Home Buying in 07874>Question Details

ruttster1, Home Buyer in Budd Lake, NJ

Has anyone had any experience with a USDA direct loan in the stanhope/netcong/landing/wharton areas? How did it go?

Asked by ruttster1, Budd Lake, NJ Sun Aug 19, 2012

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I believe that all those towns are eligile. All of Sussex County is and all of Warren County except for Phillipsburg. See link to the page on the USDA web site. Direct loans are not through mortgage lenders. As I realtor, I can help you with the local USDA office. You can contact me by phone as well, 973-670-5304
0 votes Thank Flag Link Sun Aug 19, 2012
Those towns are mostly eligible, except for parts of Wharton. What you want to do is check out the USDA property eligibility site to get an idea of the general areas that work http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Then when you have some exact properties in mind check the map on the site again putting in the exact address.

As you can see I'm a realtor, but I personally bought a home with a USDA loan. I thought that it was a great option since you can have no or little money down and not pay PMI. For my loan I remember the PMI for an FHA loan would have been over $200 dollars a month, so it was a big difference in the monthly payment amounts between the two loan types. There are also income eligibility requirements. You want to make sure that you don't make more then around $90k (talk to a mortgage person for the exact number). They look at ALL of your income. Not just your employment income but alimony, child support, investments, anything.

There are a number of great mortgage people that I work with who do a lot of USDA loans. Please feel free to e-mail me or call me if you want to get in touch with a mortgage broker or are looking for a realtor! (973) 903-2862 (cell) rayerins@yahoo.com (e-mail)
0 votes Thank Flag Link Sun Aug 19, 2012
Actually you can go onto the following web page to determine areas of eligibility: http://www.rurdev.usda.gov/NJEligibleAreas.html#Morris
0 votes Thank Flag Link Sun Aug 19, 2012
I have used USDA a couple of time sthis summer for my buyers here in NH. The premise of USDA is the same in any state. The key is working with a loan officer who is experienced with it and making sure the home quailifies for its regulations BEFORE you make application. The process can take longer but is worth it if no othr mortgage type is available.
0 votes Thank Flag Link Sun Aug 19, 2012
Guaranteed loans are through lenders. Direct loans, at least in New Jersey, have different qualifications and are obtained directly through the local or regional USDA office. I agree that the qualifications for the home tend to limit choices.
Flag Sun Aug 19, 2012
I have worked extensively with the local USDA office for a direct loan. I actually just obtained one this year for a client who closed on a lovely home. I would be happy to share all the information I have as well as make contacts for you or assist you. Feel free to contact me at Judy@JudyGolland.com with any questions.
0 votes Thank Flag Link Sun Aug 19, 2012
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