Forgotten Your Password?

Need to Register?

Question Icon

I have a USDA current mortgage. I would like to try and get a smaller home. Is it possible to use the same mortgage, i.e. "trans

by nanachase651 from Cedar Rapids, Iowa. Oct 16th 2018 Reply


Your current mortgage cannot be transferred to another property. It is tied to your existing residence by address and legal description and the house serves as collateral. You would need to sell the existing home and payoff the current USDA loan with the proceeds from the sale in order to qualify for another usda loan to purchase a new home. USDA only allows you to have 1 usda mortgage loan at a time. Let me know if you would be interested in having me get you pre-approved purchase a new home. I would be more than happy to assist. Thomas R. ThollBranch Manager / Mortgage BankerLeaderOne Financial Corp601 Brady St Ste 211Davenport, Ia 52803Direct 563-324-9938Cell 309-235-7632Fax 866-752-5289Email tomtholl@leader1.comhttps://thomastholl.mymortgage.site/apply/NMLS 166220

Oct 16th 2018
0
0
David Baker (David Baker)
#1 ranked lender in Iowa - 51 contributions

Tom is correct. If you are going to be selling your home, yes you could potentially acquire another USDA mortgage for another property. If you are planning to retain your current home, you would need to qualify for another loan product. There are quite a few low/no down payment options. If you would like to have a conversation about your scenario, feel free to reach out anytime, I am in Des Moines. David Baker - Halo Capital - NMLS 5853/5883 - 515-974-6908 - davidb@sayhalo.com

29 days ago
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,785 contributions

You can get another USDA (assuming you qualify) as long as you sell the existing home, as USDA only allows one USDA loan at a time. USDA is a great loan because it is a no down payment loan, and has very cheap mortgage insurance compared to other low down payment loans. There are also many challenges, like income requirements, and property location requirements. I provide USDA loans in MN, WI, and SD, and can be reached at JoeMetzler.com/usda - NMLS274132

29 days ago
0
0
Subscribe to our news feed.