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I have been looking into getting a USDA low income loan for rural development. The lady I talked to on the phone says that I will more than likely qualify for the direct loan program. I have an appointment set up for next week, but just wanted to see if should even slightly have my hopes up. I don't have a great credit history I checked my score and it was at 579. I thought this would automatically disqualify but the USDA office said they would take into account however much of my debt is medical bills. Everything I owe which by the looks of things is a little less than 1500 in medical bills. Then there is my old student loan for 3500 dollars but it says its in good standing. Other than past due bills that I need to figure out how to take care of I owe nothing other than rent and utilities. My questions to the forum is this, with me drawing only 700 dollars a month social security/disability and 300 dollars worth of food assistance will they give me a loan lets say for at least a $50,000 home. I am paying 250 rent now for a not so great apartment that it cost me 100's of dollars to heat and cool because of poor construction. I just wish i was not giving the 250 away. I don't have intentions of buying a mansion but just something to call my own someday. I try to do these mortgage calculators but nothing makes any sense compared to what I read, because those calculators don't figure in subsidies and what not. If anyone could let me know what they think or have any experience in this let me know. Thanks
*just wanted to make note that score came form this site with only my equifax score
My daughter bought in August through the subsidized program She makes a bit over $9 an hour...so she has more income than you do. She was able to buy a $135,000 house. My daughter had a great FICO, however.
They will look at your expenses. They will look at what real estate taxes and homeowners insurance will be. With $1,000 coming in a month, that is tight...but, if they're willing to talk with you, maybe hope is OK.
My daughter would never have had a chance to buy her own home without the USDA subsidized program. And, she got the $8k tax credit as well. Then she got an insurance settlement after the basement flooded. Then the dishwasher broke. Now the bathroom door is broken. Buying a home with no money in the bank is taking a big chance. My daughter wouldn't have made it through this if she didn't have some in savings.
USDA loans requires a middle credit score of at least 620. The home to be purchased must be located in an eligible rural area as defined by the USDA. Income eligibility for the USDA Rural Development home loan program are derived from calculating 115% of the counties median income.