Rural Development Home Loan

Caresid · Joined: 14 Mar 2008 Posts: 12 5.79 Dollars($)

Hi everyone and Happy Easter!!!!!
Well I met with a loan person yesterday who came to my house and had written down tenatively what she thought my loan would be if I do get it (and she thinks I will)
6.3% 30 year fixed with a payment of $613/mo which included everything. . does that sound right to you mortgage gurus? You apparently cannot refi these loans so I am wondering how to get a lower interest rate in this day of rates that are rock bottom. My credit scores are in the mid 640s.
Within the next 5 years I will be retiring and of course this is important to me as I am single. Any Ideas? Thanks and have a agreat reast of the w/e.

John1 · Posted: Sun Mar 23, 2008 3:19 pm Post subject:

We would need a lot more information. Are you putting any money down (I'm guessing no since you mentioned Rural Development), purchse price, more info on credit history (why is it 640), etc.

Caron

Hi John,

Caresid has mentioned his credit details at http://www.mortgagefit.com/fhaloan/approval-denial.html (just in case you'd like to see) . Well, Caresid, I think 6.3% is a satisfactory rate considering the credit score that you have. But as you said that you won't be able to refinance these loans, so how would you pay off the 30 year FRM at the end of 5 years? do you think you'll have that much of cash or would sell off the home?

Well, you could do one thing - at the end of 5 years, apply for a reverse mortgage and pay off the FRM. Know how reverse mortgages work for seniors .

Good luck

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