Posted on: 13th Feb, 2013 11:12 pm
Hi there… I want to take out a USDA loan. While I checked their website, on the guaranteed housing loan page it mentions that families must be without adequate housing. What does that mean exactly?
Well, as far as I know, the statement means that you can't presently own a home. You would be renting, living with family, or anything else. If you do own a home you must first sell it before you would be eligible for USDA loan.
Here I just want to add one point. The USDA does not view mobile homes as adequate property. No down payment is also required for this loan.