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Do I qualify for a USDA Rural Development Loan ?

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bcook137 Joined: 21 May 2009 Posts: 7 Location: Tennessee 3.31 Dollars($)	Posted: Fri May 22, 2009 8:07 am    Post subject: Do I qualify for a USDA Rural Development Loan ? Like 0 Dislike 0 I am seeking to buy a home. I have one home in my name, which disqualifys me for the first time home buying program, but is there still certain USDA Loan programs for regular buyers? The middle TN area is deemed under the USDA regulations and my income is under the limit.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sat May 23, 2009 12:38 am    Post subject: Like 0 Dislike 0 Hi bcook, Even though you may not qualify for the first time home buying program, there are other USDA home loan programs that you may qualify for. The USDA offers Rural Housing Direct Loans, also referred to as section 502 Direct Loans, for the borrowers with low and very low income. But your income has to be below the median income of your area and you have to be able to afford the mortgage payments including mortgage insurance and taxes. There is another loan program known as Housing Guaranteed Loan for low and medium income families. Here, the applicant may have income of upto 115% of the median income for the area. This type of loan does not require any downpayment. You can find more about these programs and the contact details at the following site: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKe y=home@1
sherrill smith Guest	Posted: Thu Nov 05, 2009 11:55 am    Post subject: lower payments on my home Like 0 Dislike 0 i have a home i own but it is on a baloon note with the house i live in now is there any way i can get help to lower my payments or what can i do
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Fri Nov 06, 2009 5:43 am    Post subject: Like 0 Dislike 0 Hi, You have two options. You can either refinance the balloon mortgage with a fixed rate mortgage or you can request your current lender to lower your payments through a loan modification. If you can refinance at a lower rate, it will help you reduce your monthly payments. On the other hand, modification will also reduce your monthly payments, but it will be for a limited period of time. Once the initial period is over, you will have to come up with the entire balance of the loan for the balloon payment.
andre101 Guest	Posted: Sat Feb 05, 2011 8:36 pm    Post subject: rural development loan Like 0 Dislike 0 Would an 03 model mobile home on three acres qualify for a rural development loan
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Sun Feb 06, 2011 10:44 pm    Post subject: Like 0 Dislike 0 Welcome andre, You need to contact the lenders offering rural development loans and they will be able to let you know whether or not you'll qualify for the mortgage. _________________ Procrastination is the enemy of your financial success
DONNA TOMAINE Guest	Posted: Tue May 03, 2011 2:13 pm    Post subject: FIRST HOME OWNER LOAN Like 0 Dislike 0 I'M 68 YRS OLD AND WOULD LIKE TO HAVE MY OWN HOME, IF POSSIBLE. I'M RETIRED WIDOW AND LIVE ON SSD AND SMALL ARMY PENSION.
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Wed May 04, 2011 1:05 am    Post subject: Like 0 Dislike 0 Hi DONNA, You can go for the option of reverse mortgage in order to buy a property at this age. You can contact the local reverse mortgage lenders in order to get such a loan. Thanks

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