New to Real Estate · Redlands, CA · Member since 2021 · 57 posts · 8 votes
Hello everyone, greetings so I am a single mom and just got a pre approval for a USDA direct loan for the amount of 285K. I have been trying for 5 years to get a pre approval for a home. It is just me, no co signer, no family, completely on my own. So five years later I am finally pre approved and the problem is there are no homes for sale in or even near the areas that qualify for USDA. I do see some homes for sale above my loan amount of 285K. I see some homes for sale in the 315k range and 319K range however this is far below my loan amount. I work in Rialto, CA so I was looking to buy in Lake Arrowhead, Crestline, Lake Gregory, Twin Peaks, as these areas are rural but still within driving distance to my current job. I am beginning to feel hopeless. Any suggestions on finding properties in these areas. The USDA only allows 60 days to find a property then I will be ineligible once again. Again the property has to be rural and within the loan amount of 285 K. Any advice is much appreciated.
Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
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@Natanya Vidales Hey Natanya, it looks like properties in your price range are definitely hard to come by. One recommendation I would have for you is to tell absolutely everyone you know or work with that you are trying to buy in that price range. You never know who might be looking to sell or who knows of an off-market deal and will think of your situation. Outside of that, you are mostly just waiting for new inventory to come on the market in your price range and hoping it doesn't get snapped up for way over asking.
Since you have a 60 day window, you may have no choice but to keep trying to get approved regardless of how painful the process might be. You never know when the right deal could come on the market. Really the only other thing you can do in the meantime would be to try to increase your income and decrease debt (if possible). Maybe some combination of the two could help you get your USDA approval a tad bit higher into the more common price range for your area. I understand that you don't have unlimited time being a single mother and I can only imagine how difficult it probably is, but don't lose hope. Keep the search alive if purchasing is something you have your heart set on doing.
I actually was able to come across an off market property via word of mouth and I am in the process getting documents completed. You are right it was all a matter of asking, networking, and seeking non stop. Thanks for your support :)