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What are USDA Manufactured Home Loan Guidelines in Florida, Texas, Tennessee, and AlabamaUSDA Loans for Manufactured Homes Florida, Texas, Tennessee, Alabama

While it is true that the USDA Single Family Housing Guarantee Loan Program does not generally permit loans for existing manufactured homes, the USDA Existing Manufactured Home Pilot Program provides an exception to this rule in certain eligible states.

Today’s short video will break down the details of this unique feature and explain eligible states as well as qualifying parameters.

Remember, if you have not yet done so, make sure to download our “USDA New Construction Guide” with the link below.  This educational resource will walk you through the USDA new construction process and the USDA new construction loan requirements. It is designed for homebuyers, builders, and Realtors alike.

What are USDA Manufactured Home Loan Guidelines in Florida, Texas, Tennessee, and Alabama?

“According to 7 CFR 3550 and 3555, new manufactured homes are eligible for financing through the Section 502 Single Family Housing (SFH) Direct and Guaranteed Loan Programs. Existing manufactured homes are not eligible unless the home is already financed through Rural Development (RD) (7 CFR 3550.52(e)(l); 3550.73(b); 3555.208(b)(3)). Under the existing manufactured housing pilot, which was initially implemented on August 12, 2016, RD has waived the regulatory restrictions cited above and will finance existing manufactured homes in the pilot states even if the home is not currently financed by RD.”

Property Requirements – USDA Existing Manufactured Home Pilot Program

How does the USDA Existing Manufactured Home Pilot Program Work

There are several requirements that must be met in order to be eligible for financing under the pilot program. If all pilot conditions are met and the applicant is eligible, then the loan request can be filed. Existing manufactured homes and new units that have been on a dealer’s lot for more than 12 months must meet the following criteria:

  • The unit must have been constructed on or after January 1, 2006, in conformance with the Federal Manufactured Home Construction and Safety Standards (FMHCSS), as evidenced by an affixed Housing and Urban Development (HUD) Certification Label.
  • Inspection has been met using one of two of the below methods:
    • Form HUD-309, “HUD Manufactured Home Installation Certification and Verification Report” completed in accordance with 24 CFR 3286.511 by a qualified party as follows:
      • A manufactured home or residential building inspector employed by the local authority having jurisdiction over the site of the home, provided that the jurisdiction has a residential code enforcement program;
      • A professional engineer;
      • A registered architect;
      • A HUD-accepted Production Inspection Primary Inspection Agency (IPIA) or a Design Approval Primary Inspection Agency (DAPIA); or
      • An International Code Council (ICC) certified inspector.
  • Obtain a certification that the foundation design meets HUD Handbook 4930.3, “Permanent Foundations Guide for Manufactured Housing (PFGMH).” The foundation certification must be from a licensed professional engineer, or registered architect, who is licensed/registered in the state where the manufactured home is located and must attest to current guidelines of the PFGMH. The certification must be site specific and contain the engineer’s or registered architect’s signature, seal and/or state license/certification number. This certification can take the place of Form HUD 309.
  • The unit must not have had any alterations or modifications to it since construction in the factory, except for porches, decks or other structures which were built to engineered designs or were approved and inspected by local code officials.
  • Guaranteed loan applications must be manually underwritten.

Manufactured Home Pilot Program in Texas and TennesseeAdditional Property Criteria – USDA Existing Manufactured Home Pilot Program

Please note that the applicant and the property must still meet all additional criteria for guaranteed loans which include, but are not limited to, the following:

  • The unit must have a floor area of not less than 400 square feet;
  • The unit must meet the Comfort Heating and Cooling Certificate Uo Value Zone for the location;
  • The towing hitch and running gear must have been removed;
  • The manufactured home must be classified and taxed as real estate;
  • The remaining economic life of the property must meet or exceed the 30 year term of the proposed loan; and
  • The unit replacement cost coverage must be equal to the insured value of the improvements or the unpaid principal balance with deductible(s) of up to but not exceeding the greater of $1,000 or one percent (1 %) of the policy.

For greater details surrounding the requirements of the pilot program, visit USDA Dept. of Agriculture or contact our office directly with additional questions.

State Eligibility – USDA Existing Manufactured Home Pilot Program

What is USDA Existing Manufactured Home Pilot Program? USDA Approved lender in Texas, Tennessee, Florida and AlabamaMetroplex Mortgage Services, Inc. is a USDA Approved Lender licensed in Florida, Alabama, Tennessee and Texas. I have listed all of the pilot program eligible states below and because this list also includes Texas and Tennessee, we are able to help those potential applicants purchase existing manufactured homes in Texas and Tennessee under the USDA Existing Manufactured Home Pilot Program.

Eligible States include Colorado, Iowa, Louisiana, Michigan, Mississippi, Montana, Nevada, New Hampshire, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

 

As a USDA and VA Approved Lender in Florida, Tennessee, Alabama, and Texas, let our experience and expertise go to work for you

Just call, email, or text to discuss your scenario and let us show you the “Metroplex” difference!

Toll Free: (800) 806-9836 X 280

Call/Text: (863) 451-3032
SeanS@MPLX.org

Don’t forget to download our USDA Blueprint for Success with this link.

USDA Blueprint for success

Increasing Affordability with a USDA or VA Temporary Interest Rate Buydown in Florida, Texas, Tennessee, and Alabama!

In the realm of homeownership, navigating the world of increased sales prices, mortgage rates, and affordability can often feel like a daunting task. However, there exists a valuable tool that can significantly impact a buyer’s ability to purchase a home:

Temporary interest rate buydowns utilized in conjunction with No Down Payment USDA Rural Home Loans and VA loans.

Combining a temporary interest rate buydown along with a USDA or VA loan can make a substantial difference with the initial affordability of a home, allowing more individuals and families to achieve their dream of homeownership.

Increasing Affordability with a USDA or VA Temporary Interest Rate Buydown

As a follow up to a previous online workshop, this replay we will dive into USDA, VA, FHA, and Conventional loan programs and explain the benefits of temporary interest rate buydowns, discount points, and seller concessions.

I hope you find this presentation helpful, but please let our team know if you have any additional questions or if you would like to take advantage of our Free 2nd Opinion Service which is great for both new pre-qualifications and those loans that are currently in progress.

Call/Text: 863-593-2001
SeanS@MPLX.org

Increasing Affordability with a USDA or VA
Temporary Interest Rate Buydown

The agenda for this online workshop covered the following topics:

1. Mortgage updates and highlights:

USDA home repair loans in Florida, Texas, Tennessee, or Alabama

  • USDA Rural Housing – No Down Payment Loans
  • VA Loans – No Down Payment Loans
    • Credit Flexibility
    • Manufactured Homes (Singlewide and Doublewide)
    • Increased Loan Amounts
    • Expanded Qualifying Ability
  • FHA LoansIncreasing Affordability with a USDA or VA Temporary Interest Rate Buydown, Discount Points, or Seller Concessions
    • Credit Flexibility
    • 3.5% Down Payment
    • Higher priced mortgage insurance premium costs
    • No area or income limit restrictions
  • Conventional Loans
    • Fannie Mae and Freddie Mac
    • Maximum Financing Options:
      • 97% for Primary Residences
      • 90% for Second Homes
      • 80% for Investment Properties
  • Private Road Guidelines for USDA, FHA, & Freddie Mac:
  • Private Road Guidelines for VA & Fannie Mae:
      • Private Road Maintenance Agreement required.
      • VA does offer the potential of a waiver to the Private Road Maintenance Agreement requirement.

2. What is a 2/1 Buydown?

  • What is a temporary subsidy buydown?
  • Temporary Buydown Agreement
  • What type of transaction could be ineligible for a temporary buydown?
  • Buydown Examples

3. What are Discount Points?

  • Definition
  • Who can pay for discount points?
  • Compare and contrast Discount Points with a Temporary Buydown

maximum va seller concessions in Florida

4. Seller Concessions or Interested Party Contributions

  • Overview and comparison between loan programs
  • Fannie Mae
  • FHA
  • USDA Seller Concessions
  • VA Seller Concessions

 

Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

P.S. – You can download our “USDA Blueprint for Success” by CLICKING HERE.

USDA Rent to Own: Here's How to Buy the House you Rent with a USDA No Down Payment Loan in FL, AL, TX, TNCan you buy the home you are renting with a USDA No Down Payment Loan in Florida, Texas, Tennessee, or Alabama?

As more renters transition into homeownership, USDA rent to own opportunities are increasing for those homebuyers who want to purchase the home they are renting. This topic is especially important for property managers or landlords, listing agents with properties that have tenants, and for tenants who wish to purchase.

Today, I will review how it can be possible to buy the house you are renting with a USDA loan.

It is important to realize each step in the USDA process. That’s why we have a FREE USDA Blueprint for Success Guide. This complimentary download is designed to walk you through the USDA qualifying process. It’s ideal for homebuyers and realtors alike!

How to buy the home you are renting with a USDA No Down Payment Loan!

The nice part about trying to purchase the home you already live in is the focus can now be placed on qualifying. Here are the qualification steps for USDA rent to own.

1. Rental History

Can you buy the home you are renting with a USDA No Down Payment Loan in Florida, Alabama, Texas, Tennessee? Let’s get started by reviewing rental history first.

Is your landlord a private owner, property management company, or Real Estate brokerage?

This is critical because verification of rental history is required. Documentation from a company managing the rent will customarily hold more weight and strength with the USDA no down payment loan approval process when compared to a private landlord verification.

Do you pay rent by check, cash, or money order?

I know you have heard me say this before, but paying by check is a far better form of rental verification. This is especially true when paying to a private landlord.

2. USDA No Down Payment Loan Minimum Credit Qualifying Requirements

Additionally, USDA loans are known for their credit  flexibility and although minimum credit conditions will be required, obtaining a certain credit score does not guarantee loan approval.How to buy the home you are renting with a USDA No Down Payment Loan in Florida, Texas, Tennessee, or Alabama?

The  credit history of an applicant must be sufficient to validate their credit score with USDA requiring at least two accounts on the credit report that have been or are currently open for 12 months based on the date the account was opened as stated on the credit report.

Remember, in cases where there is a lack of an established traditional credit history, USDA guidelines will also permit for the verification of non-traditional credit references such as Cable, Electric, Water, and Phone bills.

3. USDA No Down Payment Loan Employment History Guidelines

USDA Guidelines will require earnings to be adequate, dependable, and documented through items such as pay stubs, W2 forms, tax returns, and verifications of employment.

Please remember that while at least 2 years on the same job is preferred, it is not a requirement.

Can you buy the home you are renting with a USDA No Down Payment Loan in Florida, Alabama, Texas, Tennessee?

4. USDA Rent to Own

While the three 3 qualifying steps above are not exhaustive, it is a great starting point to help you transition from renting your home to owning it with a USDA no down payment loan. As a USDA approved lender, our expertise and knowledge are here to help you each step of the way.

Just call, text, or email to discuss your scenario, and let us show you the “Metroplex” difference!

Plus, if you are ready to take the next step towards learning the USDA qualifying process, download our  USDA Blueprint for Success FREE report which is designed to give you an overview of the USDA Home Loan process, eligibility requirements, and much more. Download it now!

The Metroplex Team would like to wish everyone a very Happy Easter!

Tampa FL USDA Approved Lender

 

 

USDA Property Eligibility: How much land can you include with a USDA loan?

Do USDA Loans have acreage limits?

Acreage questions and USDA loans for land seem to go hand in hand. But how much land can you include with a USDA loan? Do USDA loans have an acreage limit? In today’s video I will explain the details and help separate fact from fiction.USDA Property Eligibility: How much land can you include with a USDA loan in Florida, Texas, Tennessee, or Alabama?

Also, if you have not yet done so, feel free to download our newest “USDA Blueprint” with the link below. This free guide is designed to help walk you through the USDA process step-by-step and is a great educational resource for both homebuyers and Realtors alike.

USDA Property Eligibility: How much land can you include with a USDA loan?

As a starting point, remember the title of the program is the USDA Single Family Housing Guaranteed Loan Program and because this is for single family housing, it is not designed to be a loan solution for working farms or income producing properties.USDA Property Eligibility: USDA land loan in Florida, Texas, Tennessee, or Alabama?

Now, to answer our question, USDA Rural Home Loans do NOT have an acreage limit!

This is a great improvement when compared to previous USDA guidelines which had such limitations!  With this added flexibility, it now provides the potential to increase both the amount of acreage you can finance with a USDA loan along with available property types.

However, when working with higher acreage properties please keep in mind the following USDA requirements:

  1. The site must be typical for the area;
  2. The site must not include income-producing land or buildings to be used principally for income-producing purposes;
  3. Vacant land without eligible residential improvements; or
  4. Property used primarily for agriculture, farming or commercial enterprise.

It is also important to remember that when determining their market value, appraisers will look to compare other similar sized acreage properties that have recently closed.

While it is true that you will not be able to purchase a stand-along parcel of vacant land, remember that you are able to purchase land in conjunction with a single-family, manufactured, or modular home under the USDA Single-Close Construction to Permanent Loan.USDA Property Eligibility: USDA land loan in Florida, Texas, Tennessee, or Alabama?

In fact, we have recently seen an increase in USDA Manufactured Home and Land financing package requests.

Remember, that while manufactured homes are not generally not permitted, USDA loans can be used for new manufactured homes under the Single-Close Construction to Permanent Feature.  This is a case where funds from the USDA loan may be used to purchase an eligible parcel of land in conjunction with the home purchase.

We have experience working with USDA Loans for Manufactured Homes so please contact my team today so we can walk you through the qualifying steps.

Unique properties can require additional review upfront, so if you have any USDA loan acreage questions, contact my team so we can start to review and help determine how many acres you can buy with a USDA loan.

In summary, do not assume that a property may or may not be eligible for a USDA just based on its acreage. Comparable sales in the area will help to justify if the site value is typical for the area.

I founded Metroplex Mortgage Services way back in 2001 and in addition to being ranked among the top USDA Approved Lenders, my team is known for our overall government loan expertise and helping walk homebuyers through the mortgage qualifying maze.

If you need help, that is what we are here for, just call or email to discuss your scenario and let us show you the “Metroplex” difference.

Tampa FL USDA Lender LoansCall/Text: 863-593-2001
(800)806-9836 Ext. 280
SeanS@MPLX.org

As always, I want everyone to make it a great day and I look forward to seeing you right here for the next tip of the week!

Don’t forget to download our USDA blueprint for success with this link below:

USDA Loans for Manufactured Home and Land in Florida, Texas, Tennessee, and Alabama

USDA Property Eligibility: Do USDA loans allow homes with a Mother-In-Law Suite in Florida, Texas, Tennessee, or Alabama?

Can you buy a home with an accessory dwelling unit (ADU) with a USDA loan?

As families continue to search for affordability and review available inventory, we commonly receive scenarios asking whether a USDA loan can be used to purchase a home with an Accessory Dwelling Unit (“ADU”), commonly referred to as a mother-in-law suite, and if that will be considered a USDA eligible property.USDA Property Eligibility: Do USDA loans allow homes with a Mother-In-Law Suite in Florida, Texas, Tennessee, or Alabama?

In today’s short video, we will explain the details and break down how a USDA loan can be used to purchase a home with an Accessory Dwelling Unit throughout Florida, Texas, Tennessee, or Alabama.

Also, don’t forget to take advantage and download our USDA Blueprint for Success with the link below. This free guide is designed to walk you through the process step-by-step and is a great tool for both homebuyers and Realtors alike.

Do USDA loans allow homes with a Mother-In-Law Suite in Florida, Texas, Tennessee, or Alabama?

As a starting point, USDA guidelines require that a “qualified property must be predominately residential in use, character, and design” and do not permit “buildings principally used for income-producing purposes” which includes multi-unit properties that are designed to generate income.

With that being said, a home with an Accessory Dwelling Unit, commonly referred to as a mother-in-law suite, can be an eligible property type provided it meets the following USDA definition and guidance:

USDA Loan Accessory Dwelling Unit (“ADU”) Guidelines

An Accessory Dwelling Unit (ADU) refers to a habitable living unit, within, or detached from a single family dwelling, which together constitute a single interest in real estate. The presence of a single ADU does not automatically render the property ineligible.USDA Property Eligibility: Do USDA loans allow homes with a Mother-In-Law Suite in Florida, Texas, Tennessee, or Alabama?

 The appraiser will determine if the ADU represents a second single family housing dwelling unit. The appraiser must consider all property characteristics, specifically the status of the utilities, if they are separate, and the property’s highest and best use, when making this determination. The appraiser will include their evaluation in the site analysis and highest and best use section of the appraisal report, as applicable.

 ADU’s which function in support of the household members, such as multigenerational households are consistent with SFH, however those designed to create a potential rental income stream are not. The expectation would be that those spaces would not be separately metered for utilities or have a separate address.”

 Summary – USDA Loans to purchase a home with a Mother-In-Law Suite

In summary, provided an ADU is in compliance with zoning laws and building codes, a USDA loan can be used for the purchase of property with an

Accessory Dwelling Unit but the appraiser must determine that the property constitutes a single interest in real estate that is there to support the household members and not a second housing unit designed to create an income stream such as a tenant paying rent.

As a USDA Approved Lender, we will walk you through the USDA loan qualifying process step-by-step. Just call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!

Call/Text: 863-593-2001
800-806-9836 Ext. 280
SeanS@MPLX.org

Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

P.S. – You can download our “USDA Blueprint for Success” by CLICKING HERE.

It is hard believe that another year has already passed but with that comes another milestone that we want to share. Metroplex recently celebrated our 23 year anniversary from when I founded the company.Citrus County FL USDA Approved Lender

Being large enough to serve you but small enough to care is as important to us now as it was from our very first day.

To all of our clients that we have helped reach the goal of homeownership and the Realtors who have placed their trust with us for over the past two decades, thank you for being part of our continued success!

As the housing market continues to change, we take great pride in being the trusted mortgage resource which so many count on for our dependability, stability, and reliability, year after year.

Remember that we are known for providing financing solutions in our rural communities which include:

  • USDA No Down Payment Loans
  • USDA Manufactured Home Loans
  • USDA Repair Loans
  • Manufactured Home Loans
  • VA No Down Payment Loans

As a USDA and VA Approved Lender, we will walk you through the qualifying process step-by-step. Just call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!

Call/Text: (863) 593-2001
800-806-9836 Ext. 280
SeanS@MPLX.org

If you know of anyone who needs mortgage qualifying assistance, we would love to count on you for that next referral so we can help yet another family!

Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

P.S. – You can download our “USDA Blueprint for Success” by CLICKING HERE.

We are proud to announce that Metroplex Mortgage Services has recently been honored with the Affiliate of the Year Award by the Heartland Association of Realtors!

At Metroplex Mortgage Services, our team is known for our rural housing expertise and we pride ourselves on delivering exceptional mortgage solutions for USDA, VA, FHA, and Conventional loans throughout Florida, Texas, Tennessee, and Alabama. Our team works tirelessly to provide expert guidance, personalized service, and innovative mortgage products to help clients achieve their homeownership dreams.

This award serves as a reaffirmation of our commitment to being a trusted ally to Realtors and homebuyers alike, supporting them at each step of the homebuying journey. As we celebrate this milestone, we remain dedicated to upholding the highest standards of professionalism, integrity, and service.

We extend our heartfelt thanks to the Heartland Association of Realtors, our dedicated team members, and our valued partners for their unwavering support and collaboration. Together, we look forward to continuing to make a positive impact in the real estate community and helping more individuals and families achieve their homeownership goals.

Remember to just call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!

Sean A. Stephens, CMB®
Metroplex Mortgage Services, Inc.
Call/Text: 863-593-2001
SeanS@MPLX.org

USDA Property Eligibility: What are USDA home inspection requirements in Florida, Texas, Tennessee, or Alabama?What are USDA home inspection requirements in Florida, Texas, Tennessee, or Alabama?

Once the sales contract has been signed, you might wonder if there are any specific USDA home inspection requirements?

In today’s video, I will discuss if a home inspection is required for a USDA home loan along with reviewing other USDA inspection requirements.

Don’t forget that in addition to our USDA expertise, we are also a VA-approved lender, work daily with low down payment conventional loans, and the FHA program.

Realtors and buyers refer to us for our overall Government loan experience, so just call or email to discuss your next pre-qualification or if you just want to take advantage of our free Second Opinion Service!

(800)806-9836 Ext. 280
Call/Text: 863-593-2001
SeanS@MPLX.org 

USDA Property Eligibility: What are USDA home inspection requirements in Florida, Texas, Tennessee, or Alabama?

While not specifically required, USDA guidelines do state that applicants are “encouraged to obtain a detailed home inspection of the property….USDA Property Eligibility: What are USDA home inspection requirements in Florida, Texas, Tennessee, or Alabama?

A home inspector will generally check items that include, but are not limited to, the home’s foundation and major mechanical systems like electrical, roof, plumbing, and heating/cooling to ensure that these components are working properly.

Thus, while it is not required to have a home inspection for a USDA loan, it is highly recommended and in the buyer’s best interest to have one.

What are the advantages of a home inspection?

A home inspection will protect and improve your confidence as a buyer. It also will help you understand more about the property you wish to purchase, and its potential defects.Tampa FL USDA Approved Lender List

A home inspection will include the following benefits:

  • Provide a report which details the status of all major mechanical systems
  • Identify items that may need to be fixed prior to purchasing the home
  • Identify potential health and safety hazards

What is the difference between a USDA Appraisal and USDA Home Inspection?

While a home inspection is meant to assess the property’s conditions and any potential defects, appraisals are generally known for establishing the property’s value. Additionally, appraisals ensure minimum property conditions (as outlined per USDA and HUD Handbook guidelines) are met.

If the USDA appraisal cites the need for further inspections (i.e.. roof, foundation, plumbing, septic tank, etc.) then those specific inspections would be required.

However, remember that a USDA appraisal should not be treated as a substitute for a home inspection.

While home inspections are not required, USDA purchase transactions will require an appraisal!

The appraisal protects the lender from loaning you more than the property is worth and making sure that it meets loan program requirements. The inspection helps protect you from unknowingly buying a property with problems or issues.

Tampa and Sebring FL USDA Approved Lender List

What are examples of other types of inspections you should be aware of?

Individual Water Systems (Private Wells)

USDA guidelines state that “[i]ndividual water systems are owned and maintained by the homeowner and subject to compliance with all requirements of the local and/or State Health Authority codes.”

Water quality tests are required and the test must be performed through the local health authority or a state-certified laboratory.

Septic Tank

A “qualified appraiser who certifies the property meets required HUD’s Single-Family Housing Policy Handbook” would satisfy the requirement for the lender to obtain a septic evaluation.

However, the “septic evaluation may require additional inspections as a result of the inspection.”

Termite Inspections

 USDA Guidelines state the following: “Termite/pest inspections are not required unless the lender, appraiser, inspector or State law requires the inspection to confirm the property is free of active infestation.”

USDA Home Inspection Requirements – Summary

Here are some key takeaways from today’s tip about home inspections:

  • While home inspections are highly encouraged, they are not required
  • A home inspection will help you understand more about the property you wish to purchase, and its potential defects
  • Appraisals are required, and after completion, additional inspections may be needed
  • While private wells and individual water systems require a water quality test, septic tank inspections are not needed (unless specified by the appraisal).

USDA Approved Lender

I founded Metroplex Mortgage Services way back in 2001 and on top of being a top-ranked USDA Approved Lender, my team is known for their government loan expertise and dedicated service when walking homebuyers through the mortgage qualifying maze.

With that in mind, it is a great time to get qualified for a USDA Loan with many benefits, including…

  • 100% financing
  • Flexible credit guidelines
  • The ability to finance closing costs
  • And much more!

Remember to just call or email if you want to discuss a scenario, get pre-qualified, or to take advantage of our free second opinion service!

(800)806-9836 Ext. 280
Call/Text: 863-593-2001
SeanS@MPLX.org 

As always, I want everyone to make it a great day and I look forward to seeing you right here for the next tip of the week!

P.S. Don’t forget to download our USDA blueprint for success with this link below.

What are USDA home inspection requirements in Florida, Texas, Tennessee, or Alabama?

 

 

 

USDA Property Eligibility: What are USDA Appliance Requirements in Florida, Texas, Tennessee, or Alabama?

Do USDA or FHA appraisals require a stove or other appliances to be present in the property? FHA and USDA Appliance Requirements

In today’s short video, I will share with you the details on USDA and FHA appliance requirements so you can be prepared for that next appraisal!

However, before we get started, don’t forget to take advantage and download our “USDA Blueprint for Success.” This free guide is designed to walk you through the USDA process step-by-step. Plus, it’s an excellent tool for both homebuyers and realtors alike.

USDA Property Eligibility: What are USDA Appliance Requirements in Florida, Texas, Tennessee, or Alabama?

As a starting point, USDA and FHA loans are both governed by minimum property requirements found in HUD Handbook 4000.1.

In turn, HUD Handbook provides the following definition for appliances:

Appliances refer to refrigerators, ranges/ovens, dishwashers, disposals, microwaves, and washers/dryers.”

Further, the handbook also states that any appliances, from those listed above, “Are to remain and that contribute to the market value opinion must be operational.”

It also requires that the “Appraiser must note all appliances that remain and contribute to Market Value.”

Do USDA or FHA appraisals require a stove or other appliances to be present on the property?

In summary, despite what many think, stoves and other appliances are not required. However, for those appliances that do remain and contribute to market value, they must be operational!Sebring FL USDA Lender

For example, while you don’t necessarily have to have a stove, if there one there, it should be in working condition!

Remember, as a USDA approved lender, let our experience go to work for you! – Just call or email to discuss your scenario and let us show you the “Metroplex” difference.

800-806-9836 Ext. 280
Call/Text: 863-593-2001
SeanS@MPLX.org

I want everyone to make it a great day, and I look forward to seeing you right here for the next tip of the week!

P.S. – You can download our “USDA Blueprint for Success” by CLICKING HERE.

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