USDA Direct Home Loan/Section 502 Direct loan|Rural Home Loan|Best Kept Secret 🚨MUST WATCH🚨

#usdadirect #usda #nodownpayment

This video tells you everything you need to know about the USDA Direct Loan. Believe me when I tell you many realtors and loan officers don’t know about this loan. They know about USDA Guaranteed but not USDA Direct. You can apply directly with your rural development office, by calling or emailing them to get a application if you think you qualify.
Debt-to-income ratio: The borrower’s payment for principal, interest, taxes, and insurance (PITI) is the lower of 24 percent of the borrower’s income or principal and interest calculated at a 1 percent interest rate on the loan, plus taxes and insurance. Eligibility is also affected by repayment feasibility, which is determined by using ratios of repayment (gross) income to PITI and to total family debt.

A realtor will be able to help you identify which homes are USDA approved/location, but you will have to specify that the home needs to be under 2,000 sq ft with no pool if you get the USDA direct loan. There is not a sq footage requirement for the USDA Guaranteed loan.

The reason many realtors, and loan originators don’t know about the USDA Direct Loan is because you don’t go through a bank of lenders for this loan, you work directly with the USDA Rural Development for this loan. A realtor can still help you find a USDA home with the right specifications needed for the USDA Direct Loan process.The realtors and loan originators are most familiar with the USDA Guaranteed, with this loan you work with USDA approved bank lenders, and they usually expect you to have a 640.

Yes, this is for low and very low income families.

You can get a home built, buy a newly constructed home, or refinance with this USDA direct loan.

It is best to have a 640 but if you don’t have a 640 you can still qualify.

If you do not have a 640 it is best to not have any collections on your account and have on time payments to still qualify, but if you do have collections you can qualify depending on the situation.

Be sure to subscribe, I will be posting more information about this program. Don’t miss out on your opportunity to become a home owner.
Here is the USDA Direct Home Loan Handbook below 👇

https://www.rd.usda.gov/sites/default/files/hb-1-3550_1.pdf

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