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kamikeele · Joined: 09 Oct 2009 Posts: 1 1.35 Dollars($)

I have just started my research on mortgage loans and it is way over my head. My fiance and I are looking to buy a house. This will be our first purchase. I have heard a lot of things about first time home owener loans but feel like I am still not understanding what it all means. Is a first time home owner loan the best time to do when you have a limited down payment and income ($55,000 appox.). I have also seen something about rural home/community loans (USDA loans). The area we are looking at is rural. Would this be something worth looking into?

shane · Posted: Fri Oct 09, 2009 12:50 pm Post subject:

If your income is within eligibility limits, and the area you are buying in is eligible as well, the USDA mortgage is a very good loan program. It's 100% financing of the purchase price, and if the home appraises for enough you can include the closing costs into the loan amount as well. There are two versions, "Direct" and "Guaranteed", Direct is where you go direct to USDA, they have some special features (like a payment subsidy) to the loan program that you cannot get by using the Guaranteed version. The Guaranteed version has higher income eligibility limits, is obtained through a mortgage lender or broker who offers USDA financing, and has a 2% fee (guarantee fee) that the Direct version does not. You can determine if your income & area is eligible by going to http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and clicking the links on the left side under "property eligibility" and "income eligibility" (if you want to enter your income and see if it fits) or "income limits" (if you want to see the limits in different areas).

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I think this will be best place to start readign and learing

http://www.mortgagefit.com/thinking-mortgage/index.html

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