USDA Loan - Contract (fee, financing, property, lending) - Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

nsumner · 01-24-2009, 12:12 PM

I'd appreciate the pros here to help me with this.

I wrote an offer on a property that qualifies for the USDA loan. On the contract, do you write it as an FHA financing? there is no choice for other type of financing... only FHA/VA/conventional...

If FHA... would it be a 203b??? what type of appraisal would be done?

I'm in Texas if that makes a difference

The listing agent is refusing to present the offer to the owners unless I put something in financing section about that.

Thanks,

Naima

bornandraised atl · 01-24-2009, 02:17 PM

Write it as USDA financing -- if there is not a box or place for it, then write it in. Check with the lender to be sure that USDA funds are available...there is a 2% USDA fee to be rolled into the loan amount...be sure that is noted.

nsumner · 01-24-2009, 02:32 PM

No there isn't an option to put in USDA. I did put a note under special provisions to avoid any confusion.

I just heard back from the lender at Prime Lending and she told me to write it as conventional.

Thank you so much for your help.

Naima

Iqualified420 · 04-30-2009, 12:42 AM

Is there anywhere that we can find a sample USDA contract? I am looking to save some $$$. This being our first home and now knowing that I qualify for the usda. If I could find a sample contract somewhere I can save some money by not having to hire an agent or lawyer to draft it up. We live in Texas as well. Do you know anything about "goodfaith appraisals" The broker I visited today mentioned it. Thats could save up to $400 just for the apprasial alone. Any info would be great. Thank you.

nsumner · 04-30-2009, 12:50 AM

There isn't a special contract for USDA. It's the same TREC contract you use for any property you buy unless it's an REO.

Why don't you want the help of a professional? From your question above, it seems that you need one especially this being your first home.

Naima

annerk · 04-30-2009, 07:58 AM

YOu are about to make the largest investment of your life and you don't want to spend a few hundred for an attorney? Pound wise and penny foolish.

Remember, it's costs more to hire an attorney to fix problems after they become problems than it does to hire an attorney to make sure problems don't happen to begin with.

rachealparker · 06-22-2009, 08:26 AM

OH yea the loan we are trying to get is USDA>thanks alot.