Our Top 5 USDA Articles of 2020
As I take a step back and look at this past year of USDA articles, there is a handful that stand out as the clear top 5.
These articles were visited by thousands of people just like you. They come in order to learn about USDA loans, their guidelines, how to qualify, and any recent updates to the program.
Take a look at our top 5 USDA articles of 2020 and click through for more specific information on that topic.
Top 5 USDA Articles of 2020
1. How Much USDA Land can be Purchased with a USDA Home Loan?
USDA loans have flexibility when purchasing multiple acres. As guidelines state, “The site size must be typical for the area.”
This definition opens up the potential for higher amounts of USDA land to be purchased. Plus, comparable sales in the area can help justify the site size.
As a result, do NOT assume the eligibility of a property’s acreage. Instead, let us review your scenario first.
2. UPDATE: Improved USDA Guidelines on Student Loans!
USDA loans had a number of updates this year, one of them involving improved qualifying for those with a certain type of student loan debt.
This update provides the ability to increase your overall budget and price range.
SEE ALL STUDENT LOAN GUIDELINES
3. USDA Update! – What Repairs can be Financed into a USDA Loan?
USDA guidelines now permit a wider range of eligible repair types, and they no longer restrict roof or plumbing repairs.
This allows for an escrow repair option that can be applied to specified repairs. Essentially, it allows for certain repair items to be financed into a USDA loan.
4. How do you Calculate Florida Intangible Tax and Transfer Tax When Purchasing a Home
The State of Florida can assess certain taxes on both the transfer of property and mortgages. Thus, a Florida home buyer must pay additional taxes when purchasing a home.
- Florida Transfer Tax: Calculated by taking 70 cents for each $100 or fractional part. Plus, the state assesses a tax of $.35 cents per $100 of the face value of any promissory note.
- Florida Intangible Tax: Calculated as 2 mills per each dollar amount of the note ($.002) secured by the mortgage.
Don’t let these costs sneak up on you!
SEE MY EXAMPLE CALCULATION HERE
5. What USDA Closing Costs can be Included with your Loan?
While a USDA loan eliminates the need for a down payment, the homebuyer is still responsible for settlement charges (also known as closing costs and pre-paid items).
However, when the appraised value is higher than the sales price these settlement charges can be financed into a USDA loan.
SEE ALL CHARGES THAT CAN BE FINANCED
That concludes our top 5 USDA articles! But before you go, don’t forget to visit our Free Resources page and download any one of our free guides. They include:
- Your USDA Blueprint For Success
- Mortgage Type Comparison Chart
- Your Guide to USDA Financing for New Construction
- USDA Fact Sheet
- USDA Condo Approval Steps
