home buying in hard times

[billyblade]

 Some useful info for some perhaps. Here is the lowdown. I have recently purchased a home by way of the USDA RURAL DEVELOPMENT HOME LOAN PROGRAM  offered by the federal govt. I know its hard to believe, but thank god this is not Obama care type shit. This is the old FHA farm loan that has been offered to Americans for over 40 yrs., it's just been transferred to the USDA. It's a low income loan.. I can't remember the cap, but if your under 30,000 a year I think you qualify. The only restriction to the loan is that you have to buy outside of the city limits...hence the RURAL title. It is a fixed rate mortgage...., which at the current rate is 4.25(that's right...4.25%). As far as the financing, if you qualify you will have some leeway in purchase price. You will qualify for between 80,000 and 123,000 dollars for the purchase price. Not to mention that if your mortgage payment exceeds 24% of your adjusted net income, the govt will subsidize the difference in your mortgage premium...which could backfire if you ever sell the home later...you know the govt gotta get theirs, one way or the other. In these rough times, something like this might be able to help some folks have somethin to build a future on without breaking their wallets and backs. Sorry i dont know how to link the site, but you all know how to find shit on google...dontcha? For those wondering what to do in the future, i hope this helps as much as it has helped me.   Now...does anyone wanna help me move?????????

I forgot to mention, this is a 0 down loan....all you have to do is come up with closing costs, which we are making the seller cough up $2100 at closing.

The only sticky part here is that you MUST pay 1 yr of homeowners insurance up front and have property inspected and certified for loan approval. So, unfortunatly, some money gotta come up front, but in the long run thta's an investment that cant be gotten around.

[Pharticus]

I have this loan... not hard to qualify for "rural" in Idaho.