Rural Housing Guaranteed Loans

[Tygerlilly]

Does anyone have any recent experiences with this? I've sent off an email to my local representative to get some more information, but I'd love to hear from someone who has done this. I typed in the rental address for my current home and it says it is in the right zone, which is amazing because they're building new homes all over my neighborhood and it would be amazing to qualify for one of them!

Do they base it solely off of income? How hard do they weigh credit scores? We had a rough spot about 2 years ago, but since then have been working on getting back in line.

Basically, any personal experinece info you could give would be great!

 

[Darcy03231]

I have a friend that bought a house this way. Her credit was excellent and she did have some money saved for her closing costs. She had to jump through quite a few hoops, but was satisfied with the end result. I believe that they look at your credit scores and income/debt ratio the same as a conventional loan. My understanding the loans are to provide low-moderate income families a way to purchase a home in a rural area with little to no money down and no PMI.