USDA Section 502 Home Loans

[sherryinutah]

Today, I had an opportunity to learn something new.  I learned that it's possible to buy your own home even if you are considered very low income.  Even people who are disabled and living on SSI can qualify.

My understanding is that you must have fair credit; meaning that, you need 3 creditors who can verify that you pay your bills on time and your debt to income ratio should be low.

It's possible to rent when you have low income if you get on the PHA Section 8 waiting list; however, when you buy you might have the freedom to have a pet, paint your place, etc.

You can search the following for more information for the area where you live:

USDA Rural Development Section 502 Guaranteed Housing Program
or
USDA Rural Development Section 502 Direct Housing Program

I believe everyone deserves to have a place they can call Home Sweet Home.   

[makeblessed]

Not familiar with this program, but it sounds great; I agree with you everyone should have the opportunity if they desire to have their own home.

[countrygirl12]

Today, I had an opportunity to learn something new.  I learned that it's possible to buy your own home even if you are considered very low income.  Even people who are disabled and living on SSI can qualify.

My understanding is that you must have fair credit; meaning that, you need 3 creditors who can verify that you pay your bills on time and your debt to income ratio should be low.

It's possible to rent when you have low income if you get on the PHA Section 8 waiting list; however, when you buy you might have the freedom to have a pet, paint your place, etc.

You can search the following for more information for the area where you live:

USDA Rural Development Section 502 Guaranteed Housing Program
or
USDA Rural Development Section 502 Direct Housing Program

I believe everyone deserves to have a place they can call Home Sweet Home.   

This is nothing new.  As long as you have good credit and have income, no matter where it comes from, that is more than your house payment would be you can get a loan.

Section 8 housing is the housing projects, ie government housing.

I agree owning my home is better than renting.  I am an adult and do not like having to ask someone else what I can do or being told what I cannot do.  Or someone else having a key to my home and randomly coming in when I am not there.