USDA Mortgage question for purchasing second home

Tips and Deals Forums Home Mortgage USDA Mortgage question for purchasing second home

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    • #417616

      The term “loan officer” implies that the individual works for a bank. A mortgage consultant sounds more like an independant person. You could however use the terms to describe the same thing.

      However, none of this would indicate the level of experience of either one. The only way to know is to ask them.

    • #417617

      In some cases, it would be NO difference, as I see many loan officers call themselves different things to make themselves stand out,
      such as Loan Professional, Loan Consultant, Senior Lending Partner, Loan Analyst, etc..

      The previous post proves, a “title” can create the illusion of being something more than one is.

      You have to make the determination of whether the person will meet your needs. Beware of “titles”, they mean nothing in many cases~~~~.

      The key is what are you looking for? If you need a loan, then ask what their knowledge is, as it relates to your needs. a true consultant will “counsel” you on your current financial situation, and help you determine the best loan and loan amount, but so would a good loan officer.

      Find someone you can trust and who shows real interest in helping you obtain your goal.

    • #200462

      Does anyone know what the rules for purchasing a second home are for USDA loans?

      I have a house i dont want to sell and take a loss on –

      I’ve been working with a broker who is out for a few days , he recommended and pre-approved us for usda loan, but we didnt talk about carrying the old mortgage while purchasing another home.* … now im anxious to find a answer.

      we looked at a place we like and its cheap enough that both the new and old mortgage combined with all other bills would still fall at 39% of our income.

      so-our income is plenty to cover both loans.

      already had credit scores run,

      just want to know if anyone knows about if they will approve a loan for a second home, as primary residence while keeping the old loan and renting it out???

      ps – we dont need the rental income added to our income to make the ratios work.

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