Yes strongly, but not for another 9-12 months I’ll be ready (maybe less who knows). Yes I’ve been researching different loan types for quite a while, the whole city of menifee used to be applicable but the population grew too much over the last two years. But if I go just outside the city limits I’m good. Same with some areas of north SD county
One of the difficult things about USDA loans is not just the income limits but also the loan limits per county. If you are looking to put $0 down with the USDA, it does make things a little difficult to find homes in some areas just due to housing costs and your limited to a purchase price under the max limits. Right now the Riverside county loan limit is $324,760. And $519,800 for San Diego. Just bear that in mind when thinking about areas you want to live. Some areas are pretty pricey, even for rural areas.
Also I want to wait to see if the market falls a bit so I get more for my money, but at the same time I’ll likely reach or exceed the maximum income requirements for that loan in riverside county by the years end. San Diego county however I’ll be ok
Not only do these areas align with where I’d actually like to live but they happen to fit the loan requirements. One things for certain I do not want to buy a tract home
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Just be careful waiting for any sort of market change. I’ve had so many clients tell me that over the years, and end up missing out on lower purchase prices and homes that would be perfect for them. I still have clients call from a few years ago that want to buy now and tell me they wish they didn’t wait since they could have bought a great home for a good price at a lower rate.
Plus the fact that rates have been steadily climbing over the past two years with little expectations for them to stop any time soon.
Right now the market is at a weird point where prices aren’t really going up, and buyers are starting to have an upper hand in some of the negotiations, but it’s really hard to predict if this is just a lull in the market due to things like the past elections in Nov, Holidays, winter, etc. or if this is the beginning of an actual market correction.
I’d recommend we actually talk about this over the phone one of these days to get a good idea of what you are able to do, and discuss the ability of you qualifying for USDA in a little further detail. Those are tricky loans to estimate qualifying since there are so many restrictions like income limits, loan limits, area limits, and limits on the actual home.
I’ll PM you my contact info if you want to go over this stuff in more detail, so we can see what it will take for you to qualify.