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Is a USDA loan the best choice in our case?

I have a bankruptcy discharged on June 15, 2018 and I sold my home in Indiana last July 10 2020 and moved to Detroit. I have been renting for a year as I adjust to living in a new city. I have started looking at the property market and got approved for a loan. I found a house that was listed and buyers outbid us but we remained in the race as a backup offer. Eventually buyers backed out for some reason which makes us the primary offer. At first we wanted to go conventional but found out the house was USDA eligible. Did we make the right decision to go with a USDA loan? by jsnover347 from Detroit, Michigan. Jan 14th 2022 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,636 contributions

People love a USDA loan because it is a zero down payment program for RURAL areas only. You won't qualify in a big city like Detroit, but you might be surprised what does qualify as rural. Assuming this property does qualify, USDA is pretty cool and an excellent choice if you are looking for a very low down payment type program. USDA is one of the pickiest loans in terms of guidelines, but if you qualify, there is nothing wrong with it. I for lend in MN WI IA SD ND, including USDA loans. Find me at - Cambria Mortgage, NMLS 274132

Jan 17th 2022
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