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globalhousefinder · Joined: 09 Oct 2008 Posts: 2 2.30 Dollars($)

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
Ron

smithsussane · Posted: Fri Oct 10, 2008 7:48 pm Post subject:

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

Samantha

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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