What are 3 facts a Seller should know about the USDA Program?
When it comes to explaining the USDA program, I always say don’t be scared – be aware!
Today’s topic is important for any buyer, seller, or Realtor because I will share the details that you need to know in order to separate fact from fiction and eliminate common myths about the program.
And remember, if you have any questions that is what we are here for, just call or email to discuss your scenario because we are known for returning calls, replying to emails, and responding to your messages.
Now, wouldn’t it be nice if everyone did that!
What are three facts a Seller should know about the USDA Program
I. Do USDA loans have a maximum sales price?
While many may automatically assume that higher sale prices do not qualify for a USDA loan, this is simply not true, because the maximum USDA loan amount is based on the buyer’s qualifying ability, not a set loan limit like FHA or Conventional.
II. Are there any seller required costs on a USDA loan?
There are no loan related costs that the seller must pay on a USDA loan. While these type of charges can be referred to as “non-allowables”, remember that there are no required costs that a seller must pay on a USDA loan, only what has been agreed upon within the sales contract.
III. Will USDA loans allow in-ground swimming pools?
The answer is YES! USDA loans do allow in-ground swimming pools! Even though many have bad memories from previous restrictions, remember that USDA guidelines under the Single Family Housing Guaranteed Loan Program were updated 12/1/14 and they now permit in-ground swimming pool properties just like Conventional, FHA, and VA loans.
As an Approved USDA lender, we are know for our specific experience and expertise on this unique program, just call or email to discuss your scenario and let us show you the “Metroplex” difference!
(800) 806-9836 Ext. 280
Let’s make it a great day and I look forward to seeing you right here for the next tip of the week!