I have been reading alot of your stories so or good and some are Horror stories and frankly its got me scared! Iam in the process of trying to get a 502 direct loan through USDA my income is low at this point I only bring home 22,000 a year I work part time...Would I even qualify for this loan? My realtor is prettyy sure I would I have to meet up with the USDA office do submit everything... can anybody tell me about this program?? what the least u can make?? I know its for low income and every state is different (live in NC) Iam just scared everything going to go wrong for me..me and the realtor already picked out a house but still iam scared!!!
I am in the same process of applying for a Direct Loan thru the USDA program, so I understand your nervousness. It is a frightening, but exciting process at the same time! I am in SC. Have you looked on the USDA website? You should be able to choose your location and input some very general information to be able to determine if you are eligible. Also, you need to make sure that the property that your realtor has picked out is in a rural area. I am not sure about whether your job being part time or full time would make you ineligible. What is your family size? Also, have you pulled a copy of your credit report? Are there any 30 day lates in the past year? As far I know there is not a minimum score, but from what I here, its going to be 620 very soon. You may also be able to contact your local USDA office to get more information, since you will have to work with them and they should be able to answer your questions in better detail. They asked me to complete a pre-qual form, which will determine if you are very low income, low income or moderate. Then they pulled a profile credit report(still not sure what that means) and ask you some questions based off of the information that is on there. Once you do this, they will send you a formal application and you have to submit that with the necessary documents. I hope this helps, I am not a housing expert but I am going thru it as well, thought it may help to get another persons experience too.
Well i checked my credit score it is a 630 which he said I would be fine and as far as rural area i picked out a house that is is the area my max income for 3 people in my household is 37,100 that the most I cana make i dont make that i make around 1200 a month from my job and get social secriuty for my son for 674.00 iam just a nervous wreck ! how they determine your payment I heard that they subsized your payment and lower ur interest rate to 1%
I applied for the direct loan also, it was sent in second week of March. My Real Estate office takes care of it. I did receive some extra paperwork to fill out 2 weeks ago, they needed rental verification, which I don't really have. I live with my BF and pay all the utilities. So that's what I put down and sent the papers back. Now I'm getting nervous that I won't be approved. I just wish I would hear something........
Does anyone have any idea of what up front costs are involved with the Direct loan? Do you pay for inspections? appraisals? First yrs ins.?