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How Do You Qualify for a USDA Loan If You Already Own a Home?

April 19th, 2013 by Sean Stephens

How do you qualify for a USDA loan if you already own a home?

As more and more home buyers are trying to take advantage of an affordable housing market, many may already own a home and ask the common question “How do you qualify for a a USDA loan if you already own a home?”

Generally speaking, it will be difficult to qualify for a USDA loan if you already own a home but there are exceptions to this rule which include:

  • Upgrading from a manufactured home to a single family residence
  • Increase in family household size
  • Current residence is outside of a reasonable commuting distance

There are further details for each of these exceptions listed, which can affect how you qualify for a USDA loan if you already own a home – so watch this short video for more information.

Remember though, USDA loans will NOT permit financing of second homes or investment property. USDA Rural Home loans are for primary residences only and there are NO exceptions for that. Please keep in mind that minimum credit conditions will apply on all programs that we discuss.

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