Mr. Victorian
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- Nov 17, 2009
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This is terrible. I believe I have something for you. The United States Department of Agriculture has a subdivision called "Rural Development," often abbreviated as USDA-RD. As its name suggests, it is dedicated to the development of Rural Communities. I noticed you live in Greenville, Texas, and this is a town smaller than the one I live in. I got my home through the same agency. What they do is offer a 0% down subsidized loan with your payments based on approximately 24% of your gross income. The interest rate is 5%, BUT the mortgage life is 33 years instead of 30. They will prompt you once a year to refinance at a bank or other financial institution, since it is not the intent of the program to keep you on for the life of your loan. If you don't qualify at a bank, then you stay on the program. There are strict guidelines on the kind of house you can buy, and you will still have to pay actual closing costs (mine were around $600), but you need no down payment. The guidelines actually prevent you from both splurging and from buying a crap house.
Alternatively, they offer (I believe) up to 20,000 loans @ 1% interest for home improvements. You may opt to do that and resell your existing house instead, but I recommend the first suggestion, I'm not sure that house can be repaired for this price!
Just look up USDA-RD online and check out what the guidelines are in your area, or if your area qualifies.
Take this piece of advice from a guy who has far more in his house than it seems like he can afford in the lower-class: It's not how much money you have, it's how wisely you spend it. Never be eager, patience is valuable, especially when spending money is involved.
I hope this helps. God bless.
Alternatively, they offer (I believe) up to 20,000 loans @ 1% interest for home improvements. You may opt to do that and resell your existing house instead, but I recommend the first suggestion, I'm not sure that house can be repaired for this price!
Just look up USDA-RD online and check out what the guidelines are in your area, or if your area qualifies.
Take this piece of advice from a guy who has far more in his house than it seems like he can afford in the lower-class: It's not how much money you have, it's how wisely you spend it. Never be eager, patience is valuable, especially when spending money is involved.
I hope this helps. God bless.