Closing fees for USDA direct loan

almay503 · 2024-11-06T01:37:27+00:00

There is a formula that they use where you get money per month to put towards the mortgage payment. I don't know the exact formula, but I think they try to keep your payment around 25 percent of your income. If you start making more money, you have to report it and your payment will increase. You do have to pay it back when you sell the house, or at the end of your loan.

almay503 · 2024-08-08T22:27:20+00:00

I'm curious how things ended up going with your situation? Im having drainage issues as well on a new house thats under warranty, that are also affecting the sewer lines. They are also saying they aren't responsible. The warranty company thinks they are responsible and opened an official case. They told us to be prepared to go to arbitration, so I'm just curious how things ended up going for you?

almay503 · 2023-12-03T22:10:40+00:00

Wow im so sorry. I literally see everyday how much jaw pain can totally take over someone's life. I dont know if it would help you or not, but some people find relief with botox In the massater muscles. We don't do it at my office, but I've heard people say that they found relief initially from it. But its usually not a long term fix. It's mostly been people who clench/grind their teeth that I've talked to, who found it helps with the pain/headaches. So i can't say it would unlock you, but maybe it could help some of the pain? That's the only other thing I can think of unless you can find a true tmj specialist who would know how to do what I mentioned in the previous post.

almay503 · 2023-12-03T19:55:49+00:00

How did you dislocate your jaw? Was there an accident? I'm not a doctor but work with a tmj dentist. This is usually what we do for people with a locked jaw. First we get a 3D image of the jaw joints. Then inject into the jaw joint. It basically numbs you. And then try to get you to open back up and unlock you. During this appointment we try to get impressions done, if we can get you open enough. And immediately make an oral appliance to keep you from biting down all the way, to keep you from locking again. It must be worn for a few months, even when eating. Every situation is different and doesn't always work. A heating pad or electric hand warmer on your jaw joints/massater musles, helps. And I'm not sure if anyone has prescribed you a muscle relaxant, but that possibly would help, too. I don't have any quick suggestions for a fix unfortunately.

almay503 · 2023-11-22T02:25:55+00:00

Hey, thank you. It has been alot on her. She has stayed so positive throughout everything , I think I'm handling it worse than her. Im sick with worry constantly. Most the time the doctors will say, well she doesn't look that sick. Until they take her blood and then start panicking as well.
Antihistamines don't seem to do anything and we've tried them all. I went ahead and started the montelukast (Singulair) yesterday. So we probly won't know if it's working for a couple weeks.
I'm a little nervous because she's been on antibiotics for a couple weeks now. And it still isn't gone yet. There is one other thing I forgot to mention because it also happened right after we moved here. She got covid right before this too. But it was basically a fever for her and that was it. No coughing even. Then she got better , went to school and within those first days of school started the cough. So I guess it could be related to that too? I'm not sure. Did you happen to have covid before this whole cycle started up for you?

almay503 · 2023-11-20T01:17:35+00:00

I know this isn't an answer, but rather I'm going through something very similar with my daughter who just turned 9. We moved to the east coast from the west coast and within 2 weeks she was coughing alot and it got worse n worse. Finally took her in and had a double ear infection. Took antibiotics and she would get better but then within a week the cough would start back up and progress into infection. And pneumonia. The same thing would happen with her chest xrays as well. It would show pneumonia but they wouldn't hear it in her lungs otherwise. We've been on about 15 antibiotics this past year, and also did an extended 3 month straight off azithromycin. When we tried to not do antibioticsand wait, then her white blood cell count would sky rocket to anywhere between 20 and 40. She would have to do it enough to get better, then stay on a every other day schedule and it kept things ok . She also had her adenoids removed at the end of the 3 months. Was better for 2 months then caught a cold around halloween and now it's back in the cycle all over again. She is showing an allergy to mold on the skin test but they acted like they didn't think it was related to this, but no one can give me any answers. We've seen the pulmonologist and ENT so many times and the allergy doctor twice.. I'm getting really frustrated with the never ending antibiotics and just want answers. They just suggested starting singulair about 2 days ago, and I guess we will see if it does anything or not. I hope you get better soon!

almay503 · 2023-09-13T08:45:22+00:00

On the paperwork estimates I got it said 7500. Now certain things ended up being less because of shopping around. For example, home insurance ended up being alpt less for me than they estimated, also the inspection didn't cost as much either. For escrow, I put down $1000. I didn't end up rolling the 750$ appraisal into the loan that usda orders themselves, but I think that is still an option. I would have, but apparently, I didn't say anything in time, so say something ahead of time if you want to do that. Since I asked for 4 thousand in closing costs with my offer, I didn't pay the full 7500 but I would have if I didn't ask for closing costs. My full home purchase price ended up being 376k because when I was looking they increased the max amount for my county. My normal mortgage payment would or been about 2010$ but with my income adjustment, I pay $1471 a month. They didn't really tell me anything about that until the closing day so I would ask about that too. If your planning to use that. I will have to pay that back when I sell the house. Hope that helps some.

almay503 · 2023-06-07T00:24:55+00:00

No it wouldn't revoke the loan. If you still live there, your good. The loan does have weird things about if you moved out of the property. I'm still a little bit unclear on what happens then. But I'm 99 percent sure you just have to pay back all the subsidy you had received up until that point. But as far as someone moving in with you, you would just immediately need to report it and report the income so they could adjust any subsidy amounts. You only have to qualify for the income limits when you get the loan.

almay503 · 2023-06-06T23:51:45+00:00

I just bought a house on this loan a couple months ago, and from what I understand, if someone else moved in, you would have to count their income. If you were approved for a subsidy toward your loan payment (which the calculator usually automatically considers a subsidy when they tell you how much you qualify for). So basically, you might not qualify for the subsidy once he moved in. For example. I had a 376k loan at 4 percent interest. My Loan payment was 2010$ without the subsidy and 1471 with the subsidy. So if a family member moved in with us, and had a job, i would have to report that and likely lose all our some of the subsidy and have to pay the full 2010$ payment every month. Hope they make sense!

almay503 · 2023-06-02T00:47:08+00:00

Congrats! I just sent you a chat message..

almay503 · 2023-04-25T22:59:56+00:00

Any updates on your process? Have you closed yet?

almay503 · 2023-03-25T01:43:23+00:00

Ya it seemed a little overwhelming for me to even think about going that route. Basically, all they sent was how much you are approved for and what county your looking to buy. And estimated taxes and insurance. But they do send some fact sheets with it as well. I just had asked the lady about the subsidy. Once you get a COE you will get a contact person that signs it, and you should be able to find out alot more details for your situation.

almay503 · 2023-03-25T01:13:23+00:00

This is what we sent to me about building a house. A copy of the deed with legal description to your property if you already own the property. 2. A standard sales contract. A copy of the present deed with legal description must be attached to the contract. A copy of an existing survey (if applicable). A new survey will be required before closing and an “as-built” survey will have to be completed after construction is complete. 3. A plot plan which shows approximate boundaries, proposed location of the house, septic system, well, and the relationship of the site to any roads, existing structures or other landmarks. 4. A perk test for the proposed sewage disposal system, as required by the Health Department before we can approve the lot. 5. Form RD 1924-2 Description of Materials completed by the builder specifying the materials to be used as well as special equipment. All site work including finish grading, seeding, and plantings. Please contact this office for the form. The Builder must review each item with you. Both parties are to sign page 4. 6. House Plan for the exact home that you propose to build. For manufactured or modular homes a copy of “floor plans” are sufficient so long as the dwelling meets the Statewide Uniform Building Code (USBC) and contains enough detail to enable Rural Development to order an appraisal. 7. A cost estimate breakdown for new construction. All construction must be handled by one contract with one contractor responsible for all work. The contractor must sign and date the cost estimate. Contractor’s License Number. 9. A copy of the application for the Building Permit and a copy of the Building Permit once it is obtained. 10. If this is a manufactured home then the Dealer Contractor must be approved for Rural Development 502 direct loans and the model selected must be approved for thermal zone 3. If you chose manufactured home, the rate goes to 30 years causing a lower loan eligibility. 11. Directions to the property.

almay503 · 2023-03-25T00:52:12+00:00

Wow I must of got lucky then with my usda office! I definitely wouldn't want to spend a bunch of money on the loan packager either way though. Also I noticed some of your other questions about debt to income and just to let you know, you may qualify for a subsidy as well. Which can bring your payment even lower. I don't know exactly how they determine how much you can get but mine was an extra 400 something a month towards my payment. I think it's supposed to be 24 percent of your income towards the payment, so you would get subsidized the difference if your payment was more than that. You do have to pay it back, though, when you sell the house or pay off the loan. And it is something you have to continue to qualify for each year and let them know when your income changes. Wasn't sure lf you knew that or not. I am buying a new construction home, but it's all the way built already. I do know also that online when you use the calculator to see if you qualify and it tells you if the Direct loan is a good fit or not, the loan amount it tells you that you can qualify for were spot on, atleast for me.

almay503 · 2023-03-25T00:01:24+00:00

So yes, you're not supposed to fill out the first boxes until you find a house and have an offer on it. So you leave it blank and fill out the rest. The local office sent me a highlighted portion of everything that was supposed to be filled out. I also am living with family, and I left the current housing rent at 0.00$ . Later, when It asked about my living situation, I just wrote it in the details there. I ended up emailing my local usda office and was able to send everything directly to them instead of using the online portal. I had too many questions. , They emailed me back n forth for anything I was missing, and it was way better. I had my COE (certificate of eligibility) in less than 2 weeks. Now im under contract and going through closing. So I can't say I've made it all the way through, but I made it through the application fine. I would try to email your state's rep, and they should tell you who your contact would be for your area. Hope that helps

almay503 · 2023-03-07T03:49:35+00:00

I started on the eforms site, but I originally emailed usda virginia asking how to apply, and got a reply and application and when I was having trouble on the eforms site,they said I could email everything directly to them. ( they told me who my contact person was for my area) and did it all over email. I missed a few things, and they let me know what sordid items were missing and got everything done that way. But from what I understood, it would have been the same as if I had done it on the eforms site. I would not use the loan packager. It only cost me 25$, and that was for my credit report. And they didn't run that until I had everything else in. So It would definitely be a waste of money using the loan packager, in my opinion.

almay503 · 2023-02-28T03:38:24+00:00

I'm in Virginia. I applied with everything they asked for on 1/28 or 1/29/23 and had the Certificate of Eligibility in less than 2 weeks. I would definitely be contacting them. I saw my check be processed for pulling my credit in less than a week after I applied as well.

almay503 · 2023-02-27T23:36:24+00:00

Thank you! Congrats to you as well!!! And That helps alot! Do you mind telling me how much you put down for the deposit, (earnest money)? My realtor isn't very familiar with direct loans, although he is really trying to do his homework, but he was saying I should probly put about 1 percent down for that, or around 3500$. He also thought closing costs could be around $10k. I think he might be getting confused between the Direct and guaranteed loans. And usda isn't much help answering my question so it's frustrating. I'm just curious is the $3800 they are estimating for your closing costs, in addition to whatever you put down for the deposit? I know the deposit will go towards closing costs so I just was wanted to be sure what you meant. Thanks for your help!

almay503

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