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Old 03-01-2015, 05:27 AM
213 posts, read 454,976 times
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Originally Posted by In_Correct View Post
Okay so could I buy a HUD house with a USDA Mortgage? I don't mind a three month waiting period, but what if that is too long for a HUD property?
I found this info online.

Question: I was told that the USDA loan takes a real long time to close, is this true? K. Russell – St. Cloud FL
Answer: As of February 2015 – the entire process in Florida takes about 40 days from full contract to closing. These closing turn times can change, so contact us for updates. Unlike other home loans, USDA loans go through a two part approval process with the lender and the actual USDA Rural Development office. Because of this, the process will take a week or so longer when compared to conventional or FHA home loans. The good news is USDA has implemented their new 3555 rule as of December and this has started to greatly improve loan closing times. We expect USDA loans closing times to be pretty much the same as all other FHA and Conventional loan programs in 2015.

Question: How do I find a list of USDA homes for sale around Orlando, Florida? L. Taylor – Orange County FL
Answer: You can find all the Florida USDA approved rural defined locations by clicking on the USDA eligibility map here. Please click on single family housing under the property eligibility section at the top left. Once there you can input any address to see if the house is USDA eligible. Keep in mind, the USDA 502 guarantee program can be used for any home purchase regardless of the home seller. The property you purchase can be a bank foreclosure, short sale, HUD owned home, standard by owner sale, etc. USDA Rural Housing is more concerned about where the house is located, as it must be located in an approved USDA rural defined location according to the map above. The home also must be in decent move in type condition. Buyers cannot use the USDA loan to purchase properties that require extensive work or rehab. In addition, existing mobile homes are not permitted.

uestion: What houses are approved for USDA mortgage financing in my area? What type of properties are permitted? Jose V – Clermont, FL Answer: USDA Rural housing is for ANY single family home, townhome, condo that is located in a USDA eligible location. The house can be a short sale home, bank foreclosure, REO, for sale by owner….doesn’t matter. The important factor is the physical location of the home, it must be located in a Florida rural housing approved location. Existing mobile manufactured homes are not permitted under the USDA program. Building a new home on your own land or lot is also not permitted. However, purchasing a new home (new construction) from a builder is permitted. Click here to view the USDA map for FL as this will show you all the approved locations in FL. Many locations just outside of Orlando, Jacksonville, Tampa are currently eligible. Do not assume your location is not USDA Rural housing eligible before checking or calling us, you may be surprised! If your location is not USDA approved, be sure to check into the FHA Mortgage. FHA is a great alternative for home buyers looking to purchase in more populated locations.

Frequently asked USDA RURAL Housing Loan questionsFlorida USDA Rural Home Loan
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