Yahaira Garc…, Home Buyer in 18301

Already own a home in East Stroudsburg, PA but found this beautiful home in the same area is it possible to apply for a USDA loan for second home

Asked by Yahaira Garcia, 18301 Sun Jan 20, 2013

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4
Lynn Ydoyaga’s answer
You can always apply for a different type of loan. I know a great lender that could answer all your questions & let you know where you stand. I could help you find out how much equity you might have in your current home. My cell is 570-881-1343 or office 570-842-1010 x 110.
0 votes Thank Flag Link Mon Jan 21, 2013
If someone already owns a home in the same area and it IS suitable, doesn't that preclude someone from buying a new home?
0 votes Thank Flag Link Mon Jan 21, 2013
Hello Yahaira,

Joseph is not correct. USDA allows for refinances so anyone that refinances already owns a home. USDA requires that you do not own a suitable home within the community or owns one that is not structurally sound or functionally adequate. Within the community generally means within a one hour commute. Examples of not funtionaly adequate is 2 bedrooms three children....not handicapped accessible and a family member has disablities.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Mon Jan 21, 2013
The USDA loan program is designed for people who do not currently own a home.
0 votes Thank Flag Link Sun Jan 20, 2013
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