1st time home buyer programs?
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1st time home buyer programs?
Posted by TheTigerZone on 2/2 at 8:18 pm
anybody know of any? And how they work? TIA


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Posted by novabill on 2/3 at 12:14 am to TheTigerZone
USDA Rural Development loan, while not just for first timers is a great program if you are buying in an eligible area and make less money than the threshold for the program. About 72k per year for a household of 1-4 and about 94k for a household of 5-8 people.


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Posted by cjared036 on 2/3 at 8:49 am to novabill
I believe you can withdraw from your 401k penalty free with a first time home purchase....

Other than that idk...



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Posted by lsu tigerdog on 2/3 at 5:10 pm to TheTigerZone
the rural development program by far the best program around, max combined income is $74,750 for fam 1 to 4, if you are close to income limit but do have children that helps out because they give you deduction to qualify. no down payment, low rate, you can literally walk to the table with no out of pocket expense, but if you do go this route, expect to close 60 days from start of loan app. underwriting goes quick but after wards file goes to rural development office and they are super behind.
if you interested in the 100% program, shoot me your email adrs and i can help you out more, im in the mtg business



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Posted by LSUTOM07 on 2/4 at 8:45 am to lsu tigerdog
Is there a website where you can see what parts of Louisiana qualify as rural development?


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Posted by kennypowers816 on 2/4 at 8:52 am to LSUTOM07
Property Eligibility Links on Left


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Posted by tigeraddict on 2/4 at 8:54 am to LSUTOM07
Hoo Shoo Too area qualifies from Azalea Lakes on the right side the road, all the way to the end then on the left side the road from tigerbend to the end

My brother closed on a house in Hoo Shoo Too lakes in october, and got RD loan. 100% financing, they paid his closing costs, and his PMI was only $40ish per month...



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Posted by damonster on 2/4 at 11:39 am to tigeraddict
Is this program available for existing properties only or will they loan you the money to build if you already own a piece of land?


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Posted by tigeraddict on 2/4 at 12:01 pm to damonster
see here:

LINK




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