What is adequate housing classified as by the USDA?

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Icon Mini Profile anowell

Joined: 12 Jun 2010

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Post Posted: Sat Jun 12, 2010 1:18 pm    Post subject: What is adequate housing classified as by the USDA?

I currently have a 1986 double-wide manufactured home in my name that is fully owned, but my husband and I are wanting to buy another home that better suits our family's needs. Is there an easy answer as to whether or not the USDA considers double-wides as adequate housing? The home does have a permanent foundation and we live in NC. Could he get a USDA guaranteed loan only in his name although I would still have the double-wide in mine? Any help would be appreciated. Thanks!
Icon Mini Profile Niicss

Joined: 03 Oct 2005

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Location: New Jersey
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Post Posted: Mon Jun 14, 2010 2:04 am    Post subject:

As far as I know, if the property is located in a rural area, then you would be able to get a USDA mortgage for buying a double wide home. However, you should meet all the other required criteria of the lender in order to get the mortgage.
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Post Posted: Mon Jun 14, 2010 7:53 am    Post subject:

I am not purchasing another double wide home. I will be purchasing a single family, stick-built home to use as my primary residence. I have read that you may have trouble getting a USDA guaranteed mortgage if you already own a home unless the owned home is considered "inadequate". I also read that single-wide trailer homes are not considered adequate by the USDA, so you can own one and finance another home with a USDA guaranteed mortgage. I was wondering if the same applied to double-wide homes since that is what I now own.

Post Posted: Tue Jun 15, 2010 1:48 am    Post subject:

In my opinion, the rules are same for all the properties. If you can prove that your present property is inadequate for you, then you would be able to qualify for a USDA loan.
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