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USDA Direct loan

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USDA Direct loan

I went to the website and checked to see if I was eligible, and I was. But my question is, the current housing situation. It says I need to be without a decent, sanitary, and safe home. I am renting and the apartment is ok but I would like to but a home with girlfriend. She cannot move into this apartment because we “make too much”.
Also I have a savings account because we have been trying to save for a home, will that cause any issues?
Message 1 of 3
2 REPLIES 2

Re: USDA Direct loan

I see no one has responded to you yet. I'm in the beginning phase of the Direct loan process myself and from what I've gathered about being without a "decent, sanitary, and safe home" only applies to those who already live in a home and are looking to rehab their existing home. I wish the USDA would clarify this too because almost did not apply because of this. Good luck to you!

Message 2 of 3
Established Contributor

Re: USDA Direct loan

thanks, @Love4africa22 - when I asked my loan packager he said that people who were without were given priority status for the loan and the rest of us would receive funding after, if still available.

 

 


@Love4africa22 wrote:

I see no one has responded to you yet. I'm in the beginning phase of the Direct loan process myself and from what I've gathered about being without a "decent, sanitary, and safe home" only applies to those who already live in a home and are looking to rehab their existing home. I wish the USDA would clarify this too because almost did not apply because of this. Good luck to you!


 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 3 of 3