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If I currently own a home, do I still qualify for a USDA loan?

by apendle52 from West Lafayette, Indiana. Oct 24th 2018 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,719 contributions

A USDA loan is technically an "assistance loan", with the assistance being no down payment versus other loans that require a down payment. because of this, the loan has more more stringent rules. Officially it IS potentially possible to obtain a USDA loan when you own another property, but... There is a long list of additional guidelines; like the home you want to buy is local to where you are now living, but the other home isn't. Income and property location rules also apply. I suggest contacting a local mortgage broker that handles USDA loans. If you need a USDA loan in MN, WI, or SD - I can help. Visit me at NMLS 274132

Oct 25th 2018
Sunny Singh (916Mortgage)
#354 ranked lender in California - 18 contributions

Joe is can search to see income and are eligibility right here: if the USDA loan isn't an option, have you looked at local Down Payment Assistance routes? Or possibly pulling money out of your current home (assuming you turn into a rental after departure) and doing a Non owner Occupied cash out for the down payment??Good luck!

Oct 28th 2018

Hello I am in Indiana and would love to go over your options with you. My name is Ruby Stover and I'm with Inland Home Mortgage #144871 and my number is 219-617-2987. Call me at your convenience. Thank you.

Oct 31st 2018
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