Do I qualify for a USDA Rural Development Loan ?

bcook137

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 · Posted: Sat May 23, 2009 12:38 am Post subject:

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

Guest

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 · Posted: Fri Nov 06, 2009 5:43 am Post subject:

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.

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