I am trying very patiently to wait on my USDA approval letter. I have completed and turned in everything that has been requested. They have had my completed file for almost 2 weeks. I have a couple of questions if someone could please answer.
1. I know with the Direct program mortgages are between 33-38 years. What determines the length of your mortgage ? Income, amount of house etc?
2. I was told I qualify for the 1% subsidy what exactly does that mean? I have looked in the USDA handbook and it's confusing. I know they have more than one method or formula for determining which you get. Does it mean my interest could be 1% with the subsidy? I attended my very long home owners education course today and got my certificate to send in. The course was very informative and I think a great ideal for anyone who has not purchsed a home before.
The lady who taught the course said that if I have gotten this far in the process then that means I am going to be approved if nothing changes from my original application. I don't have a clue as to how much house they will let me buy. My income is about 27,800 with 3 people in the household (2 of them children). My debt ratio is low I only have a car payment of 254.00 and 3 credit cards with less than $50 balances.
Does any have any guesses as to what I might get approved for?
