27 Apr Low-Income Families Can Buy a Home: Rural Development Direct Home Loans
Low-Income Families Can Buy a Home: Rural Development Direct Home Loans
How do low-income families buy a home? Can low-income families buy a house? Yes, they can with the program called Rural Development Direct Home Loan. This program allows low-income families to purchase a home. In this article, you’ll explore a way for low-income families to finally be able to purchase their own home.
What is the Rural Development Direct Home Loan program for low-income families all about?
The Rural Development Direct Home Loan program helps families who would otherwise have no chance of buying one buy homes.
What are the benefits of Rural Development Direct Home Loans?
House payments can cost an upward of $1,000 a month. Most low-income families would never be able to afford this price. With this program you can pay less per month on your house fee than you did for rent. It is based on your income. The lower your income, the lower your house payment with Rural Development.
Also, Rural Development loans are 30-year fixed rates for home loans. There is no worrying about ballooning house payments over time that your family will not be able to afford.
Another reason Rural Development Direct Home Loans are great is that they help every step of the way. There are no worries about closing costs with Rural Development Direct Loans; there are none. Most people will get money back at closing, as money they paid for inspections and other costs is reimbursed.
How to qualify for a Rural Development Home Loan for low-income families:
One of the qualifications for a low-income home loan with the Rural Development Direct Home Loan is to live in a rural area. This may not be what you are thinking, so check to make sure. Rural does not mean in the country, miles from civilization. You won’t live in the village with dirt roads leading to your home. Big cities can have rural parts to them. If you are wanting to move from where you are, check around where you want to live. Rural Development has a map that highlights areas that qualify. When you are looking for a house to buy, just put in the address there and you will find out if it is eligible for a Rural Development home loan or not.
Another qualification for Rural Development home loans is that your income must be under a certain amount. These loans are only for low-income families. Most families who receive food stamps, Medicaid, and energy assistance will qualify. Some who make too much income to qualify for any type of assistance also may qualify, depending on their situation. Realize that not all income is counted.
Rural Development does check your credit. You do not need perfect credit to qualify, but you do need to have a plan in place to correct items on your credit report and reasons why you have some bad credit. Rural Development accepts alternative credit references from your landlord, electric company, and phone company who do not report good credit to credit bureaus.
There are other loans for low-income families to buy homes. One program is for displaced individuals, people living in crowded environments, or the homeless. Another program will help pay to fix your home, roof a leaking home, or buy a furnace. Pick up the right one and upgrade your life with Rural Development program.
Other articles for selling a home that may be interesting.. “First Time Home Sellers – 5 Real Estate Tips”, “Sell Your Home Fast – 5 Tips to Create Home Listing Photos”
If you are considering buying a house, you may want to read “10 Steps To Buying a House For The First Time Home Buyer” , “Buying a Home- Everything is Negotiable.” OR “First Time Home Buyers: How Much Home Can You Really Afford?”, “Is it the right time to buy a Home?”
Please feel free to search all available real estate here. Or, call, text, email me with any questions or to setup a free consultation.
Chautauqua REal Estate For Sale