Friday, June 2, 2023

Usda Homes For Sale In Virginia

Minimum Usda Property Requirements


The USDA wants to ensure that the home you choose meets certain property requirements to protect the borrower’s interest and well-being.

First and foremost, the home must serve as your primary residence. Fortunately, many property types are eligible for USDA loans apart from purchasing a pre-existing home, such as:

  • New construction

More:Owning more than one property with a USDA loan.

Youre Still Entitled To Required Disclosures

Buying an as-is home doesnt mean you give up your right to disclosures. State and federal regulations dictate what the seller has to tell you about known issues within the home.

Each state has its own disclosure laws on what a seller has to tell the buyer about known problems. Some state disclosure regulations include water damage, mold infestations, termites and even whether someone died on the property. If a seller doesn’t disclose a known problem thats within your states list of required disclosures, you may be able to sue for damages or repair costs.

The only current federal disclosure statute is for lead paint. If youre buying a home built before 1978, the seller needs to tell you if the home has ever had lead paint.

You may be able to use disclosure laws to your advantage as a buyer. As soon as a seller knows about an issue in the home, they have to tell every future buyer about it.

For example, lets say you live in a state that requires sellers to disclose mold damage. Your home inspection finds mold that the seller didnt know was there. Alerting the seller to the mold might make them more willing to negotiate with you after all, theyll have to disclose the mold to other buyers if you back out of the sale.

How Much Home Can I Afford

The answer to the question of How much home can I afford? is a personal one, and should not be left solely to your mortgage lender.

The best way to answer the question of how much can you afford for a home is to start with your monthly budget and determine what you can comfortably pay for a home each month.

Then, using your desired payment as the starting point, use a mortgage calculator and work backward to find your maximum home purchase price.

Note that todays mortgage rates will affect your mortgage calculations, so be sure to use current mortgage rates in your estimate. When mortgage rates change, so does home affordability.

You May Like: Sycamore Ridge Simpsonville Sc

What Is A Rural Area

For a home to meet the USDA’s rural definition, it must be in an area that’s located outside of a town or city and not associated with an urban area

The USDA’s guidelines on the definition of a qualified “rural area” includes:

  • A population that doesn’t exceed 10,000, or
  • A population that doesn’t exceed 20,000 is not located in a metropolitan statistical area and has a serious lack of mortgage credit for low- to moderate-income families, or
  • Any area that was once classified as “rural” or a “rural area” and lost its designation due to the 1990, 2000 or 2010 Census may still be eligible if the area’s population does not exceed 35,000 the area is rural in character and the area has a serious lack of mortgage credit for low- and moderate-income families.

These guidelines are generous in the sense that many small towns and suburbs of metropolitan areas fall within the requirements.

Culpeper Va Real Estate & Homes For Sale

Kentucky USDA Rural Housing Mortgage Lender: List of ...
  • Brokered bySAMSON PROPERTIES – CulpeperFor Sale
  • Brokered byRe/Max Real Estate ConnectionsFor Sale
  • Brokered byLong & Foster CulpeperFor Sale
  • Brokered byMontague, Miller & CompanyContingent
  • Brokered byWeichert, Realtors – FredericksburgContingent
  • Brokered bySAMSON PROPERTIES – CulpeperFor Sale
  • Brokered byLong & Foster CulpeperPending
  • Brokered byUnited Real Estate PremierNew
  • Brokered byKeller Williams RealtyNew
  • Brokered byCENTURY 21 New MillenniumFor Sale
  • Brokered byLong & Foster WarrentonFor Sale
  • Brokered byCENTURY 21 New MillenniumContingent
  • Brokered byEXP Realty, LLCContingent
  • Brokered byCENTURY 21 New MillenniumPending
  • Brokered byCENTURY 21 New MillenniumNew
  • Brokered byColdwell Banker RealtyNew
  • Brokered byBelcher Real Estate, Llc.Pending
  • Brokered byKeller Williams Superior RealtyContingent
  • Brokered byKeller Williams Capital PropertiesPending
  • Brokered byCENTURY 21 New MillenniumNew
  • Brokered byNetwork Realty GroupFor Sale
  • Brokered byCENTURY 21 New MillenniumPending
  • Built byK Hovnanian HomesNew Construction
  • Brokered bySAMSON PROPERTIES – Lake RidgeFor Sale
  • Built byK Hovnanian HomesNew Construction
  • Built byK Hovnanian HomesNew Construction
  • Brokered byBuilder Information ServiceNew Construction
  • Brokered byBuilder Information ServiceNew Construction
  • Brokered byBuilder Information ServiceNew Construction
  • Brokered byCENTURY 21 New MillenniumNew Construction
  • Brokered byBuilder Information ServiceNew Construction
  • $169

    Also Check: Homes For Sale In Sycamore Ridge Simpsonville Sc

    Caroline Va Real Estate & Homes For Sale

    • Brokered byRealty Group LLCNew
  • Brokered byExp Realty, LLCNew
  • Brokered byMossy Oak Properties Of VaNew
  • Brokered byMossy Oak Properties Of VaNew
  • Brokered byBelcher Real Estate, Llc.New
  • Brokered byUnited Real Estate PremierNew
  • Brokered byBerkshire Hathaway HomeServices PenFed RealtyFor Sale
  • Brokered byThe Right Move Real Estate IncNew
  • Brokered byKeller Williams RealtyFor Sale
  • Brokered byExp Realty LLCNewOpen House 12/4
  • Brokered byHometown Realty ServicesPending
  • Brokered byCENTURY 21 Redwood RealtyPending
  • Brokered byThe Right Move Real Estate, Inc.New
  • Brokered byVirginia Capital RealtyFor Sale
  • Brokered byWeichert, Realtors – FredericksburgNew
  • Brokered byLONG & FOSTER – GroveFor Sale
  • Brokered byWeichert Home Run RealtyNew
  • Brokered byKeller Williams RealtyNew
  • Brokered byCENTURY 21 Redwood RealtyNew
  • Brokered byExp Realty LLCNew
  • Brokered byExp Realty, LLCContingent
  • Brokered bySusan Lassiter RealtyFor Sale
  • Brokered byCoach House Realty LlcFor Sale
  • Brokered bySAMSON PROPERTIES – StaffordNew
  • Brokered byCary Lindsey & Assoc, IncFor Sale
  • Built byD.R. Horton – Southern VirginiaNewNew Construction
  • Built byD.R. Horton – Southern VirginiaNew Construction
  • Built byD.R. Horton – Southern VirginiaNew Construction
  • Built byD.R. Horton – Southern VirginiaNewNew Construction
  • Built byD.R. Horton – Southern VirginiaNewNew Construction
  • Built byD.R. Horton – Southern VirginiaNewNew Construction
  • Built byD.R. Horton – Southern VirginiaNew Construction
  • $168

    Benefits Of A Usda Home Loan

    100% Financed Mortgage, No Money Down

    USDA Loans monthly mortgage insurance premiums are 41% lower than a comparable FHA Loan

    USDAs upfront fee is 57% lower than FHA

    Flexible Credit Requirements

    With Seller Paid closing costs up to 6% of the sales, No Out-Of-Pocket Closing Costs

    Easier credit qualifications

    You May Like: Single Story Homes For Sale In Wake County Nc

    The Whole Home May Not Be Sold As

    As-is doesnt always mean that the entire home is being sold in its current condition. Sometimes, a seller lists a property as-is but only for a specific part of the home. Some common elements that a homeowner may list as-is include fireplaces, sheds and garages, broken appliances and pools. Be sure to ask the seller exactly what as-is means with their home. If only certain features are for sale as-is, you may be able to negotiate repair requests on other parts of the home

    The Lowdown On Usda Loans


    Our USDA Loan Rates Are Low & Our Process is Quick & Painless

    The United States Department of Agriculture gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. Some of the popular types of loans are: the single family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan. This guide will help you figure out what these loans are and whether you qualify.

    Though the terms and details of these loans differ, all offer very low effective interest rates and dont require a cash down payment. To qualify, you need to have a decent credit history.

    Were here to make the USDA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE USDA Loan Qualifier.

    Well help you clearly see differences between loan programs, allowing you to choose the right one for you whether youre a first-time home buyer or a seasoned investor.

    The USDA Loan Process

    Read Also: Mobile Homes For Sale In Wyoming

    Other Usda Eligibility Requirements

    On the same level of importance as the USDA property requirements are the USDA’s credit and income requirements. While the USDA does not impose a credit score minimum, the program does enact income limits, adjusted for family size, to ensure all loans help the low- to middle-income families that the program was designed for.

    USDA income limits count toward all adult household members, but vary by location and household size. The base income limits are:

    • 1-4 member household: $91,900

    MORE:Determine the income limit in your county using our USDA income limit calculator.

    While the UDSA property eligibility map shows a general idea of qualified locations, it’s best to consult a USDA lender to ensure the location is in fact eligible. This is due to changes to what the USDA considers eligible as laws and populations change.

    A Great Real Estate Agent Is An Asset For As

    A licensed real estate agent can be an invaluable asset when you want to buy an as-is home. Real estate agents are local experts who understand disclosure laws and the home buying process. Experienced real estate agents can explain in more detail exactly what buying an as-is home means for you. This can give you more confidence when you decide to close.

    They can also recommend when not to buy. Some homes may need extreme repairs, which would cancel out any savings youd get by buying the home. Experts say you should put away 10% to 25% of your budget for repairs when you buy an as-is home. However, an agent can help you come up with an accurate budget for your situation.

    Also Check: Homes For Sale In Sycamore Ridge Simpsonville Sc

    Low Down Payment: The Piggyback Loan

    The piggyback loan or 80/10/10 program is typically reserved for buyers with above-average credit scores. Its actually two loans, meant to give home buyers added flexibility and lower overall payments.

    The beauty of the 80/10/10 is its structure.

    With an 80/10/10 loan, buyers bring a 10% down payment to closing. This leaves 90% of the home sale price for the mortgage.

    But, instead of getting one mortgage for 90%, the buyer splits the loan into two parts.

    The first part of the 80/10/10 is the 80.

    The 80 represents the first mortgage and is a loan for 80% of the homes purchase price. This is typically a conventional loan via Fannie Mae or Freddie Mac, and its offered at current market mortgage rates.

    The first 10 represents a second mortgage. This is a loan for 10% of the homes purchase price. This loan is typically a home equity loan or home equity line of credit .

    Home equity loans are fixed-rate loans. Home equity lines of credit are adjustable-rate loans. Buyers can choose from either option. HELOCs are more common because of the flexibility they offer over the long-term.

    And that leaves the last 10, which represents the buyers down payment amount 10% of the purchase price. This amount is paid as cash at closing.

    80/10/10 loans are sometimes called piggyback loans because the second mortgage piggybacks on the first one to increase the total amount borrowed.

    Applying For A Usda Loan

    Greenwood, SC Condos For Sale

    For a Single Family Housing Guaranteed Loan, youll need to apply with a USDA-approved lender. The lender will handle the loan application process, working in conjunction with Rural Development. For a Single Family Housing Direct Home Loan, you can submit an application to your local USDA state office.

    Don’t Miss: Homes For Sale In Windsor Lakes The Woodlands Tx

    Usda Loan Property Eligibility Map

    You can use this interactive map to help determine if a home currently meets the USDA’s property eligibility requirements. Areas in red are not currently eligible for a USDA-backed loan.

    Property eligibility areas can change annually and are based on population size and other factors. This map is a helpful guide, but the USDA will make a final determination about property eligibility once there’s a complete loan application.

    Purchase A Home In Josephine County

    Are you interested in buying a home in Josephine County? This is a step-by-step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDAs Rural Development home loan program.For now, lets look at the basic steps to buying a home and what youll have to look out for in Josephine County.

  • Get in touch with a loan officer give us a call at 877-432-5626 We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a soft pull on your credit. This is different from an official credit inquiry and wont hurt your credit score.
  • Compare loan offers. Either call us or fill out the form on this page.
  • Give your Loan Officer the information they need to find you a loan For a purchase loan or cash-out refinances:
  • Your ID
  • Recommended Reading: Windsor Hills The Woodlands Tx Homes For Sale

    Homes For Sale In Frederick County Va

    This home is located at 101 Worthington Ct Stephens City, VA 22655 US and has been listed on since 29 January 2021 and is currently priced at $440,000, approximately $110 per square foot. This property was built in 2005. 101 Worthington Ct is within the school district Frederick County Public Schools with nearby schools including Armel Elementary School, Admiral Richard E. Byrd

    Home Inspections Are A Must For As


    If you want to buy an as-is home, youll definitely want to get a home inspection. A home inspector will let you know all the major issues. This gives you a good idea of what youll need to fix and how much itll cost if you decide to buy the home.

    A home inspection is different from an appraisal and is typically not a required part of the mortgage process. Inspectors are there to look for major issues. Appraisers are there to assess the value of the property. Your mortgage lender will probably require an appraisal, but the home inspection will be an optional part of the buying transaction.

    If a seller refuses to allow a home inspection for an as-is property, it probably means one of two things:

    • The seller knows theres something seriously wrong with the home and theyre hiding it from you.
    • The seller has a hunch that theres something wrong with the home, and they dont want to confirm something that lowers their property value.

    Either way, a seller refusing to allow an inspection is your cue to ask questions or get away from the sale as fast as possible.

    You May Like: Mobile Homes For Sale By Owner In Port Charlotte Florida

    Why You Should Consider The Usda Rural Housing Loan Program

    This is a mortgage program that very few home buyers in Northern Virginia even know exist. If you have had trouble coming up with a down payment to buy a new home this program is perfect for you. If you work in the Northern VA area, most of the participating counties are within an hours commute and offer very affordable housing.

    For the price of a townhouse in Prince William County, Loudoun County or even Fauquier County, you could own a nice single family home in Culpeper County, Madison County, Orange County, Page County, or Rappahanock County. If you are thinking of buying a home in these areas and need help through the process call or text Jack Jenkins at 571-229-6877 for more info.

    How Can I Fund A Down Payment

    A down payment can be funded in multiple ways, and lenders are often flexible. Some of the more common ways to fund a down payment are to use your savings or checking account, or, for repeat buyers, the proceeds from the sale of your existing home.

    However, there are other ways to fund a down payment, too.

    For example, home buyers can receive a cash gift for their down payment or can borrow from their 401k or IRA .

    Down payment assistance programs can fund a down payment, too. Typically, down payment assistance programs loan or grant money to home buyers with the stipulation that they live in the home for a certain number of years often 5 years or fewer.

    Regardless of how you fund your down payment, make sure to keep a paper trail. Without a clear account of the source of your down payment, a mortgage lender may not allow its use.

    Recommended Reading: Single Story Homes For Sale In Wake County Nc

    Single Family Housing Direct Home Loans In Virginia Usda Rural Development

    USDA Rural Development lists properties for sale that are both owned by the agency as well as those being foreclosed on by Rural Development. Property listings for Virginia, as well as other states, can be found on the USDA-RD/FSA Resales website. Any questions or concerns, please e-mail RD-FactSheet-RHS-SFH502Direct

    Usda Rural Development Housing Guaranteed Loan Program Charlotte Nc

    Kentucky USDA Rural Housing Mortgage Lender: List of ...

    There are thousands of available USDA homes for sale in Charlotte and Charlotte NC suburbs. We specialize in Charlotte USDA homes for sale through the USDA home loan program. We have all the resources to help you find USDA Charlotte NC homes for sale in several USDA suburban communities in Charlotte.

    The USDA Program Charlotte is one of the few remaining zero-down loan programs which offers 100% financing. The USDA guaranteed home loan program is a government-backed housing loan similar to the more widely-used FHA home loan. The purpose is to assist low to moderate income homebuyers by offering a no down payment loan alternative to eligible homebuyers to purchase USDA eligible homes for sale. USDA communities in Charlotte NC offer some of the finest suburban homes in Charlotte NC.

    If 100% financing with no down payment is not enough of a benefit for you, there are other great features of the USDA Guaranteed Housing Program in Charlotte NC:

    • Minimum credit score of 640 required. Non-traditional credit histories are acceptable.
    • Very low PMI rate compared to FHA and low interest rates
    • No maximum purchase price!
    • Gift funds, grant funds and seller concessions are allowed to cover closing costs
    • Not limited to first time buyers only!

    Buyer can currently own a home in some cases if the new home will be located outside specified commuting distance, i.e., in a different statebuyer can qualify for 100% financing!

    Higher debt-to-income ratios with compensating factors

    Recommended Reading: Mobile Homes For Sale In Cheyenne Wyoming

    Popular Articles
    Related news