USDA Loan/Making current home investment property
OK so this is my situation...
I live in a non-USDA area currently. Home that I'm looking to get is in the USDA loan eligible area but it's only 13 miles away.
Current home is 1900 sq ft. and I pay $1600 P+I+escrow. It's zero lot. The USDA home is 2500 sq ft. with about 1.5 acres and is selling for $360k. The current home is kind of a tight squeeze for us (2 adults and 3 kids) and I know that can be a qualifier for USDA (not sure how subjective it is?)
I qualify for the loan based on income since I just started a new career and I only made around $30k last year. At the same time I do have a decent amount in 401k and almost 6 figures in checking/savings. So all that being said is there a chance for me to make my current home a rental and purchase the home I'm looking into as my primary with USDA loan?