USDA Home Loans and Manufactured Homes

The USDA Existing Manufactured Home Loan Program has very specific guidelines when it comes to manufactured homes. The program is only available in certain states, for existing homes, with specific age requirements. Here are some bullet points for the program:

The program is available only in the following states:

Colorado, Iowa, Louisiana, Michigan, Mississippi, Montana, New Hampshire, Nevada, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

The home must have been constructed on or after January 1, 2006

Minimum square footage 400

Purchase transactions only.

Must be an “existing” home or new construction at least 12 months old, never occupied. Not for newly constructed homes less than 12 months old.

No modifications or alterations to the original home allowed.

As you can see the guidelines are very specific with regards to manufactured homes. If you have any questions, please let us know.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

Fallbrook, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Fallbrook, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits.

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

If the property appraises for more than the contracted sales price, you may be able to finance a portion of your closing costs into your loan amount.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

Thermolito, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Thermolito, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274 

Taft, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Taft, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274 

Paso Robles, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Paso Robles, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

Hollister, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Hollister, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274 

Atascadero, CA – 100% Financing Available

Attention Homebuyers,

Are you looking to purchase a home in Atascadero, California, and you are finding it difficult to save for a down payment?  If so, you may be eligible for the USDA, zero down payment home loan program available in that area.

Benefits of this program include:

Zero down payment.

No Loan Limits (minimum sales price $150,000).

You do not need to be a first time home buyer (there are limitations if you presently own another home).

Seller can pay closing costs.

The USDA program is available in many other surrounding cities.

If you would like more information on how this program may help you get into your next home, please contact me at the numbers or email below for more information.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

Fresno County – zero down payment program

Parts of Fresno County – Zero Down Payment Home Loans Available

Attention Homebuyers,

Are you looking to buy a home in Auberry, Caruthers, Coalinga, Easton, Firebaugh, Fowler, Huron, Kerman, Kingsburg, Mendota, Orange Cove, Parlier, Reedley, Riverdale, San Joaquin, Selma or Squaw Valley? There areas are eligible for the USDA Rural Housing

This program offers:

Zero down payment

No Loan Limits (minimum sales price $150,000)

You do not need to be a first time home buyer

Seller can pay closing costs

If you would like more information on this or other loan programs, please contact me at the numbers or email below.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274 

Flood zones and USDA properties

Typically when a home is in a flood zone, lenders will require flood insurance in addition to the normal homeowners / fire insurance policy that all homeowners obtain.  In most cases, the cost of the flood insurance might as much as double the insurance costs for the property, although the actual premium will be dependent on a number of factors including the area, the type of flood zone, the deductibles, etc.

For properties bought with USDA financing, the USDA also requires an “elevation certification” or elevation cert, verifying that the first floor elevation is above the 100 year flood plane.  If an acceptable elevation cert has already been done on the property, then that is satisfactory.  If the property has no elevation cert, then one has to be completed prior to the loan closing.

Other issues can arise with USDA financed properties in flood zones with regards to wells, septic systems and whether the property is new construction or not.  These factors are best handled on a case-by-case basis with your lender.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274

Swimming Pools and USDA loans

If you are purchasing a home using USDA financing, and the property has a swimming pool, there a specific guidelines that must be followed by the appraiser with regards to how the final appraised value is determined.

USDA will finance properties with pools, but they distinguish between above ground and in-ground pools.  If a pool or jacuzzi is above ground, there is no issue.  However, if the pool is an in-ground pool, then the underwriter will deduct the value of the pool from the final appraised value.

For example, if a property has a sales price of $200,000, and has an in-gound pool, the appraiser must find other comparable sales with swimming pools like the subject property.  If he or she determines the value of the pool is $10,000, then this amount will be deducted from the final appraised value of the property.  If the appraiser determines the value of the property is $210,000, then the USDA underwriter will reduce the value by the amount of the pool ($10,000) and the final value used for loan purposes will be $200,000.  If the appraiser determines the final value is at sales price, or $200,000 in this example, then the USDA underwriter will reduce the appraisal down to $190,000, and this is the value that will determine the final loan amount available to the borrower.

So as you can see, if the property appraises high enough, the deduction for the pool wont be an issue, as the appraisal will still be at or above the sales price.  However, if the property appraises at or near the sales price, the buyer could have an issue with a “low appraisal” after the value of the pool is deducted, even though the actual appraised value came in at or around the sales price.

When getting a USDA loan on a property with an in-ground pool, make sure the lender, agents and appraiser are aware of this guideline going in so they can try to address any potential issues surrounding the USDA guideline.

Baxter Scruggs is a mortgage banker offering USDA loans in California, NMLS #156370. He can be reached at bscruggs@guildmortgage.net, or at 760-497-7705. Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.  The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Terms and conditions apply, all loans subject to underwriter approval. Subject to change without notice. Guild Mortgage Company NMLS #3274