Re: USDA Direct Rural Loan (502 Direct) for very low or low income
12-01-2011 06:15 PM
Vintagegal ....you stated earlier that with a 502 direct loan that you do not have to pay for closing costs or make a down payment for this loan. I am merely stating that in some instancess you do pay closing costs and I quoted the instances that bringing funds to the table at closing does occur based on 502 direct rules and regulations. I also stated what things can be rolled into the loan based on Rural development regulations. I went on to say that I myself do have to pay closing costs out of pocket. I am merely trying to give accurate information concerning this loan. It is very hard to find accurate information concerning this loan and I only want for others attempting to get this type of loan to be armed with as much accurate info as possible.
Starting Score: TU 617 EQ 625
Current Score: TU 722(11/30/11) EQ 687 (11/21/11) EX 703 (lender pull, 11/19/11)
Goal Score: TU 700 EQ 700
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