Is the Farm and Home loans for low income people?

Posted on Oct 12, 2012 in Stated Income Loans

Question by Anabela: I received a lot of letters to refinance my house through HARP. Are these banks safe? ?
They offer 3.625% with 3.844%APR. I’m single mother and the price of my house went down 100, price hospital 000.00. Appraisal 250.00. I own to one of Boston banks $ 255, visit web 022.81. I have to refinance until next year. Fixed until March 2013 with 5.625% interest rate. HARP is a safe refinance?

Best answer:

Answer by Go with the flow
Don’t deal with anyone that contacts you first.
If you want a good bank, you research it yourself and pick the best.
Often the people that call, send junk emails, or mail you stuff are the worst companies.
Get smart, and start doing some homework.
Go to bankrate.com and click on mortgages – for a good start.

Add your own answer in the comments!
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Question by crazy_grrrl: What are the advantages/disadvantages of FHA mortage vs conventional mortgage?
If I have a low credit score, for sale but parents are fronting 20% of the downpayment for a new home – mortgage broker is suggesting applying for an FHA mortgage.

Best answer:

Answer by Yanswersmonitorsarenazis
Always try conventional financing first. FHA will always charge an upfront mortgage insurance premium that could be avoided with conventional financing.

With a 20% downpayment, online there’s a good chance that you can qualify for conventional financing, about it even with weak credit.

FHA loans MUST be run through the FHA underwriting system first under every circumstance. Once that’s been done, it’s a 5-minute change process to convert it to conventional, and costs nothing extra. And you can start conventional and convert to FHA as well, same deal.

FHA loans pay brokers more than comparable conventional loans, in most cases. That’s one factor that might be in play here. FHA is very lenient on credit, so that isn’t a bad choice either, if that’s what you can get. Any FHA rate offered in excess of 6.5% means you need to find a new, non-greedy broker.

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Question by olderseascout: Is the Farm and Home loans for low income people?
What is the criteria to getting a Farm & Home Loan?

Best answer:

Answer by smbaker1313
No, hospital it is for buying a farm or a home. It is illegal to buy people even if they are low income.

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4avg.rating 13 votes.

One Comment

  1. Farm and Home loans are now called Rural Development Housing Program. You do not have to buy a farm or true rural property to use this loan. This loan is available for all areas with populations under 20000. You can purchase in a nice suburban area under these guidelines. They are available to both low and moderate income households. This is a goverment sponsered loan so credit criteria should be good, however they do make exceptions under the right circumstances. For complete information for your area you can go on their website http://www.rurdev.gov If your income is low enough, you may qualify for the direct or subsidised version of this loan, whereas your interest rate could be as low as 1%. Good luck