New Year - New Home? | TMH 022
With 2022, I am moving forward with home ownership! This January I will be applying for a USDA Single Family Direct Loan which is for Rural Developments - so bye-bye city living.
My decision to apply for a USDA Direct Loan came about when FHA loans changed how they calculate student loans - Read about that here. The change meant I could apply for an FHA Single Close Construction Loan, and design and build my own home. The only problem was, FHA Construction loans are not eligible for Down Payment Assistance, and there isn’t much unbuilt, affordable land available in the city (Los Angeles). As I started looking for affordable land, I realized I was looking further and further away, and I realized maybe I should look at the USDA loans I had been ignoring - which can be used like a Single Close Construction Loan. When I looked, and calculated my possible loan amount, it was coming out to more than $100k over what I could receive with an FHA loan! This means Down Payment Assistance was not needed at all.
Here is a little more information on the USDA Single Family Housing Program, and I am going to do some in-depth posts in the following weeks - I promise! The topics will cover USDA programs and requirements, as well as home design - and hopefully my personal journey.
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