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Anonymous
USDA Rural Home Guranteed Loan Question 2016-05-02 03:40:19 Post No. 1225882
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USDA Rural Home Guranteed Loan Question 2016-05-02 03:40:19 Post No. 1225882
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I'm working full time in Maine at a record store with my girlfriend, who is a manager at a pet store. We don't make much, but our credit scores are very good, and neither of us have any debt, credit cards, car, college, or otherwise.
We want to apply for the USDA Rural Home Guaranteed Loan. According to my estimates, we would be approved for this loan, and the neat thing is is that every area in Maine aside from Scarborough and Portland is considered rural and falls under the 'rural' aspect. We make jointly about 2000 per month, but we're both looking into finding high paying jobs.
Can any anons tell me their experience with these loans or give me more information about them aside just the sources I could find online from the US Government?
Thank you.
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Polite bump.
First time /biz/ here.
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They charge you on top of the interest. If you can qualify for a va loan that would be better.
If you think you can get JUST land with no structures (house, barn,ect) with this, pray, suck dicks, dream more. It will not likely happen.
Talk to a real mortgage company. If you have cash for down payment and good scores, usually a reg mortgage will be cheaper.
If you dont have 20-40% down and 2-3 months of new house expenses, you really souldny be buyinh a house, but if you insist and have only <5% down, usda may be for you
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>>1226069
Oh and it goes without saying - dont ever combine assests or sign anything with a gf. Only wife
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>Can any anons tell me their experience with these loans or give me more information about them aside just the sources I could find online from the US Government?
You can go to the DSB office in Maine. They have advisors that should be able to help ya.
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How will this impact my business decisions?
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It is not nessesarily true that this loan would cost substantially more than a conventional. It maybe should, but alot of housing programs are reddiculously over powered.
The larger issue here is your station in life. Buying a house requires some permanence. If you are happy where you are for the long term that's great, but does your area really have enough employment to support long term career growth? Moving for a job is a big decesion but that house may end up feeling like a prison if it keeps you from being able to get a higher paying job becuse you can't afford to move and handle those mortgage payments ( don't assume you can just sell it on a dime, that's what got poeple into trouble last time)
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>>1226069
I do not qualify for a VA Loan. I'm going to the Residential Mortgage Services for a pre-approval decision within the week. Worst they can say is I'm not approved.
>>1228638
Living where I am, I'm about a half hour from downtown Portland, and an hour from Augusta/Bangor. The most important thing to me is family, and being close to them gives me peace of mind. I can always refinance and relocate later in my twilight years, but for now I'm happy where I am and where I work.
Thank you for the insight, anons. If anyone has anything else to share, please; I'm all ears.
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