USDA loans in austin (Round Rock, Georgetown: low income, mortgages, houses)

[mac9yv3r]

Has anybody experience any USDA loans here in austin? i see a map that pretty much took out the entire town of austin and some small communities.

[centralaustinite]

Originally Posted by mac9yv3r

Has anybody experience any USDA loans here in austin? i see a map that pretty much took out the entire town of austin and some small communities.

yes, USDA loans are meant to be used by low income folk buying homes in rural areas in need of redevelopment -- try small town Iowa. Central Texas doesn't fit ANY of their criteria.

[mac9yv3r]

i see a few open spots north and south by the airport.. just see if anybody here has delt with them and process.. Like to get my docs and ducks in a roll so when time comes i can present them and guess do the dance with them.. Sad in this day and age, all it took was a loan from a bank, pay the developer, get keys and move in.. now everybody wants there hands in the pie.

[mhudson78641]

Originally Posted by centralaustinite

yes, USDA loans are meant to be used by low income folk buying homes in rural areas in need of redevelopment -- try small town Iowa. Central Texas doesn't fit ANY of their criteria.

You are not correct. Parts of Willaimsn and Hays County are eligible. I know for a fact a friend uses USDA financing in Hutto. As far as Austin proper you are correct but try not to paint a road picture and insult people.

[TexasHorseLady]

There are quite a few USDA loan areas in Central Texas, centralaustinite's uninformed statement notwithstanding. I've had several clients use them. Austin itself, no, but there are entire towns that are USDA, and, heck, until recentlyl, some houses in Sun City qualified because they were ranch land at the previous census! Parts of Pflugerville were until the last census, as well and, in fact, based on the USDA map here, parts of it still are.

You can plug in any address into this web page and find out if it is USDA eligible. You can also get information on income eligibility and income limits (number in household counts - in Travis/Hays/Williamson County area it tops out at $116,000 annually with 5 or more household members.

[Idlewile]

3 years ago we knew of a family who used one on a home in a newer community in Leander, past Crystal Falls. Took longer than usual to close, of course, but it did.

[TexasHorseLady]

Originally Posted by Idlewile

3 years ago we knew of a family who used one on a home in a newer community in Leander, past Crystal Falls. Took longer than usual to close, of course, but it did.

If I recall the timing correctly, about that time they closed one USDA processing office and sent everything to the other one, and that slowed things down dramatically for a while.

[Glenn Ross]

USDA is, as mentioned for rural areas. Therefore Austin won't be eligible. But I've sold in Kyle where they were used and I know that in small towns such as Thrall (east of Taylor) it's possible to get a USDA loan. As mentioned, it does take longer. My advice is to talk to a lender specializing in mortgages (as opposed to a big box bank) to find out which program is best for you.

[TexasHorseLady]

Originally Posted by Glenn Ross

USDA is, as mentioned for rural areas. Therefore Austin won't be eligible. But I've sold in Kyle where they were used and I know that in small towns such as Thrall (east of Taylor) it's possible to get a USDA loan. As mentioned, it does take longer. My advice is to talk to a lender specializing in mortgages (as opposed to a big box bank) to find out which program is best for you.

Oh, MUCH closer than Thrall! Per the USDA map, parts of Pflugerville, a chunk in Round Rock East over by Old Settlers, part of Georgetown immediately east of TeraVista, all of Hutto stretching a good ways west of 130, all of Taylor, a big part of Manor, and a lot of countryside (well, some of it is subdivisions now) all at the edges. Bee Cave, Lakeway, and area are eligible on the basis of location, but the pricing might be out of range because of income limits unless you happened on just the right deal.

[riaelise]

Originally Posted by TexasHorseLady

Oh, MUCH closer than Thrall! Per the USDA map, parts of Pflugerville, a chunk in Round Rock East over by Old Settlers, part of Georgetown immediately east of TeraVista, all of Hutto stretching a good ways west of 130, all of Taylor, a big part of Manor, and a lot of countryside (well, some of it is subdivisions now) all at the edges. Bee Cave, Lakeway, and area are eligible on the basis of location, but the pricing might be out of range because of income limits unless you happened on just the right deal.

I find it interesting that that area by Old Settlers is eligible. While there are tracts of country, for the most part that area is building up at a rapid rate. It is completely surrounded by "ineligible" areas. I live off 79, and my area is both suburban (close to amenities) and country (huge tracts of woods/land, which is a good thing).