tidbit
My son bought his first home with a USDA Guaranteed Loan..I read somewhere that a home bought with a Mortgage Revenue Bond does not qualify for the $8000 government first time home buyer tax credit.
Answer
I suggest you look at a couple of sites, First try to find a copy of the new law online it can probably be found at or through http://www.FinancialStability.gov if it is not there then go to http://www.IRS.gov if that doesn't suffice then consult an accountant or Attorney although I am confident you can find the answer online. I am almost positive the bill does not include any distinction as to how you buy the house as long as the purchase is made I think you qualify for the credit. Please let me know what you find I'm curious
Thank you,
Lenin Patino
I suggest you look at a couple of sites, First try to find a copy of the new law online it can probably be found at or through http://www.FinancialStability.gov if it is not there then go to http://www.IRS.gov if that doesn't suffice then consult an accountant or Attorney although I am confident you can find the answer online. I am almost positive the bill does not include any distinction as to how you buy the house as long as the purchase is made I think you qualify for the credit. Please let me know what you find I'm curious
Thank you,
Lenin Patino
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
bgsimsrvp
The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won't touch her existing loan due to the fact that it is a USDA loan.
Answer
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.
if i get a usda loan am i eligible for a second mortgage on the property?
regina
I am looking at purchasing my first home via usda loan. my question is, are second mortgages allowed on usda loans?
Answer
And how would you get one? No one is going to give you a second mortgage if you have a 100% mortgage as the first mortgage. NO ONE.
And how would you get one? No one is going to give you a second mortgage if you have a 100% mortgage as the first mortgage. NO ONE.
What is the interest rate on a USDA rural development mortgage loan in Iowa?
AVzqz
Answer
Hi Amanda,
It will depend on a couple of things.
1) Your credit score.
2) Your loan amount/purchase price
3) Rates will also vary by state.
The site below has USDA Mortgage Rates so you can get an idea of what the run.
Hi Amanda,
It will depend on a couple of things.
1) Your credit score.
2) Your loan amount/purchase price
3) Rates will also vary by state.
The site below has USDA Mortgage Rates so you can get an idea of what the run.
Does USDA home loan subsidize your mortgage?
Justice B
Doing the math I (only) qualify for $102,000 home loan which will buy absolutely nothing in my community. If I use the USDA program will they match those funds or subsidize the loan somehow? I cannot afford to buy a home in my county because I do not qualify for enough money. Does anyone have experience with USDA?
Answer
I can guess that if you can't buy a home under $102k then you aren't in a rural area and that's the only way you can get a USDA loan. You can consider moving to another lower cost area or waiting until you have a larger downpayment.
I'm not sure what "math" you've already done but you need to talk to a mortgage broker. You have to pay them but this is what they do. They will be the ones who prequalify you and tell you how much you can borrow. The last thing you want to do right now is get a crappy mortgage that won't suit your needs for the entire time you plan on being in the home.
I can guess that if you can't buy a home under $102k then you aren't in a rural area and that's the only way you can get a USDA loan. You can consider moving to another lower cost area or waiting until you have a larger downpayment.
I'm not sure what "math" you've already done but you need to talk to a mortgage broker. You have to pay them but this is what they do. They will be the ones who prequalify you and tell you how much you can borrow. The last thing you want to do right now is get a crappy mortgage that won't suit your needs for the entire time you plan on being in the home.
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