HOW I BOUGHT A 5 BEDROOM 3 BATH WITH ONLY 00 | USDA LOAN REQUIREMENTS 2021 | VLOGMAS DAY 8 2021

HEY Y’ALL!!! Here’s is the blueprint of home I got approved for our home with only $300 CASH!!! Also, you can look into this website and see if the home qualifies under the loan. 🤗

Hey guys welcome back to my youtube channel my name is sierra and this is day eight of vlogmas today i have something very exciting for y’all um first before all of that i want to just let y’all know that i got off of work a little bit earlier today and i decided to do like the videos earlier because i get off and you know i do what i got to do and then i record

But i got this kind of urge to just read my book and i don’t know if it’s because i bought another book from target um and then a little bit of backstory i’ve only read two books ever in my life and i didn’t know where the urge came from but i read like 20 20 something pages so it was really cool i’m really proud of myself i was writing down notes it was really

Really cool so i’m really glad that i’m getting into reading and i’m actually learning from the book and actually paying attention so i just wanted to share that with y’all i believe i am making these good habits and they are forming as something that i look forward to every single day versus like dread my monthly goals were to read 10 pages a day do vlogmas

Every single day or at least till christmas sell eight budget binders on my website and close my ring and i’ve closed my ring every single day this entire month so that is very very cool so today we are talking about how to move in to a home with zero down or little to no down payment side note i am in texas every state is going to be different from what i’ve

Heard texas is a lot cheaper than other states so this is not my actual numbers um this is just an example so i used a usda loan and it is for first-time home buyers it is a zero down loan and they require i believe three things so one they require two years of work experience and for me i have no idea how to spell i don’t think that’s how you spell

Experience y’all know i don’t know how to spell hey siri how do you spell experience i think that’s an a i found this on the web oh no i swear right so for me i had just got fired from my job and i didn’t have six months of employment in between my new job in that job so i had to write a letter stating like oh it was because of covet or it was because of work

It was because of um whatever so they just wanted um at least something to explain why you didn’t have a job and i had just got that job i believe the day before i applied for the house and they took not my pay stubs they took like a acceptance letter and then they asked for all of my pay stubs so there are ways around it if you don’t have two full years of

Work experience second they are gonna run all three credit um scores from all three bureaus i think it’s experian transunion and equifax i don’t know i forgot i’m sorry um so you want to make sure that your middle number is 641. it has to be 641 or higher and it has to be the middle number so credit karma is not your actual credit score what your real

Credit score is is something through my fico which is what i use it was 50 a month but it gave me somewhat of an understanding on exactly what my numbers were so when they actually pulled my credit numbers they were the exact numbers that i got from my fico and on my fico they said these are your numbers for credit cards these are your credit scores for mortgage

These are your credit scores for auto loan so it’s not just for this um but it definitely helps and if you don’t want to pull your credit right at the beginning i suggest y’all get my fico that way y’all can see at least if that middle number is 641 if it’s not i would not waste my time and the third one is income so say for example my monthly income before

Taxes is 2 000. what they do with your monthly income is they break it up in half so they say your cost of living is um one half and then basically like your bills are another so this one is safe for your home right they don’t count any of this so when they run your credit they say do you have any credit cards do you have any car um monthly payments do you

Have anything on your credit that you paid monthly say you do have one credit card it has a 500 bonus i mean a 500 balance and just a side note you do have to have a specific um debt to income ratio i do not remember exactly how much so you would need to talk to somebody about that but say you have a two hundred dollar car payment and you have a 20 um minimum

Payment on your credit card even though that balance is like 700. what they’re wanting to do is they’re actually going to subtract all this so 1000 minus 200 is 800 and then that is 780 so they say you can get approved for this amount monthly in a home and then that’s how they get basically how much you get approved for if you want a two hundred thousand dollar

Home and you’re only getting approved for this you’re not gonna get that there’s just no way and there’s calculators that you could use to help you but what some people do when you are single they make you pay off all your debts first um that way instead of 780 you’re back at the 1000 and that’s a little bit better than 780. now if all this goes through the

Only thing that you’re having to pay for is a 500 application fee and of course like your closing costs but for us we had so much credit that we did not have to pay any closing costs thank god so they actually gave us a refund so we really only paid like 300 to move in and when you need more income and say you have a spouse that’s when they combine both of

Y’all’s incomes so say you make 2 000 your spouse makes 2 000 right that turns in to 4 000. he or she does need these same requirements and they are gonna divide that four thousand by two so two 2000 and then say you have the same 200 car payment and say you pay off your credit card then you have 1800 a month for a mortgage and that is a lot better than

The other one of course keep in mind that usda you can only use it once so say for instance next time you do get you do want a different home you’re gonna have to either put uh i believe the conventional loans are 3.5 down and right now interest rates are super super low as well so keep that in mind um it’s just really like finding the house because there’s like

A house shortage right now but this is all doable honestly and keep in mind that the usda loan is more of like an agricultural loan so it’s gonna be kind of like the outskirts of the city and not necessarily in the city if you are picky and you want to be in the city this loan might not be for you my suggestion to you is that if you’re tired of renting i would

Honestly use this for your first home and all you have to do is live in it for about a year and you can move out and get that home that you wanted and because if i’m paying like 1100 for a five bedroom some people are paying that in rent and it’s not to knock anybody but i’m just saying like do you want to put money towards a home or do you want to put money

Towards somebody else’s dream of being financially free so again this is the usda loan i will leave the link below um i do have a friend that is a realtor if y’all want their information please let me know you do have to be on top of your paperwork the faster and better that you are with your paperwork the faster this process is so if y’all have any questions

Leave them down below and i hope you’ll have a great rest of your day bye

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HOW I BOUGHT A 5 BEDROOM 3 BATH WITH ONLY $300 | USDA LOAN REQUIREMENTS 2021 | VLOGMAS DAY 8 2021 By Ciara The Millionaire