September 1, 2014

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Buy a house with no money down using the USDA program

by erenmillam
Categories: Lending, Real Estate
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Buy a house with no money down using the USDA program

USDA

Are you thinking about buying your next home, but don’t have any money down? Did you know that you can buy a house with no money down using the USDA program? It’s true! Keep reading below for more details!

ELIGIBILITY

Before going any further, lets discuss a little bit about who qualifies.

  • Income limit of $74,900 for a family of 4 or less
  • Must be able to afford mortgage payments including taxes and insurance
  • Reasonable Credit Histories (usually 620 or higher)

Not eligible for USDA program? You can still buy a house with as little as 3% down. Talk to your lender or call me for more details!

QUALIFY

Now that you’re eligible for a USDA Loan, you’ll need to know how to qualify.

You must be in an eligible area.

Fortunately, the entirety of Lewis County is eligible, so that is not difficult to figure out by your address! However, if you live outside Lewis County, you can check your area’s eligibility here:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

APPROVAL

You’re eligible and qualified, now you must get approved! As discussed before, you must have at least a 620 credit score.

Not sure what your credit score is? I use a FREE site called CreditKarma.com

You will need the following:

  • Loan Application
  • Pay Stubs last two months
  • W-2s for last two years
  • Bank statement for last two months
  • Other items required by lender

Make copies of everything! Make sure to ask your lender before the meeting what paperwork they will need so you won’t have to make multiple trips!

AVAILABLE HOMESA USDA home must be “Safe, Sound, and Sanitary”. Here are the qualities in a home to look for:

  • Cannot be sub-dividable
  • Cannot have “farm buildings” or any other buildings that could be used to generate income
  • Must have adequate water and wastewater systems
  • Cannot have any pools
  • Must be functionally adequate
  • Must be in good repair
  • Cannot be in flood plain (not 100% accurate, but a good rule of thumb since very few properties would qualify all the stipulations of a property in the flood plain)
  • Cannot be manufactured (again, not 100% accurate but very few exceptions qualify)
  • Must be owner-occupied

These are the basics you will need to know when thinking about buying a home or property.

You CAN buy a house with no money down using the USDA program!

Still not sure where to start?Contact me today and I’ll put you in touch with a USDA Specialist in your area!
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Eren Millam
Realty World Cosser & Associates
360-219-3616
emillam@rwcosser.com

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