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So I took the Rural Development plunge...
Posted on 7/3/12 at 4:53 pm
Posted on 7/3/12 at 4:53 pm
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).
I 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.
I 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.
2
Posted on 7/3/12 at 6:36 pm to GFunk
congratulations on such great rates .......are decisions made based on credit ? im wondering what the determining factors or qualifications are for applicants .... 
Posted on 7/3/12 at 10:01 pm to crosswood
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.
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.
Posted on 7/3/12 at 11:52 pm to GFunk
I wanted RD pretty bad but the family of 4 income limit was like 88K at the time
Not sure if it's changed
Not sure if it's changed
Posted on 7/4/12 at 12:09 am to Croacka
quote:
I wanted RD pretty bad but the family of 4 income limit was like 88K at the time Not sure if it's changed
Are you playing with us tomorrow? If so, you paying for my cart?
Posted on 7/4/12 at 12:26 am to Golfer
Nah, im in gulf shores through the weekend
My wife and I both work so 88+ isn't that impressive
My wife and I both work so 88+ isn't that impressive
Posted on 7/4/12 at 8:34 am to Croacka
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.
Posted on 7/5/12 at 10:56 pm to GFunk
quote:
For a family of 2 it was 75k approximately.
shite. I was hoping it would be about 115. I haven't looked into them much.
This post was edited on 7/5/12 at 11:11 pm
Posted on 7/6/12 at 12:21 am to Politiceaux
Damn, I was hoping it was under 550k. Owell
Posted on 7/6/12 at 10:22 am to GFunk
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
Posted on 7/6/12 at 3:08 pm to hawkeye007
quote:
hawkeye007
quote:
congrats G-Funk..now the fun
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.
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