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What's up guys its Tyler again coming at you today another video regarding the individual government loan types today we're going to talk about the USDA Rd loan, so this is one a lot of lenders aren't extremely familiar with a lot of people do it, but it's definitely not as much in the forefront as like an FHA or VA a conventional loan why it's a little more complicated it's a little stricter a little more niche so just fewer lenders are familiar with it again especially if you work with someone that's you know you're you're in the city, or you're in a more populated densely populated area your local bank probably doesn't do it because it's not really something that works in the area, so USDA is the US Department of Agriculture, so they do mortgages weird, so it's an hour deal on rural development USDA already loan there's two well there's more than two, but there's two that you will run into most people are going to be going with a USDA guaranteed loan which is the regular no down payment average income average credit kind of you know vanilla loan there's also a direct loan which you know to make it simply it's the Section eight of mortgages basically, so it's subsidized they will adjust your payment according to essentially what you can afford, and they'll, they'll basically pay into your mortgage, but again that's for very, very low income you know households there's are guidelines online, and we'll discuss that, but it's really for people that you know aren't making a ton of money, so the USDA guaranteed loan you know this is really it's its for first-time homebuyers actually they don't want to be owning other properties they want it as a primary residence and really an only residence there are ways you know that they'll let you like FHA if you have a situation where you had to move, and you currently own a home you're going to move more than I believe the guideline is I think it's 250 miles away off the top of my head but don't quote me on that so if you're moving a fair distance away from the house you already own, and you have you know a good reason again the lender will run through the situation with you and probably run it by underwriting but so it is possible to have a second home but USDA that the plan is to have it as a primary residence you don't own any other properties actually, and they don't even want it to be any sort of multifamily or anything like that and some will do manufactured properties brand-new ones most lenders will not just because it's very risky, and they depreciate, so most lenders will not touch manufactured homes with a USDA loan so who qualifies for a USDA argue loan it's really your moderate income you know moderate credit they do need you to a little higher than an FHA loan the debt to income ratios are a little more strict credit requirements the score requirements aren't that stricter but the actual underwriting and credit is more in depth, so you'll have a lot more issues if you're at a lower credit score...
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