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Clueless but I would like to buy a home - USDA Direct

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Established Contributor

Re: Clueless but I would like to buy a home


@Harmony12 wrote:

That is awesome please tell us the details.


It's a 3 bedroom, 2 bath house with a 2 car garage. It's 1330 square feet and list price is $139k. The land is about .75 acre. It is close to a lake and has an above ground salt water pool. It was built in 2005. The neighborhood is well maintained. What other details would you like ?

 

It's about 40 minutes from Atlanta. I don't work every day in Atlanta so that's not an issue.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 91 of 110
Regular Contributor

Re: Clueless but I would like to buy a home

That's awesome! It seems you got a beauty and for only $139k! Smiley Happy Congrats again!

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO Score 8 7/7/2018
EX 557
TU 566
EQ 514

Current FICO Score 8 as of 6/17/2019
EX 649
TU 652
EQ 610

Goal Score 650
Message 92 of 110
Frequent Contributor

Re: Clueless but I would like to buy a home

Yay you!!!!  Congrats!


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694
Gardening since 9/7/17 Aiming for a mortgage October 2019
Message 93 of 110
Valued Member

Re: Clueless but I would like to buy a home - USDA Direct

I am so happy things are working out for you!!! Keep us updated as everything moves along!

Message 94 of 110
Established Member

Re: Clueless but I would like to buy a home

Hi Stanistina, 

 

     Congratulations!  I have been lurking, watching for your posts.   We have a few things in common!  

 

I found my USDA Rural Direct home 4 yrs. ago.  I noticed something in your description of your home 

that I wanted to warn you about.  I am concerned about the above ground pool.  The USDA MAY try to

push that detail back.  I BELIEVE a pool is not allowed, however.....being above ground there may be 

some leeway.  I just understand you are at a whole new nailbiting, nerve wracking, waiting game while 

you get thru the inspection phase.  I wanted to say something before you heard it from underwriting.

 

I am so excited for you, and I wish you a speedy close.

Message 95 of 110
Established Contributor

Re: Clueless but I would like to buy a home

Thank you all for the positive wishes !

 

I was supposed to submit repairs to the seller today but the realtor left two off the list so it will likely be tomorrow. In any case, nothing is a deal breaker for me.

 

@tigermomma, when you go to the USDA Rural Development website and click on Single Family Housing Direct Loans, it says about midway down:

 

Properties financed with direct loan funds must:

  • Generally be 2,000 square feet or less
  • Not have market value in excess of the applicable area loan limit
  • Not have in-ground swimming pools
  • Not be designed for income producing activities

 

I believe USDA Guaranteed loans actually allow in ground pools. An above ground pool is something you buy at a store and put in your yard - so it wouldn't count towards the house and land for the loan - as the shed doesn't either. However, I do believe it would be considered in the insurance, as the shed would be as well.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 96 of 110
Community Leader
Valued Contributor

Re: Clueless but I would like to buy a home


@stinastina wrote:

@Harmony12 wrote:

That is awesome please tell us the details.


It's a 3 bedroom, 2 bath house with a 2 car garage. It's 1330 square feet and list price is $139k. The land is about .75 acre. It is close to a lake and has an above ground salt water pool. It was built in 2005. The neighborhood is well maintained. What other details would you like ?

 

It's about 40 minutes from Atlanta. I don't work every day in Atlanta so that's not an issue.


Thats sounds very niceSmiley Happy

CU NFCU PENFED ALLIANT BANK USAA BBVA BB&T PPMC IKEA MARVEL DISCOVER STORE LOWES AMAZON MACYS WALMART WAYFAIR CARECREDIT CARCARE
Message 97 of 110
Regular Contributor

Re: Clueless but I would like to buy a home


@stinastina wrote:

I'm under contract !!


A HUGE congratulations 🎉🎈🍾🎊!

Message 98 of 110
Established Contributor

Re: Clueless but I would like to buy a home

My file was transferred last week to a different office because the home I found is in a county not covered by that office. I'm praying things will go faster at the new office.

 

Meanwhile, the seller agreed to all repairs !

 

So Tuesday I will call the new office and find out who my new UW is and what they need to order the appraisal. 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 99 of 110
Established Contributor

Re: Clueless but I would like to buy a home

Hi, guys, here's an update:

 

Spoke to my new USDA UW yesterday. He said he just got my package on Tuesday and to give him a couple of days to look over the inspection. I told him the seller agreed to all repairs I requested so we sent that to him yesterday. He said if it looks good to him, he'll schedule the appraisal. I'm praying we get the appraisal done next week and can close this month !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 100 of 110