USDA LOAN 2021| 0% Down payment| 100% Financing
Hello and welcome to my channel as you saw by the thumbnail we are talking about usda loans i am doing this video because i have been inquired by a few of my clients about usda loans and i made sure to get information for the maryland and the virginia area from a lender partner that i do work with and i was given some information that i want to share along with
My research with you guys so if you’re thinking about considering buying your first home or buy your next home in a rural community or suburban community that qualifies then i suggest using a usda loan a this is a mortgage option available in some rule in rural and suburban area for home buyers loans are guaranteed by the united states department of agriculture
These loans are favorable to those who desire to live in rural areas usda does not have a set credit score but make sure you talk to your lender and get the qualification that they need to qualify you for a usda loan there is zero money down so there is no down payment which is a plus which will help lower your cost and buy your first home or your next home this
Is a 100 percent financing uh mortgage option for you you still need to have money for closing and the lender share with me that seller’s concessions are limited to six percent of the sales price and i want to read um well i wait for that and then if you have student loan debt five percent of the student loan is calculated um of your outstanding balance and the
Part that i want to read verbatim to make sure i share this correctly to you guys is that students student loan debts are based on either a fixed or a non-fixed payment loan generally they calculate it based off of a five percent of the outstanding balance or the current documented payment plan whichever is greater so if you do have student loan debt keep that in
Mind so that you can make sure you navigating your home buying process correctly with your real estate agent um if you’re looking for a real estate agent in the maryland dc virginia area i am locally here and i can support any of your home buying needs or home selling needs please like and subscribe to this page for more real estate content i also wanted to go
Through the process with you um because it’s pretty easy to know if you’re eligible or not so i’m going to share my screen here don’t mind the noise it happens and where is my screen let’s see here right here so you would type in i got to this screen by typing the website which would be in the description below but it is it make sure to write it is it rule.com
So you would get to this page and um in this video we’re talking about single family housing guarantee um here it talks about the eligibility um of the program so you read this site you will click here and it goes over the rural housing services and the property here you hit accept uh and then it brings up a map for you so in this map because i live and their
Meanwhile make here we go bigger yes oh too big so here um i would do virginia since i have clients inquiring about this in virginia and on this map which i should have shown you is that the areas that are like yellowish are not eligible for this loan so as you can see in the virginia area there’s a lot of land that’s possibly eligible for this loan and uh you
Can just zoom in and check out more areas that you may be interested in like i have a client that’s interested and front row and they say find your address and um you can type in an address if you have it in this box here and hit go and it will tell you yes or no but you just scroll through the areas you think you would like to move into um here and front row is
Somewhere uh still too far down uh right in this general area and as i was showing her the process how she can go see this for herself and type an address um or give it to me and i’ll type in address for her um she can see if that property is there or not so this is how you navigate it then you go to um you can click income eligibility here and you select your
State you can do virginia pick a city we’re going to say always body count so i’m going to do fakie or county because that counter i know has um rural areas there this is in the metro dc metropolitan area you put the number of people in your household the number of residents that are under 18 years of age this disabled or full-time students you check this box
Is the loan applicant a co-applicant age 62 or older so look i just say uh uh for example that uh household of three we have zero disabled is long applicant or co-applicant 862 older no are there any disabled person living in your household no so then you click next then it would take you through um the gross monthly income and you fill out these numbers based
On your financial situation um circumstance uh financial situation and you put all these and you will hit finish and let’s see uh let’s make up some numbers here um to let’s say your husband and wife you do 32 and we’ll do like 25 oh now let me do this correctly so you’re you’re the applicant you have a spouse no other members over time we’ll say no bonus
No commission let’s say one of you make commission you make uh two thousand dollars a month self-employed one of you may be self-employed and you’re making four thousand dollars a month uh net rent to income not quite sure but yes other income no no and we’re gonna hit finish so as you see here applicants meets the income limits for section 502 guarantee rural
Housing loan program based on income enter and program income guidelines in effect as of march 4th 2021 applicant must show repayment ability have a reasonable credit score for the loan request and must meet other program criterias and then it gives you like contact us for the details click here to complete self-assessment uh please keep in mind that the direct
Loan that’s a different program because this is the single family housing um program but you know based on what i entered here it gives you a summary of adjusted annual household income and then it’s section 502 guarantee real housing loan program maximal adjusted household income selected state and county gives you that information there and then we’re doing the
Guarantee not the direct rule housing loan programs so um because both of those are two different programs so this is how you will go through the um usda process to see if you’re eligible you go to this site you can do this yourself they also have i gotta remember how to get back to it but there is a website where you can go and look for your local office and
I don’t think i have it here hmm yeah i don’t think i have that here no no no i don’t want to navigate way but yes so that is how you would um fill out the process see if you’re eligible work with a real estate agent or your real estate agent of choice be connected with a preferred uh lender that works with usda loans so they understand the process and so that
You could be clear on the process and take advantage of an opportunity in 2021 to have a one percent financing mortgage loan with zero down payment and little cost out of your pocket um which is the seller’s concession or the uh i mean the closing costs along with the six percent seller concession i hope you find this video helpful please like and subscribe and
Until the next video see you soon and thank you for watching
Transcribed from video
USDA LOAN 2021| 0% Down payment| 100% Financing By Ozzie Angrish REALTOR®
