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Such great info!
So does USDA Guaranteed have ANY acreage limits at all? And can you choose Guaranteed even if you qualify for Subsidized? We definitely would choose more acres over a better rate.
From what I have been told, and if I remember correctly from the USDA handbooks and regulations...Guaranteed does NOT have acreage limits. And yes, you absolutely can go Guaranteed even if you qualify for Direct. As long as you can find a bank that will lend to you. Remember, in Guaranteed, you're obtaining your loan from a bank and USDA is just backing the loan.
The catch with going Guaranteed is that you cannot ever get that loan rate subsidized, even if you qualify for the subsidy. You have to close your loan with Direct if you ever plan to use the subsidized rate. This is why we stuck it out with Direct over Guaranteed....we wanted the flexibility to use the subsidy. We figure we'll still pay the full amount and pay off the loan faster.
My house on 5 acres is an FHA loan.
Ok, so here's another sort of strange question. How far from your current home (or maybe your place of employment) will USDA or FHA (or even conventional lenders, for that matter) allow you to purchase? Or is this even an issue. For example, can you be approved for a mortgage 2 hours from your employment (with the intention of getting a new job closer to the home)? We're considering moving to a town a couple hours from where we are now, but it would be great to buy a place when we move, rather than continuing to rent. But not sure if there are rules about this.