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I am considering buying a duplex in a rapidly growing area that I have always loved and want to move to soon; it's about an hour away from my current location. Would this be considered? What is the minimum credit score that USDA requires (mine is around 700 and I am working to improve it). Also, what amount do they like to see for personal savings?
I am considering buying a duplex in a rapidly growing area that I have always loved and want to move to soon; it's about an hour away from my current location. Would this be considered? What is the minimum credit score that USDA requires (mine is around 700 and I am working to improve it). Also, what amount do they like to see for personal savings?
Hi Redbean,
The USDA Guaranteed loan will only allow a single family residence so a duplex is out as an option. Your credit score is fine, the minimum requirement is 620 to 640 and the program doesn't require savings but it will help to have at least 2-3 months worth of payments if your debt ratios exceed 29/41.
Thanks for the information... guess it will have to be FHA. Does anyone know if they would consider that distance from work for an owner-occupant?
Absolutely. If you're buying a place that is outside of a reasonable commuting distance from your employer, an underwriter is going to question whether or not you're really going to occupy the place as your primary residence.
One hour away, straight drive down the interstate. Do-able, but probably not every day. I've got a way below market lease on an apartment in the best area of town here, less than many people's car payment. I really want to buy something in order to have some extra retirement income, and it does not make financial sense to buy around here; prices really aren't low for anything decent. But I am very familiar with this other area and want to move there soon or at least spend a lot of time there. Payments on one side of a duplex would cover the note. If I have to, I can put 20 to 25 percent down but it would have to be a gift.
60 from city to city. 67.9 miles from the property to work according to google.
That shouldn't be a problem as long as it's addressed up front with a good letter of explanation.
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