Who here has checked into the USDA Rural Home Development Loan program?

[moneytree]

Any positive results?

What did your lender tell you about the program?

Did they say that the gov't is going to change the guidelines to more than 2 yrs. post BK?

We have our house thanks to this loan. We found a house in the qualifying area and closed within 30 days! Our 2 yr. discharge anniversary date isn't until Feb.

You CAN make it work! Check it out!

[Scooter10]

I checked into it, but my income is 18K over the limit for my family size. I was impressed with with areas the "Rual" covered. But just over the limit

[apn2009]

I am also interested in who else know more info or who has gotten on of these loans before the 2 yr. mark and what scores are needed.

[moneytree]

This is what our lender told us...

He first said over 580 and we'd be ok. Then it went to at least 680 (I think). You know, they get you committed to the process then ask for more! Blame it on underwriting, right! It took quite a while for my husbands score to get to 650. It hung around 618 for a while. The terms might have changed by now with the USDA R.Hm.Dev.Loan, as we were told might come Jan 09. We were rushed. We were advised not to buy a foreclosed home, because it would take too long. Our sellers had to bring $36K to closing to free themselves from their mortgage. Since we were mos. away from our 2 yr. anniv. date and this loan option came up, we felt acting quickly was in our best interest. Hope I feel the same 5 yrs. from now, if our home hasn't appreciated in value!

Again, to all...good luck!