍♀️ in the state of NC , which banks offer this type of loan ? I called Wells Fargo they not longer have this loan available. Thank you in advance

@MortgagesbyMiles

6 ай бұрын

Shoot my team an email and I have a good friend in Raleigh that can help you with this. TeamMiles@superiorlending.net

@EyezofMoe

2 ай бұрын

I already own land in NC in a very RURAL AREA! My parents house was on the land but it suffered major damage due to a fire over 20 years ago. It has a well and septic tank (which I’m sure needs to be replaced). Will USDA approve a loan to build a POLE FARM HOUSE for occupancy?

What if you have collections? Also I have some missed payments on my auto loan but they were from last year this year I didn’t miss a payment

@MortgagesbyMiles

9 ай бұрын

Good question. There are a lot of variables here. USDA is best if the credit score is over 680. Here is what I would recommend. Contact a lender and have then run your scenario through what we call Automated Underwriting. This will let us know if you will be approved with collections and late payments. We are happy to do that for you if you want to reach out to us at TeamMiles@superiorlending.net or 385-350-1411.

@michellefischer4541

Ай бұрын

I am on disability and I did the usda loan low income one and they could only give me 63,000 in Tucson AZ I don’t understand my mom gets same amount as I do and was able to pick out a manufacture home she did have her own property but they even added a installation of a chain link fence put up professionally this was over 15 years ago she only pays 350 a month but what they approved me for in which it expires end of august I can not find a home at 63,000 here In Tucson Az plus it must be a new trailer for sale on property so very frustrated I get almost a 1,000 a month in disability guess this is why so many are homeless hard in a fixed income

Do you need to know exactly which state you plan on moving to before starting the process?

@MortgagesbyMiles

6 ай бұрын

Great question. It is a great to crunch the numbers to know your max qualifying amount and to see if you are comfortable w the monthly payment. We are happy to help you with that info. Please reach out. 385-250-1411 or TeamMiles@superiorlending.net

are income limits based on the subject property county or the county of where i live now?

@MortgagesbyMiles

6 ай бұрын

Subject property location. Great question. Please let me know if you have other questions or would like a quote. TeamMiles@superiorlending.net. Or 385-250-1411

Whats the maximum mortgage amount we can ask from USDA? Is there any limits? Thank you for your video

@MortgagesbyMiles

6 ай бұрын

Great question. Loan limits for usda follow the conforming loan limits. In my county, it is currently $766,500. Let me know if we can with any questions or quotes. TeamMiles@superiorlending.net

When you say you can’t own another or other real estate property, do you mean that for future as well.

@MortgagesbyMiles

6 ай бұрын

No, just at the time you are purchasing your new home with a USDA loan. Thank you!

I already own a home and want to sell it before i buy another one but i do i need to fork over any money i make from my home when applying for a direct loan? Thanks

@MortgagesbyMiles

8 ай бұрын

You shouldn't be required to move your gains from the sale of the old home to the new home as downpayment. A few things to consider: If purchasing the new home using USDA, downpayment is allowed, but not more than 20% down. There may also be some tax advantages in avoiding capital gains tax by moving your equity from the old home to the new one - check with your CPA on this. Please feel free to reach out if you have additional questions or if we can help. TeamMiles@superiorlending.net or 385-250-1411

I own 3 acres but I want to split the property so that that I can turn over an acre to my adult children. Should the split be completed prior to applying for the USDA LOAN ? I’m in NC and need to know where to start as far as an application!

@MortgagesbyMiles

2 ай бұрын

I would do the split first. I have a good friend/loan officer in Raleigh. I'd suggest reaching out to him as he can give help and guidance on the process. Please shoot me an email and I'll send you his contact info. TeamMiles@superiorlending.net

Is the usda a fixed rate ?

@MortgagesbyMiles

6 ай бұрын

Yes, fixed rate - 30 year

What if you are the son of a veteran? Will it still work?

@MortgagesbyMiles

9 ай бұрын

Tony - being a son a vet will not disqualify you from a USDA loan. Best, Miles

I live in California, can you refer a USDA Loan Company?

@MortgagesbyMiles

4 ай бұрын

Donny - we can help through our sister company. Reach out to us at 385-250-1411 or TeamMiles@superiorlending.net

They withdraw my application after 8 months of waiting, submitted everything they requested.

But isn’t that the guaranteed loan’s interest rate? I believe the direct is like 4.75 and then had a subsidy that allows it down to 1%

@pnw_wanderer9786

9 ай бұрын

Wait a 1% USDA loan?? Where and how

@angelarohr7161

8 ай бұрын

Yes. It is only for low income borrowers though. The household income limit for the subsidy is dependent on household size and your areas cost of living.

@angelarohr7161

8 ай бұрын

You can contact your local usda office to see if you can qualify for that subsidy.

@pnw_wanderer9786

8 ай бұрын

@@angelarohr7161 thank you so much! Very helpful :)

@Zizzyyzz

7 ай бұрын

​@@angelarohr7161Thanks so much for this info!