Is the Farm and Home loans for low income people?

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

Best answer:

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

Farm home Income loans people

This entry was posted by admin on September 8, 2010 at 10:45 pm, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

#1 written by ftic_99 1 year ago

If you mean an FHA loan, what they do is set loan limits depending on the neighborhood. But the highest loan I know of is $ 247K. You need to earn at least $ 68K to qualify for such a loan. You cannot spend more than 28% of your gross income on mortgage payment and no more than 41% total expenses (credit card (min payment), student loans, other loans, car)including mortgage.

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#2 written by cadillacmanron 1 year ago

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

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