"Further, it qualifies for 100% financing through the Rural Development program." mean exactly? I think I've got some idea, but I need clarification from the experts and friendly folks of the mortgage board.
Thanks! After some investigation, the property I'm looking at qualifies, but I don't. I guess that's good - means I make a decent salary. On the other hand, it means I don't qualify for any of the programs available.
That means it's in a qualifying area for USDA mortgages. If you are within the income limits you can apply for a 0 down mortgage. It's a terrific program that beats FHA hands down. Income limits vary by county/state (and they aren't all that low.) google USDA guaranteed mortgage to find more information.
Thanks! After some investigation, the property I'm looking at qualifies, but I don't. I guess that's good - means I make a decent salary. On the other hand, it means I don't qualify for any of the programs available.
Check again in a few weeks if you're not too far off. They're expected to be changing to a "bucket" system, where 1-4 people would be at the 4 person limit and 5-8 people would use the 8 person limit.
I played with the numbers on the HUD site, so pretty much figured the same thing. I have my down payment for FHA, but wanted to explore all avenues that were available.
