USDA Home Loans
The Washington State USDA Rural Development Home Loan Program has gone through a few changes lately, so make sure you pay close attention throughout this article and the short video to identify the common pitfalls that I am seeing homebuyers make (with their Realtors) as it pertains to buying a home in Washington State with USDA financing.
Washington State USDA Home Loans
Some Details About the USDA Home Loan Program in Washington State
- Zero Down, no down payment required
- Low monthly private mortgage insurance (PMI)
- Very competitive 30-year fixed rates
- 640 minimum credit score required
- Flexible underwriting guidelines (see me for specific questions… employment, credit, debt-to-income..)
- Up to 6% seller contribution
- Can use to buy new construction
- Can use to finance a REO or short sale
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Make sure to note (as I mentioned in the video) that the property must meet a certain standard. It is important that your mortgage banker and Realtor understand this before writing an offer on a home if you plan on using USDA financing. For more information on Washington USDA Rural Development property qualifying guidelines, you can view this article that I published directly from a USDA and FHA underwriter – FHA/USDA Property Guidelines
I help Washington State homebuyers purchase homes with USDA Financing all over the state. Our bank is one of the exclusive banks that works directly with USDA to provide the most competitive interest rates, underwriting guidelines, and quick funding turntimes. Currently, we are funding Washington USDA Mortgages in less than 20 days (turntimes subject to change -contact Dan for updates).
If you would like more information on getting approved to purchase a home with USDA financing or would like a FREE property eligibility map, please contact me directly at (425) 350-7136 or email dankellermtg@gmail.com. We will gladly respond within one hour of your contact.
Follow the Washington State USDA Home Loan Program on Facebook with Dan!
Can you still Purchase usung USDA with a past foreclosure on credit history?
Yes James – you can purchase after a foreclosure w/ USDA… Call me and we can discuss details. My # is 425.350.7136. Thanks man!
How is it possible to get USDA financing within 20 days if USDA in Washington State is 3-4 weeks behind on processing loan applications?This is post underwriting process,which may take up to 3 weeks itsef.
You may speed up the underwriting,but not USDA processing.Please correct me if I am wrong.
FTHB,awaiting for USDA to move their…..
Hi Olena – you are correct. I can underwrite the loan in 24-hours, however, we are subject to USDA’s turntimes in Olympia. Right now (02/27/2012), they are 24 days behind in approval loans. Also, please note: this blog post was originally written when USDA’s turntimes were 24-48 hours. I am confident their turntimes will improve in the near future. I hope that you found my information of value! Please let me know if there is anything else that I can do to assist you!
Dan
Can you use the USDA home loan program for refinance-construction-home repair ect. ?
HI Michael –
No, I am sorry, USDA does not offer a rehab loan option. FHA 203k is a great option that is still available (http://www.mymortgageguydan.com/203k)
Thank you for your question Michael!
Dan
How far behind are usda currently for Olympia region loans? How long does their whole underwriting process take once you send it in on average?
Hi Gina –
Today (March 27th), USDA is 18 days in underwriting. We are 24 hours at our bank. So a 30-days closing is definitely doable in my office. Please let me know if there is anything that I can do to assist you with USDA Home Financing! Have a great day:)
Dan
I currently live in Texas can I use this type of loan to buy from Texas.
Yes Brian – I’d be happy to refer you to a great USDA lender in Texas if you would like. Go Rangers!
Hi Dan,
We applied a few months ago for the usda direct loan. They contacted us four weeks ago and said they needed a few more things. We hand delivered them within two day. One week later we called and she said everything looked good and we were in third place. This is going into the fourth week now, and we have not heard back. We are wondering if this is a good thing ? We have found a house we really like, but am on hold and it just seems like its been a long time to hear back on wether or not we have been approved. Thanks
Hi Debra – w/ the direct program, I am not sure how they work, but it sounds about right…. Let me know if you run into a snag w/ the direct program. Good Luck!
My husband and I bought a condo in 2006 at the height of the housing market and we were foreclosed in January of this year as we had no other options to short sale, rent, refinance, loan modification, etc. When we bought he was never on the original loan, it was only under my name, and we never refinanced into both our names. We did use both our incomes but my credit only. Now that the condo has dropped off as a debt on my credit we are trying to get a USDA home loan in his name only, which he does qualify for. Would this be possible? We are being told so many different things and we would like a straight answer.
Thank you!
Hi Alexis – based on the information that you gave me, unfortunately, if you are on the Deed of Trust, you will be held to the USDA post foreclosure guidelines of 3-years. Here is a link to an interview FOX Business did with me that explains those guidelines – http://mymortgageguydan.com/2011/08/10/qualifying-for-a-usda-va-or-fha-mortgage-after-a-short-sale-foreclosure-and-bankruptcy/
What are the current rates for USDA loans?
Hi Beth! Today I am quoting USDA interest rates for (04/09/2012) at 3.75% (4.179 APR), for a 30-yr fixed rate, with NO lender/bank fees. Rates are subject to change and please know this is not a committment to lend or quarantee. Have you already applied for a USDA pre-approval yet?
I currently own a home in my name only. I plan on keeping it and renting it out. Can my husband get a USDA loan in his name only? Our broker says there’s a new rule that says no cause they have to pull my credit and if you currently own a home – no USDA possibility
we’ve been in the middle of a short sale for 5 months with the thought all along we would get a USDA loan… FHA requires $$ down and still higher payments 
Jeanette – are you on the deed with your husband (did he buy the house after you were married)?
Also – is the house you want to buy located in the same zipcode as the home your husband owns?
Can you email me directly the specifics? I will confirm your scenario w/ our USDA underwriter to get your the most accurate info..
Thanks!
Dan