A question that is common towards the USDA Rural Development Loan Program is approximately having another home but still qualifying for the USDA loan.
The easy response is that the USDA will not presently enable purchasers your can purchase another “adequate” property and purchase another house or apartment with USDA Loans. The USDA Rural Development Loan Program had been designed for those buyers whom cannot qualify for any other financing and don't have adequate housing.
The USDA’s Definition of “Adequate Property”
There are particular circumstances that USDA will help you to maintain the other house:
- Can you currently have a home that is mobile? The USDA will not see mobile (manufactured) homes as sufficient property so you can still buy a new home with USDA as long as your income can support the payments for both homes and the taxes and insurance on both homes if you own a mobile home.