- So, you think you know everything about USDA loans?
- Well, you don't and we're gonna tell you
three things today that you probably don't know.
- Stay tuned.
(upbeat music)
- Hi, I'm Crystal.
- I'm Ethan.
- And I'm Brandon, welcome to Monday Mortgage Matters.
Like we said, we're going to talk about USDA loans today.
- So we are gonna talk about some things
that we don't know, but can I just go ahead
and tell the folks out here what we do know
about USDA loans?
("USDA loans" repeated in slow motion)
- The first thing you probably do know
about USDA loans are that they are 100% financing.
So there's really no down payment required.
That's why they're probably
one of the most popular loan programs.
- That's right, that's right.
Also, there's some income limits
so wherever you're buying, the location
and how many people live in the house,
there's some income limits that are set in place.
You can't make over that much money.
- And something else you probably already know
is it has to be your primary residence
if you're using a USDA loan.
You can't use a USDA loan for a secondary residence,
an investment property or, you know,
a beach house or something like that.
It's gotta be your primary residence.
- So, let's get into the top three things
that you did not know, right, about USDA loans.
- Number one; there are no maximum loan limits
or maximum sales prices.
So typically in other loans, like FHA, Conventional,
things like that, you're gonna have
a maximum loan amount that you can do on the loan.
- Number two; although it's referred to as
Rural Development, most of the country is eligible for this.
97%, who knows.
- 97% of the country is actually eligible for this product.
Which is awesome.
And finally, number three; USDA actually has some
pretty flexible guidelines for credit with things like
bankruptcies and foreclosures.
They have some of the more lenient guidelines
when it comes to special cases and time limits
you have to wait from a foreclosure,
if a bankruptcy's involved.
Anyway, all that to say they have
some pretty flexible guidelines.
- All right so there you have it.
Those may be three things that you maybe didn't know
about USDA or Rural Development loans.
But if you can think of something else
that maybe we missed, leave a comment below.
Or if you've got a question on Rural Development
or USDA loans, leave it in the comments
or shoot us a message or, you know...
- Just call us. - Call us, right?
- Oh yeah, that's right.
You can give us a call at 256-734-6012
or visit us online at snidermortgageteam.com, 24/7.
- That's right, we've got all kinds of great information
there for first time homebuyers, for USDA loans,
whatever you're looking for, we have it right there.
So we hope you guys have a great Monday.
Join us next week and we'll talk to you later.
- (all) Bye!
- You know he interrupted me.
(yawning)
Y'all sit up straight and act like somebody.
(laughing)
- Yes ma'am.
- And don't look at your watch, per Savannah.
All right, what am I saying, so you think you know
everything about USDA loans?
Okay.
(laughing)
Sorry Savannah, I tried.
Do I have to say the word "rural"?
- Ruuur?
Ruurr develop.
Rural, rural.
(all mangling "rural")
- Rural.
- Rural development.
- Just rural development.
- Rural, just say rural?
I just say rural.
- Take 45.
- Although it's called Rural Development
most of the country is eligible.
No set loan limits or monomonous sell prices.
Mayomonous?
- Maximum.
- Oh. (laughing)
(upbeat music)