Posted on: 09th Nov, 2008 03:32 pm
Hi all. I was wondering if someone can tell me about the USDA Rural Housing Loans. I have been looking into buying a home for some time now. Problem I am running into is the homes I can afford all need work and they wont go FHA. I have a middle score of 655. Been at my job for almost 5 yrs and been in the same line of work for 13. I am married with 2 children, wife is unable to work so I am the sole provider for my household. I make 55k year salary and have been prequalified for a $180k.
I am trying to stay in the $750-$850 range as far as a mortgage payment goes. I was reading about the USDA Loans and how they can be as low as 1%. I went to their site http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&urlToLoad=http://www.rurdev.usda.gov/rhs/sfh/brief_rhguar.htm&NavKey=loan@21
and I qualify for their Guaranteed Loan program with a houshold of 4 with my income. I have talked to 2 different lenders about this and they dont seem to know much if anything about it. If I am able to get into this program I would be able to buy a home that doesn't need $15-$20k worth of work as soon as you move in. I guess or am hoping someone here can help me with understanding this better. Any and all help is appreciated. Thanks
Marvin
I am trying to stay in the $750-$850 range as far as a mortgage payment goes. I was reading about the USDA Loans and how they can be as low as 1%. I went to their site http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&urlToLoad=http://www.rurdev.usda.gov/rhs/sfh/brief_rhguar.htm&NavKey=loan@21
and I qualify for their Guaranteed Loan program with a houshold of 4 with my income. I have talked to 2 different lenders about this and they dont seem to know much if anything about it. If I am able to get into this program I would be able to buy a home that doesn't need $15-$20k worth of work as soon as you move in. I guess or am hoping someone here can help me with understanding this better. Any and all help is appreciated. Thanks
Marvin
Hi, I would like to know if i would be able to qualify for a housing loan? My credit score is 655 from the transunion. I am now working at the medical center hospital and I have been working their for over 4 years. I am now making a little over 33,000 a year. I will not be able to make a down payment at all. I would like to have a prequaify first without it affecting my credit score. is thier anything I can do to check it out or what? I am new at this and i will be the first time home buyer, Plus I have a wife and 2 kids and this trailer i live in it is in need a repair and but it is beyond repair and i want to get outta of here and move in a bigger and safer house. pls let me know what to do.
Hi Larry!
Welcome to forums!
With a credit score of 655, you may be able to qualify for an FHA loan. However, in case of an FHA loan, you'll have to offer a down payment of 3.5% - 5%. Unless you offer this down payment, you won't be able to get a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a credit score of 655, you may be able to qualify for an FHA loan. However, in case of an FHA loan, you'll have to offer a down payment of 3.5% - 5%. Unless you offer this down payment, you won't be able to get a mortgage.
Feel free to ask if you've further queries.
Sussane
Hello yes about a year ago I got a home with a rural development Loan. My questio is How much can my monthly payment go up if I get married. Does it depend on our Income? Please help me how much my payment could go up. Thank you
2hearts
2hearts
Hi Guest,
Though you get married, your monthly mortgage payments won't increase. Your payments will remain the same.
Thanks
Though you get married, your monthly mortgage payments won't increase. Your payments will remain the same.
Thanks
the house value is $100,000.00-and my scores are -655-618-603 is this good to get a loan -first time buyer
Welcome adam,
The scores that you have will help you in getting a FHA loan to buy a home. You should contact the local FHA lenders and apply for the loan. They will let you know what type of rates and terms you will qualify for.
The scores that you have will help you in getting a FHA loan to buy a home. You should contact the local FHA lenders and apply for the loan. They will let you know what type of rates and terms you will qualify for.
Hello All, can some one help me please. I am looking for a lender to pre qualify me for a UDSA direct loan. Any would be good. Area I am looking in is GA. @ Sue (guest) can you refer me to some one that works with these loans USDA in GA? Thanks
Welcome Young,
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if anyone of them can help you get a USDA loan.
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if anyone of them can help you get a USDA loan.
We do USDA loans in GA. Young if you want to click on my profile and contact us, we would be happy to answer your questions and prequalify you.
I always forgot to login:
We do USDA loans in GA. Young if you want to click on my profile and contact us, we would be happy to answer your questions and prequalify you.
We do USDA loans in GA. Young if you want to click on my profile and contact us, we would be happy to answer your questions and prequalify you.
Can you be pre-approved for a rural development loan? Not pre-qualified but actually pre-approved? We are already pre-qualified, and we are just trying to help our offers look a little better.
Hi ratenxs!
Welcome to forums!
As far as I know, you can get pre-approved for a rural development loan if you meet the required criteria of the lender. You should contact the lender who has pre-qualified you for the loan and try to get pre-approved.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you can get pre-approved for a rural development loan if you meet the required criteria of the lender. You should contact the lender who has pre-qualified you for the loan and try to get pre-approved.
Feel free to ask if you've further queries.
Sussane
I am a single parent and have been self-employed for 12 years. I have a SOLID financial background and great credit score of around 700. I qualify for both direct and guaranteed. My parents want to sell me a modest house I rent. Pmts would be $1000/mo, my income is $2500/mo. Will they lend to me? Which loan has lower closing costs? Direct or Guarnteed? Say I get married in 2013 and his income causes me to only be able to qualify for a guaranteed loan, what's the difference? Will they still lend to me? Which is better? Which is quicker to get? :?
Hi Ruth,
You can check out the given calculator in order to find out how much house you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html .
Thanks
You can check out the given calculator in order to find out how much house you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html .
Thanks
We were told as the seller, a USDA loan takes 3,000.00 off the offer made by seller. I can't find anything to confirm this, or what this is for. Do you know anything about what the seller has to pay for when a buyer goes thru USDA?