We got pre-approved for a USDA loan. We found a house that we love but I am worried. I read that you can not buy a house with a shop (large garage)

Asked by Wildflower1228, 32092 Tue Aug 14, 2012

We got pre-approved for a USDA loan. We found a house that we love but I am worried. I read that you can not buy a house with a shop (large garage) on it. This is the only garage on the land. Is it true that we can't? Not sure if it makes a difference but we live in Oregon.

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Stephen McRory’s answer
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Aug 17, 2012
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John,

who is saying anything about trying to "SNEAK" anything thru. This is not 2001, this is 2012 where everything is reviewed many times.

You are talking to the wrong person about anything like that! But there are other options including a 90/10 / 100% CLTV loan offered by a bank in FL with NO PMI and No Funding fee.
0 votes
Will Russell, Agent, Saint Augustine, FL
Tue Feb 24, 2015
I would contact your lender ASAP! I have sold homes with large garages/shops that qualified for USDA.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Aug 15, 2012
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I somewhat recently closed a 100% USDA purchase for a borrower 12 into a CH. 13 BK, on a $272,000 sales price on a home with a POOL!!

I'm not kidding either!

All the lenders have different Overlays. Just have to work with one who will be flexible.

contact me if the property is in FL and is over 100k purchase price

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0 votes
Jeffrey Milam, Agent, Saint Augustine, FL
Wed Aug 15, 2012
Where is this hone lcated...City?
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Wed Aug 15, 2012
This link will show you all different requirements for each type of home under the USDA program:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

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Tony Vega
La Rosa Realty
0 votes
Ryan Ford, Agent, Saint Augustine, FL
Tue Aug 14, 2012
Good Evening,

I agree with the previous answers. I have not heard of this restriction before. Best bet is to check with the loan officer you were pre-approved with. You also want to make sure the home is in a USDA qualified area. To check to see if the area is a qualified area, and to find out more information about USDA loans you can go to: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do If you have any other questions please don't hesitate to contact me.

Ryan Ford P.A. Realtor
Watson Realty Corp
904-495-4121
http://www.floridafirstcoastrealty.com
ryanford@watsonrealtycorp.com
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Aug 14, 2012
That has to be wrong:
Since this a RURAL loan, they are limited to Farms and Ranches;
How could a Farm or a Ranch exist without out-buildings?

Good luck and may God bless
0 votes
Sandie Warren…, Agent, Saint Augustine, FL
Tue Aug 14, 2012
I have never heard of that restriction. But, the best person to consult with is your loan officer. They can reference the USDA program guidelines directly.
0 votes
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