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#277276 - 02/21/09 08:11 PM
USDA Loans
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Junior Member
Registered: 04/10/08
Posts: 5
Loc: AL, USA
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Who pays what closing costs on USDA Loans?
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Your American Dream CAN Come True
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#285576 - 04/09/09 05:44 PM
Re: USDA Loans
[Re: Greg Phillips]
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Member
Registered: 01/01/07
Posts: 36
Loc: U.S.
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Greg is right on. Just a little FYI, you can actually finance into the loan some repairs to the home. There are some restrictions such as the repairs need to be done very shortly after closing (I believe within 15 days) as well as the type repairs. This is rare today.
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Ron is a mortgage Loan Officer specializing in FHA and USDA loans but in 2008 due to all the owner financed notes on the market, began a new company that buys private mortgage notes. His note buying site is http://www.sell-my-note.biz
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#356715 - 11/04/10 08:51 PM
Re: USDA Loans
[Re: FLBPOREALTOR]
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Member
Registered: 07/18/09
Posts: 183
Loc: Shreveport, LA.
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I know a fridge is not required, and I don't think the stove is either, but not sure about that.
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#357437 - 11/11/10 02:59 PM
Re: USDA Loans
[Re: droll]
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Mortgage Professional
Veteran Member
Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
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#382317 - 07/08/11 02:11 PM
Re: USDA Loans
[Re: Shelby]
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Member
Registered: 04/11/11
Posts: 40
Loc: Edmond, OK
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I helped a young family buy a home with a USDA loan a few months back. It was a great fit for them.
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#386948 - 08/17/11 04:24 PM
Re: USDA Loans
[Re: Shelby]
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Mortgage Professional
Veteran Member
Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
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USDA guidelines are vanilla when it comes to accepting a homes condition. They follow FHA guidelines. If I were you, I would contact your regional USDA office and ask them to provide you with documentation supporting that neither item is a requirement unless it is a part of the house as in attached to the home. Use this documentation to fight an appraiser who is not aware of the exact guidelines or a lender who says USDA requires it. I will sift through the thousands of pages in their guidelines and try to get this for you, but it may take me a few days to get to it. I will just do it now. Here is what I could find in the 4150.2. If the appraiser considers the appliance a part of the home, then it would be contributing to the value of the home. All the appraiser needs to do is place a p on the report and make a comment about no value was given to the appliances. Appliances
Make an entry [X] in the boxes to indicate that these items exist. An entry in a box means that the item was considered part of the real estate and is included in the value. If an item is personal property, put a "P" in the box and do not include it in the opinion of value.
Field
Protocol
Refrigerator
Enter "X" if this item exists. Enter "P" if personal property.
Range/Oven
Enter "X" if this item exists. Enter "P" if personal property.
Dishwasher
Enter "X" if this item exists. Enter "P" if personal property.
Disposal
Enter "X" if this item exists. Enter "P" if personal property.
Fan/Hood
Enter "X" if this item exists. Enter "P" if personal property.
Microwave
Enter "X" if this item exists. Enter "P" if personal property.
Washer/Dryer
Enter "X" if this item exists. Enter "P" if personal property.
Other
Enter "X" for existing item not listed above and describe. Do not include personalty.
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#386995 - 08/17/11 08:07 PM
Re: USDA Loans
[Re: Shelby]
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Major Contributor
Registered: 04/12/08
Posts: 4456
Loc: Vermont's North-East Kingdom
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I'm working a 100% financing deal right now with a USDA Rural Development Guaranteed Loan.
The Borrower makes nearly $50,000 per year teaching school and has over $400,000 in her 401K . . . . but she's wanting this Zero Down Payment Loan, and it's probably going to fly.
One fly in the ointment is that they're now saying that the H2O test must be for not only E.Coli and Total Coli Form; but it must also test for the presence of Lead, Nitrates and Nitrites . . . . but they don't bother to tell us what the tolerance levels are.
How can you have a test if you don't know what level constitutes a pass and what would be a failure ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"
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This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
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Registered: 02/08/12
Posts: 31
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