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 globalhousefinder
Joined: 09 Oct 2008
Posts: 2
2.30 Dollars($)
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 Posted: Fri Oct 10, 2008 3:54 pm Post subject: Purchasing a home with $ 0 down and O closing closts in Nort |
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Hello
My question is that I have a family of three:
Son who is employed and annual salary is $ 36,000 Mother who lives in the home and gets SSI disabilty another $ 14,000
and his Fiance who earns an additional $ 20,000 and theywant to purchase a home with blended income. Is the USDA Rural Development Housing Program the only one that can accomplish this objective for a family with low income qualifications and disabilities, and first time home buyers, and allows blended income? Is their a better program or a better avenue? They do have $ 5,000 for down payment and costs?
Thanks
Globalhousefinder
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Fri Oct 10, 2008 7:48 pm Post subject: |
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Hi Globalhousefinder!
Welcome to Forums!
USDA Rural Development Housing Program is the best that you can avail. However, as the family can give a down payment, you can also check the FHA loans. But I feel USDA Rural Development Housing Program will best suit the purpose.
Feel free to ask if you have further queries.
Sussane |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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| Posted: Sat Oct 11, 2008 4:14 am Post subject: RE: FHA loan for low income family |
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Hi globalhousefinder,
As far as the current market scenario goes, it's difficult to find out a lender who'd be willing to lend you if you're buying a home with zero down payment and closing costs. So, what i feel is, you should try and keep aside some cash for the down payment and closing costs. Moreover, if you aren't paying the closing costs, you'd probably get a higher rate.
Considering that you're in family with low income, you may consider going for FHA loans. There are VA loans too. But I think you're not a veteran. So, you won't be able to qualify for a VA loan. The FHA approved lenders would require you to pay down minimum of 3.5% of the loan amount. As far as the mortgage program is concerned, you may talk to a few FHA lenders and find out what they can offer you.
You may even talk to the FHA lenders in this community. Just go for a no-obligation free loan consultation with the lenders and you'll come to know how much you can borrow and which program you may qualify for.
May god bless you.
Samantha
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Know how to compare lenders with mortgage booklet |
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