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Yes it is very possible... Please make sure that you guys have no baddies on CR, minimum credit score of 640 they will want everything paid if you apply before the baddies are gone they will not proceeded w/o letter of explanation and letters stating the negative accounts are paid in full. Please make sure that they have the funding and all of you papper work is in order. I had to give 1 month of paystubs from both borrowers, tax returns last two years, two most recent bank statements, and copy of ID's and SS cards. Have all of your papper work in order it will just help them certifiy your funds quicker. I went for my meeting on thursday. Approved for max loan amount in area I will be building, they will purchase the land for me no payments until the house is finished. My specialist said I will be charged 1% intrest until the house is finished and that will be rolled into the back of the loan... LOL I said to my self I am greatful because other lenders want you to make payments before the house is even completed , so thats fine with me.The contractor, house plans all have to be approved prior to construction, but the great news is that once you decied your building instead of buying the loan is closed for the amount your approved. No re-certifying documents and no B.S... Make sure you take care of your SFH specialist and they will take care of you.
Sorry I was raving and did not answer the basement question. I was told by my specialist that they don't care about the basement as long as it is not finished and is not part of the total heated living area. keep in mind that they will have the floor plan and the
wrote:
I’ve been lurking on these forums for a few weeks, but just recently made my profile to ask this question!
My wife and I are in the process of fixing her credit to be able to qualify for a USDA direct loan. We are eligible in income and area, just need to get her scores up.
We’ve been look new construction companies ( like Dan Ryan Homes, but not them, a local company). I was wondering about getting a USDA direct loan and then going through the process of building a home like that. Does any one know anything about this? Do basements count towards max sq footage?
The square footage max for our area is 2,000, and the loan max is in the mid $230’s. I’m praying when we finally get her credit fixed (her mom opened cards and then didn’t pay them) we’ll qualify for close to the max.
wrote:
I’ve been lurking on these forums for a few weeks, but just recently made my profile to ask this question!
My wife and I are in the process of fixing her credit to be able to qualify for a USDA direct loan. We are eligible in income and area, just need to get her scores up.
We’ve been look new construction companies ( like Dan Ryan Homes, but not them, a local company). I was wondering about getting a USDA direct loan and then going through the process of building a home like that. Does any one know anything about this? Do basements count towards max sq footage?
The square footage max for our area is 2,000, and the loan max is in the mid $230’s. I’m praying when we finally get her credit fixed (her mom opened cards and then didn’t pay them) we’ll qualify for close to the max.
wrote:
I’ve been lurking on these forums for a few weeks, but just recently made my profile to ask this question!
My wife and I are in the process of fixing her credit to be able to qualify for a USDA direct loan. We are eligible in income and area, just need to get her scores up.
We’ve been look new construction companies ( like Dan Ryan Homes, but not them, a local company). I was wondering about getting a USDA direct loan and then going through the process of building a home like that. Does any one know anything about this? Do basements count towards max sq footage?
The square footage max for our area is 2,000, and the loan max is in the mid $230’s. I’m praying when we finally get her credit fixed (her mom opened cards and then didn’t pay them) we’ll qualify for close to the max.
lot appraised before you go foward. The answer is get the basement make sure your contractor submits the plan with the rest so they can let you know if it will due.
Can you get a USDA Direct Loan through a mortgage lender or do you have to go straight through USDA? We are buying a new built house in a subdivision and it will be completed April 11th and we are getting a USDA Loan. In fact the paperwork was sent to underwriting today. It would be nice if we could do direct and get longer term and maybe a lower payment. Thanks
@Anonymouswrote:
USDA direct is directly through the government. When you apply, you have to apply to them. It doesn’t go through a lender. But there are strict income and area eligibility rules
Wow, I wish I would of read on here more about USDA before going through a lender, Don't have time to start over now. Oh well! Thanks