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| So I took the Rural Development plunge... Posted by GFunk Should be zero out of pocket, but I'll pay $33/month in mortgage insurance (I think you've had to pay a small MI amount on anything originated since the beginning of Q4 2011 on any RD loans).  on 7/3 at 4:53 pmI went through GMFS over here as my builder was offering 4K in closing costs to used the preferred lender. Got the approval at 3.75% fixed rate for 30 years. Bought a 1400+SFLA 3B/2BA home-new construction-for $129K. The PITI should be around $750/month. You cannot beat that folks. Reply • Back to Top |
congratulations on such great rates .......are decisions made based on credit ? im wondering what the determining factors or qualifications are for applicants ....  Reply • Back to Top |
| My fiancé had a middle score of 680+ and mine was 650+ after paying a CC to a certain amount and then getting a rapid rescore. 620 is enough to qualify with plenty of healthy trade lines. There are income limits and geographic limits. Can't be in an area that's considered urban on the Census map. All of LP, Ascension, and Tangi are RD eligible. Small parts of EBR are eligible along Greenwell Springs Rd and Hoo Shoo Too Lane. Reply • Back to Top |
| I wanted RD pretty bad but the family of 4 income limit was like 88K at the time Not sure if it's changed Reply • Back to Top |
quote: Are you playing with us tomorrow? If so, you paying for my cart? Reply • Back to Top |
| Nah, im in gulf shores through the weekend My wife and I both work so 88+ isn't that impressive  Reply • Back to Top |
| For a family of 2 it was 75k approximately. I may post on the Money Board but I'm OT poor so we are under that threshold. Reply • Back to Top |
quote: shite. I was hoping it would be about 115. I haven't looked into them much. This post was edited on 7/5 at 11:11 pm Reply • Back to Top |
| Damn, I was hoping it was under 550k. Owell Reply • Back to Top |
| congrats G-Funk..now the fun begins..by fun i mean the wait..freaking RD office in this state is way slow..but its a great home loan Reply • Back to Top |
quote: quote: It actually got submitted on 7/5, so I'm guessing that we *may* be able to close by 7/31. I'm not hopeful. That gives them 18 business days. I think they're 17 or 18 behind now so it'll be close. Reply • Back to Top • Refresh |
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