will first time home buyers have assistance from government - no money down programs in january 2009?

Asked by Mike, Toledo, OH Wed Nov 12, 2008

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Poo, , Clemson, SC
Wed Nov 12, 2008
It is possible this is a program available to you.
Section 502 Housing Loans
More rural families and individuals may be eligible to become homeowners with the help of a U.S. Department of Agriculture (USDA) Rural Development guaranteed loan. Sometimes good credit and a steady income are not enough to qualify at a commercial lending institution, like a bank or savings and loan. A sizable down payment may also be required. When the Federal Government agrees to guarantee a loan, lending institutions can help buyers while incurring little risk. Through the Guaranteed Rural Housing Loan Program, low and moderate income people can qualify for mortgages even without a down payment.
Eligible Persons
• Must have an adequate and dependable income.
• Must be a U.S. citizen or be legally admitted to the United States for permanent residence.
• Must have an adjusted annual family income that does not exceed 115 percent of the median income for the area. Each USDA Rural Development office can specifically calculate that limit. (Adjusted annual income is determined by subtracting $480 for each minor child. Childcare deductions can also be deducted.)
• Must have a credit history that indicates a reasonable willingness to meet obligations as they become due.
• Must have repayment ability based on the following ratios.
• Must be unable to secure conventional credit.
If you would like more information please let me know.

Malisia Wilkins
Regal Realty, LLC
Web Reference:  http://malisiawilkins.com
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Wed Nov 12, 2008
good morning..fha is the best way to go....3.5% down and ask the seller to pay all the closing costs and pre-paids....the feds are offering a $7,500 tax credit .....it would give you an amount back when filing your 2008 tax returns greater than the money you would need to close.......i have a link on my website with all the details of the program...i hope that helps...bob mcclure- mortgage now- farmington, michigan...licensed in 22 states including your's...
0 votes
Chris Hall, Agent, OR,
Wed Nov 12, 2008
There has been talk that something may pop up to replace the Ameridream type programs but as of yet nothing has surfaced. With the tax credit and FHA programs not to mention plenty of sellers ready to contribute towards closing costs, I would focus on saving some downpayment in the next few months and taking advantage of the best buyers market I have ever seen. It is likely this market will be with us for a while so start now in saving!
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