Hello everyone,
I am brand new to the forum, but have been reading posts I found about USDA Direct loans for a few months and thought I would now contribute. I started my prequal in December and now have my official application being processed.
So about me an my project(for my protection I will not give exact figures in some areas):
I bought just shy of a quarter acre of land on Anderson Island for just over $2,000(nope not missing a zero, land is that cheap there!) back in July.
Applied for an FHA End loan in October for a modular home and was pre-approved for only $135k. Applied for a USDA Guarunteed Loan and was only approved for 115k. Both of these are not enough for a home because I have to install septic on my lot and HOA rules are quite extensive and require a bunch of extras added to my project.
So in December I figured out that although I make over 40k/per year I am considered low income by the USDA in Pierce County, WA. So mid December I submitted my prequal packet to the USDA office in person. Here is the timeline so far:
End of December- Recieved my prequal phone call and was told I could qualify for up to $260k. Application was emailed to me.
2nd week of January- submitted my application, hard credit pull that day on my credit report
3rd week of january- check cleared my account
I will update this thread as I hear more! Looking forward to sharing more as I get further in the process.
