I have a few Questions about the USDA direct loan. One is can you buy A auction house (Auction.com type of house) or is there certian houses your just not allowed One home I'm looking at is on that website but i found it on Zillow and was wondering if it was possible to buy one of those houses? I know it's in the eligble USDA area and under 2000sqft. My next question is about repairs and closing cost on homes how can those be rolled in to the loan? And Hows all the subsidys work and when do those get applied to the loan finally what is the next steps after receiving our coe? Sorry about sounding like a rookie it's my first time home buying and so far going though the process has been stressful and a whole lotta waiting I appiled in early December and looks like in a week or two we should receive our coe so we can offically home shop and wanting to know more and the types of homes and also what the steps after receiving our coe. Thanks for any answers you can give!
The USDA loan is more complicated loan then most, therefore it dose take longer to close then most loans.
Buying a house at Auction, may not give you the time you need to close. That would be determined by the Auction company.
USDA property guidelines are unique in that they have specific restrictions other that geographic. You must consult your lender as to what is allowed.
USDA is also very unique as far as closing costs go also... USDA is the only program that will let you "Roll" the closing costs into the loan amount AS LONG AS the appraisal comes in higher than the sale price. You call "Roll" your closing costs in as long as you DO NOT exceed the appraised value.
I hope this helps...