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I applied for a USDA loan today. When answering the questions on their website it states I qualify for both a direct or a guaranteed loan. My question is this? I know my income is ok and my credit is ok but the question about inadequete dwelling got me stumped. I want to move because I live in a drug infested block and to top it off I'm right across the street from a bar and there's always a fight going on. They pick up and purchase drugs right beside my home and sometimes stay there to do them. I have already asked people to move and go elsewhere. I don't know if the USDA will take this into consideration. I live in the city and want to move to a rural area. I want to have a house built so I picked construction-permanent loan purpose. I don't believe that I would be able to get a loan for $206K elsewhere. I have money saved for whatever necessary. I don't know that I'd qualify. Any thoughts?
If you are renting, your housing is "inadequate." If you own, I don't know if you can get the USDA loan, but I think something would have to be wrong with your current home (not the neighborhood) to make it inadequate, though I could be wrong. Maybe someone else could chime in on that in particular...
In adequate housing according to the USDA is if the home is structually unsound.
Also, if you have a two bedroom home but have five people living in the home this would make the home inadequate.
I hope this helps. Check the USDA website it will give you more detail. Hope that helps