Low income home loans (Branson: rent, house, to buy)

[Versatile]

You can be a homeowner, even with low income : News : KTVO3


Through the USDA RURAL DEVELOPMENT OFFICE.

[Versatile]

Don't just rule yourself out. They accept some very high income amounts. They even can help with your payment and no down payment. You also can have owned a home before.

[Curmudgeon]

This sounds to me suspiciously like the "easy qualifying" issues that had a great deal to do with the bursting of the housing bubble. People got in way over their heads without enough capitalization to sustain their purchases.

How do you benefit from pushing this?

[Versatile]

The satisfaction of knowing that i helped out someone that otherwise would not have known. Sure it is a result of the burst bubble. No reason not to get yourself a loan if you qualify and need housing.
Check it out.A lot more people qualify than they might think. NO down payment! Some can qualify for payment assistance. I think that any small town under 25000 people qualifies as well. Top purchase price is $140,000.00. Even a person making $16,700.00 qualifies and that will be 1% at 30 yrs. A $26,000.00 per year income nets a 2-3% loan.

USDA Website--http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1

Crugy! Have you seen me profit off any other good deals i have posted?

[Curmudgeon]

Dunno!

[20yrsinBranson]

Originally Posted by Curmudgeon

This sounds to me suspiciously like the "easy qualifying" issues that had a great deal to do with the bursting of the housing bubble. People got in way over their heads without enough capitalization to sustain their purchases.

How do you benefit from pushing this?

I agree. Most "low income" people I know are woefully poor at managing money. They move every couple of months because they cannot make their rent payment. (This does not stop them, however, from drinking beer and smoking cigarettes and eating out DAILY at McDonalds rather than packing a lunch). Often they will default on their car payment and their car is repossessed until such time as they can find another one at the "pay weekly" car lot. However, they almost always manage to buy $500 worth of Xmas present for their kids and blow their $5,000 tax refund in a matter of weeks on junk and garbage.

What I am getting to here is that they WILL lose the house that the Department of Agriculture is helping them buy. It is a waste of tax payers money. They should REQUIRE any potential home owner to take a financial management class and then monitor their finances prior to, and after the house purchase.

But of course, they won't.

Just another black hole of tax payer's money. *sigh*

Disclaimer: Not all poor people throw their money away . I'm sure there are some that are *very* financially responsible and do not fit my sweeping generalization based upon my own personal experience.

[graytabbie]

We bought a house with a USDA loan and we lived in a good housing development where most people took care of and improved their homes/property. I was very thankful for the USDA financing when I divorced and was a single parent--my payments adjusted to my income. I was able to sell the house several years later and made a small profit.

[MoNative34]

What does the Department of Agriculture have to do with housing???

And I agree with 20yrsinBranson.

[20yrsinBranson]

Originally Posted by MoNative34

What does the Department of Agriculture have to do with housing???

And I agree with 20yrsinBranson.

I may be wrong, but it is either them or HUD that is funding the home loans. I know that the Dept of Agriculture does a lot of that kind of thing with rural communities.

20yrsinBranson

[christina0001]

I can't argue the program because we have a mortgage that was through the USDA. We are not low income, and my credit is outstanding. But, my partner's credit is not great. We compared loans at three banks, and the USDA loan was overall the best match for us. I have no idea why the Dept. of Ag. offers this program, but I'm grateful for it. I love our home. We would not have bought with any of the other loans that we were offered; the terms were terrible (IMO) because of his credit.
We did not get anything like a 1% - 2% interest rate; it is 5.25% actually. There was no down payment required, which was nice, but we did put down 10%.
I have my student loans through the government as well; I actually appreciate the fact that the interest I pay each month is going to the government instead of some giant corporation.