Some of you have asked what it is. It is through the United States Department of Agriculture and the loan I am hoping for is a Rural Development loan which means that you have to live in a rural area. For a family of 5 where I live you must have income LOWER then 58,750 but they offer other loans that would allow (again in my area) income up to about 69,000 for the person applying. You can also get a 33 year loan (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). Again you CAN apply alone without your spouse using JUST one persons income. Here is more info on the kinds of loan they offer.I really think that this is an awesome program. http://www.rurdev.usda.gov/rhs/ProgramBriefs/program_info.htm#SFH If this loan interests you you can find the income cap for you at the following site. http://www.rurdev.usda.gov/rhs/sfh/sfh_direct_loan_income_limits.htm I somehow ran across the "handbook" used to accept or decline applications that link follows http://rdinit.usda.gov/regs/handbook/1chap04.pdf
Hey the Mortgage company I am using is trying to get me through this program doe 100% all I would have to pay is the downpayment.Which hopefully I could get the seller to pay some...I should know the answer by close of business day tomorrow my loan officer said. I have already be approved by Direct Mortgage at 95%Conv with a loan amount of 150000at 7.5%.So I decieded to shop around to find a better rate and then choose between the two...But the lady I am working with on this rural loan says that I can only get 136000 with this program. So ill let you know what happens tomorrow .....
That program sounds great. I am keeping my fingers crossed for you and your family. You said that you can't have a collection and no late pays? That seems like something that they might work with you on. Charlie
Nope. I spoke to the man that approves the loans here. He said "If they are any negative info on your report in the past two years you will get an automatic denial" They do not worry about anything older than two years unless you have a judgement. I am so damn ready for my decision letter to come.
What do your scores have to be? If there is an "automatic denial", can you ask for reconsideration? Charlie
The program is not score driven. First you must prequalify like you would a regular loan. Next you would do the regular application. You have to wait FOREVER to find out if you get the loan though. Rather than call me and say your loan is approved, they called and asked for the property record card on our land. It seems obvious to me that we are approved. When I asked about the status of our loan, he said that a letter was sent yesterday with the decision. I have no idea why they would want that info if we were not approved???
Well they faxed a letter to my loan officers with conditions. They wanted me to write a two letters stating why I was late on these two accounts.Which I did and they said they should know by Monday...
Hey!!!!!!!!! I got APPROVED for this loan Monday with the loan amount of $137,000 @7%. It only took me a week and a half to get everything together. They sent the info in on a Tuesday and got a answer back with conditions. I did what the company asked they sent it to them friday and got the answer back Monday..Thanks for all your help with fixing my credit because without this board I may not have been able to get this far....Thanks..
