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Does anyone have any experience with a USDA Mortgage Loan
Posted: Mar 9, 2011
My eyes are blurry from looking at so many websites on home loans. I'm trying to find the best loan as a single mother with one child making low 40,000's a year in salary.
TIA for any help/experience you can provide.
;
Not sure about USDA loans - ZonedOut
[ In Reply To ..]maybe they are the same thing I'm thinking of, but my husband and I got a FHA mortgage. They are really simple and easy to get and very lineant on things such as credit scores and such. They are a little picky about the house you buy though, although depending on the year built, it won't be as much as a headache as it was for us. The house we bought was built in the 50s and they don't like peeling paint and such, so if you are looking for a realy fixer upper, FHA loans are hard to get, but if you are just looking for a nice, ready to go house, they are really simple to get approved for.
The thing we loved about them is you only need 3% down instead of the usual 15-20% down, which helped a lot. They are fixed rate mortages, so no need to worry about your rates going up, and you can received seller's assistance, in which the seller's pay your part of the closing costs also (which we received) which cuts down on how much you pay at closing. Of course some of this is based on income, but I'm pretty sure the cut offs are relatively high.
We went through just a regular local mortage broker and they helped us with all the paperwork and were very helpful in answering questions. It was so easy to get that we are thinking of doing another FHA loan when we move again next year.
I attached a link to HUD's website that is probably a good starting place when looking at these kinds of loans. It may help answer your questions.
That's all I can think if for now. Hope it helped a little!
my husband and I are currently getting a USDA loan... - anon
[ In Reply To ..]There are two kinds, direct or guaranteed. It matters where you want to move as that address as to be eligible for a USDA loan. There are strict income requirements which depends on how many people will be living in the home and how much you make. The best part is the gov't pays the downpayment on the house and there is no PMI (private mortgage insurance) every month like an FHA. Here is the link below so you can look it over. You just have to be really careful on the mortgage company/bank you use, as not all of them do these type of loans. So be sure they are experienced in doing them. Also, there is a lot more paperwork involved and an upfront MIP fee of about 3.6% of the loan that you can add to the loan. And, the interest rate is a little higher than a traditional loan or an FHA, about an 1/8% higher. Hope this helps.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
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