CodeMark TV Episode 13
Alright, so we’re back, talking about USDA loans. We’ve been talking about all kinds of loan programs so what is a USDA loan? USDA loans are specific for properties that are located in rural areas. Now, just because a house is in a rural area doesn’t necessarily mean that it’s going to qualify for USDA loan. You’ve got to actually look that up to see what properties are USDA eligible. That’s one requirement.
The other requirement is actually the borrower, as a matter of fact. You can’t be a borrower and just say you want to go buy a house in a USDA eligible area, and then also qualify for that USDA type of loan. There are income requirements, and actually the more money you make unfortunately, the less likely you’ll be too probably qualify for that USDA loan.
The numbers change all the time as do the areas in the regions as what would deem a property USDA eligible. I encourage that you would look this up online. You can go to Google, obviously look up just about anything. I believe it’s www.usda.gov and then it would be “Eligibility.” You’ll get all the details there and when you’re on the site, you can type in the address and it will pull up right nice and neat and say yep, “USDA eligible or not”.
Usually when you’re going in there you’re punching in your income, one of the things that they’re looking for most, is how many dependents do you have and how much load you are carrying. They want to make sure that if you’re making a lot of money you are spending a lot of that money also, to maybe help you get qualified for that USDA loan.