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1st time home buyer programs?

Posted on 2/2/13 at 8:18 pm
Posted by TheTigerZone
Moss Bluff ,La
Member since Dec 2009
2343 posts
Posted on 2/2/13 at 8:18 pm
anybody know of any? And how they work? TIA
Posted by novabill
Crossville, TN
Member since Sep 2005
10433 posts
Posted on 2/3/13 at 12:14 am to
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.
Posted by cjared036
Houston, tx
Member since Dec 2009
9569 posts
Posted on 2/3/13 at 8:49 am to
I believe you can withdraw from your 401k penalty free with a first time home purchase....

Other than that idk...
Posted by lsu tigerdog
Baton Rouge
Member since Nov 2007
247 posts
Posted on 2/3/13 at 5:10 pm to
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
Posted by LSUTOM07
Baton Rouge
Member since Dec 2011
765 posts
Posted on 2/4/13 at 8:45 am to
Is there a website where you can see what parts of Louisiana qualify as rural development?
Posted by kennypowers816
New Orleans
Member since Jan 2010
2443 posts
Posted on 2/4/13 at 8:52 am to
Posted by tigeraddict
Baton Rouge
Member since Mar 2007
11792 posts
Posted on 2/4/13 at 8:54 am to
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...
Posted by damonster
Member since Sep 2010
2305 posts
Posted on 2/4/13 at 11:39 am to
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?
Posted by tigeraddict
Baton Rouge
Member since Mar 2007
11792 posts
Posted on 2/4/13 at 12:01 pm to
see here:

LINK

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