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sbuckman
516 Posts |
 Posted - 07/10/2008 : 6:47:02 PM
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| Do they allow 2 units? |
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VVance
2489 Posts |
Posted - 07/10/2008 : 6:48:48 PM
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quote:
Originally posted by sbuckman
Do they allow 2 units?
Working on several of these currently. SFR only. |
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sbuckman
516 Posts |
Posted - 07/10/2008 : 6:51:54 PM
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| Thank you. It appeared that way on the eligibility site. But I just figured that I would check since the property came up eligible. That is just the area I assume. The system does not know it is a duplex. Thank you. |
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ComLender
1266 Posts |
Posted - 07/10/2008 : 9:50:46 PM
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| I know it doesn't fit for this scenario, but they also have a commercial loan program that's reasonably good. |
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C4R Finance
24 Posts |
Posted - 07/11/2008 : 12:12:34 AM
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Yes they do allow it.
Here's the link:
http://www.rurdev.usda.gov/rhs/mfh/brief_mfh_grrh.htm
quote:
Originally posted by sbuckman
Do they allow 2 units?
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VVance
2489 Posts |
Posted - 07/11/2008 : 06:21:58 AM
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quote:
Originally posted by C4R Finance
Yes they do allow it.
Here's the link:
http://www.rurdev.usda.gov/rhs/mfh/brief_mfh_grrh.htm
quote:
Originally posted by sbuckman
Do they allow 2 units?
That's interesting. The sources I deal with on these only write SFR. Any idea on who will write multi-family and what (since there's no mention) is the maximum number of units? |
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cantbedone
27 Posts |
Posted - 07/11/2008 : 06:53:54 AM
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| Piggybacking on this topic, I'm doing an RD loan in Texas. The husband is a US citizen, spouse is not, does not work and has no SSN. Husband only is on the loan app but both will be on the deed of trust. She is here legally due to her marital status. If she is not on the note, do I have to document that she is legally in the US? |
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C4R Finance
24 Posts |
Posted - 07/11/2008 : 11:15:08 AM
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www.greystonefinancialonline.com
These guys will finance up to 2 units, o/o
you can ck out their website and see the states that they do loans.
West coast states with couple of them on the east coast.
Good luck to you.
quote:
Originally posted by VVance
quote:
Originally posted by C4R Finance
Yes they do allow it.
Here's the link:
http://www.rurdev.usda.gov/rhs/mfh/brief_mfh_grrh.htm
quote:
Originally posted by sbuckman
Do they allow 2 units?
That's interesting. The sources I deal with on these only write SFR. Any idea on who will write multi-family and what (since there's no mention) is the maximum number of units?
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sbuckman
516 Posts |
Posted - 07/11/2008 : 11:47:02 AM
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| I checked on Greystone's website. The deal I have is in New Jersey and they are not licensed in New Jersey. Anybody else have one by chance? |
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DeCoite
190 Posts |
Posted - 07/11/2008 : 12:01:47 PM
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I always use Chase for USDA but I never tried 2 units.
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Travis Du Bois
589 Posts |
Posted - 07/11/2008 : 12:46:43 PM
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quote:
Originally posted by C4R Finance
www.greystonefinancialonline.com
These guys will finance up to 2 units, o/o
you can ck out their website and see the states that they do loans.
West coast states with couple of them on the east coast.
Good luck to you.
USDA does allow for multi units but we do not havea program to entertain 2 unit properties with this. I believe that the multi units are for the "direct" portion of the program
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=203463
You can find more info at the above link |
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sbuckman
516 Posts |
Posted - 07/11/2008 : 3:53:23 PM
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| My research has revealed that Taylor Bean will close a USDA 2 unit. My AE doublechecked. |
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C4R Finance
24 Posts |
Posted - 07/11/2008 : 6:26:20 PM
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Here's a list of the few lenders that have signed up for the program waiting to,
or already approved by USDA 502 Loan program.
ABN Amro Mortgage
B of A
Capital One
JP Morgan Chase
Wachovia
Wamu
Wells Fargo
And about 200+ lenders waiting to be approved.
With that many lender's on hand and plenty of rural land,I think we'll run out qualified borrower's first wanting to move out to the country.
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Travis Du Bois
589 Posts |
Posted - 07/12/2008 : 11:55:15 AM
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One good thing about this program is that it does not necessarily mean that they have to live in a rurally zoned area. Where I am in Gig Harbor WA the whole area is considered eligible and it is no where near what I would call the country or rural.
Just south of Tampa Bay FL it is considered eligible last time I checked. There are parts of Los Angeles and San Diego that are elligible. So just remember that it does not have to be rural zoning or out in the sticks. the best thing to do is look up your areas eligibility and see what you can do. |
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MALo
215 Posts |
Posted - 07/13/2008 : 03:59:08 AM
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| Correct me if I am wrong but I would be more concerned about the funds that are allocated each year running out. |
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