# usda backed r/d loan req's



## xbigp (Apr 9, 2011)

hello can anyone elaborate on what will and what wont qualify for a usda r/d loan. specifically land-house value ratio, how many acres is the cut off point. does this loan require a recent survey? 

or are all banks different when dealing with this loan type. i figured there would be some basic guidelines like "nothing over ten acres" or something but nobody, realtor, lendor nobody can tell us. everyone is "not sure"


im kinda dumb to this real estate thing, but the 0 down payment would really help my moving costs etc. 

thanks for any help with this. i been talking with realtors and bankers about everything real estate for a couple weeks and my mind is b o g g l e d!!!!!!!!!!!


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## po boy (Jul 12, 2010)

Where are you looking to buy....................


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## po boy (Jul 12, 2010)

This is the site for USDA Loan programs. Note there are two programs.
Direct (For Lower Incomes) and Guaranteed. You can find the links for these programs on the link and some guideline links on the right.
My wife and I put a couple sites together that may help.
Guaranteed Site These loans are originated by banks and brokers.
Direct for Lower incomes and originated by USDA
These were done a few years ago, but will be easier to navigate.


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## xbigp (Apr 9, 2011)

the propterty we've located is certainly in a r/d applicable area, per lender, realtor, map.


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## Brighton (Apr 14, 2013)

I thought you could look up specific addresses on the USDA site and it would tell you if the property qualified or not??


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## Taylor R. (Apr 3, 2013)

They can tell you if the area qualifies or not, but not whether that particular home/property qualifies.


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## po boy (Jul 12, 2010)

Taylor R. said:


> They can tell you if the area qualifies or not, but not whether that particular home/property qualifies.


 That's correct.


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## xbigp (Apr 9, 2011)

po boy thanks for the links. so speaking of homes with acreage, the land may not exceed 30% of value. finally. a number. thanks. so if i hire an appraiser to do the house, will he also give a value of the property? is it 30% of value the only deal, or is it nothing over x acres


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## teachermom44 (Feb 8, 2012)

We started at the USDA office though. We went with the Direct loan. The Realtor helped us find the mortgage broker who found the company to lend us the money. It was American Home Security (I think) but then Chase bought it the first month. We (the mortgage) haven't been sold since then and we'll have been in the house 5 years in August. We put earnest money down on the house. We payed I believe 50.00 in closing. We had more just in case.
Please keep in mind this was our first time buying so I'm sure I could have done a lot of things better.

It's funny though. It's for houses in rural areas. We bought in an area that is considered out in the county, but it's smack dab in the middle of 2 cities. I suppose at some point we'll be annexed one way or another. So of course like almost everyone here I want to move further out.:thumb:


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## po boy (Jul 12, 2010)

xbigp said:


> po boy thanks for the links. so speaking of homes with acreage, the land may not exceed 30% of value. finally. a number. thanks. so if i hire an appraiser to do the house, will he also give a value of the property? is it 30% of value the only deal, or is it nothing over x acres


The appraisal is based on the property and all improvements. *But!*
Do not hire an appraiser. That is the lender's responsibility and they will not accept an appraisal you order.


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## Jena (Aug 13, 2003)

I just bought a house using the RD guaranteed loan program. I just used a local lender. They do quite a few of them out here, so they were very familiar with it. I would recommend you talk to your realtor and ask them for a referral to a lender, then talk to them.

A few years ago I had the home improvement loan and that was the best deal ever. You have to be really poor, but they will give you up to $20k at 1% interest for needed repairs to your home. No gimmicks. Best loan program ever, if you have a rundown house and are too broke to fix it.


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