So, good news…you have figured out you qualified and that you can own additional property and apply for a USDA loan. Or do you? Don’t forget the most important requirement: Your current dwelling must not be financed with a 502 or 504 loan. If it is, you cannot get another USDA loan and you must sell the current USDA-backed home before getting another USDA loan.
Still have questions about can you get a USDA loan if you own another home? Check out Chapter 8 of the USDA Handbook (“Owning a Dwelling”) for further details.