How to apply for a USDA loan?

[Anonymous]

As always thanks in advance for the help.

My wife and I would like to apply for a USDA loan. My question is do I contact usda or should I contact a lender directly?

[Takunda1]

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@Anonymous wrote:

As always thanks in advance for the help.

My wife and I would like to apply for a USDA loan. My question is do I contact usda or should I contact a lender directly?

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Depends on how much of a loan you need. If you apply directly through USDA they have a cap on how much they can approve you for. If you go through the lender you can get a much higher approval amount, USDA will just guarantee the loan. I'm sure you already know that the property has to be in a USDA approved area. You also have to meet USDA income guidelines.

source: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11

[Anonymous]

We meet the USDA guidelines and the area we want to purchase in is in an approved area. Is it as easy as just pick a bank from the list on the USDA website?

Thanks

[Takunda1]

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@Anonymous wrote:

We meet the USDA guidelines and the area we want to purchase in is in an approved area. Is it as easy as just pick a bank from the list on the USDA website?

Thanks

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I am sure its that easy. You'll have to call the bank though, it seems the USDA option is not available online for most of these banks. Our file is going to USDA tomorrow for review, but the process has been really smooth.

[tleventer]

I'm working through a Sibcy Cline mortgage broker.  A couple weeks ago they were given the ok to process USDA loans.  Makes me happy! :-)