Really Good Information For People Trying To Buy A Home
By CatsandDogs
@CatsandDogs (13963)
United States
September 24, 2009 4:02pm CST
but can't afford the down payment. There is a loan that will cover the full amount of the loan and it's called "Rural Development Loan" however, depending on your credit and if you can handle the payments each month is whether or not you can get a loan at all. My mom was told this from a realtor so I know it's a sure thing however, I don't know what the catch is, IF there is any. The interest rates might be higher than a conventional loan, but I'm not sure but wanted to let you all know about this in case you were trying to buy a home but couldn't afford the down payment.
Do you think this is good information to pass along? I thought so! My parents might have sold their house by now had they known about this! They do have a buyer but there's some problems (of course!) so hopefully this want to be buyer will look into this loan and maybe my parents house will be sold after all. It would be such a relief to finally be rid of that damned place!!
4 people like this
5 responses
@ANTIQUELADY (36440)
• United States
25 Sep 09
i HOPE THEY FINALLY SELL IT. THANK heavens my home is all paid for. That's one worry I don't have. The upkeep is all i have to worry about & sometimes that is alot to worry about.
@CatsandDogs (13963)
• United States
1 Oct 09
Hi Jo! My parents current house is paid for. They took out a mortgage on their old house, or the one they moved out of to pay for this one. The old house is on valuable property, at least it was a few years ago but not that the economy is doing so bad, so has the property value gone down so now their house is only worth about half of it's original value of 3 years ago.
2 people like this
@ANTIQUELADY (36440)
• United States
1 Oct 09
Times are bad everywhere for everybody it seems. 
2 people like this
@CatsandDogs (13963)
• United States
2 Oct 09
unfortunately, it's like that for most of us and it's a damn shame for the older folks such as my parents who should be enjoying their retirement years but it's quite the contrary. BUT, not that we're perfect but, if they had listened to us YEARS ago, they may not be in this boat they're in now. Oh well. We're the kids, we don't know anything.... now do we? 
2 people like this
@stephcjh (38473)
• United States
25 Sep 09
That would be great for alot of people to have available to them. I sure wish it was available to us when we bought our home 11 years ago. We did not have what the bank actually wanted for the down payment either but they finally accepted what we did have, but it took all of our extra money from us.
2 people like this
@CatsandDogs (13963)
• United States
1 Oct 09
Hi Steph. The same thing happened to my parents when they bought this house 30 some years ago. Dad said he put down $5,000. but the bank wanted more so he told them to take what he had or we'd all be out tomorrow! lol Needless to say, the bank accepted what he could give. I was only 9 years old at the time.
1 person likes this
@byfaithonly (10698)
• United States
4 Oct 09
I think this is great information to share - I would love to buy a house but have zero for a down payment. This is just the information I need. Am hoping your parents house will sell soon. There are thousands for sale in my area that have been on the market for several years - no one here has money :(
1 person likes this
@CatsandDogs (13963)
• United States
6 Oct 09
There you go!! I'm glad to have found out about this to post it on here. I just wish this realtor had thought of this a year or two ago for it would've helped my parents a great deal had they known but a different realtor was the one who told my mom. Go figure!
@zed_k4 (17589)
• Singapore
15 Oct 09
0 down-payment is everyone's dreams. I would love to have that kind of financial planning someday and if I could get such a deal, I'll definitely grab it. I think before purchasing a house or apartment, it's important to plan the financial aspect of it years before buying. That's crucial, really.
@dragon54u (31633)
• United States
25 Sep 09
I'm of two minds about it. The whole idea of saving a down payment is to get into the habit of financial responsibility, sacrificing for something you want and saving up to get it. The problem with it is that people don't learn these important life lessons.
On the other hand, it does let people who need to shed their house get it done.
1 person likes this
@CatsandDogs (13963)
• United States
25 Sep 09
You are so right about that. Saving money seems to be a thing of the past now a days. Even lay away in stores, it's almost nonexistent anymore which is really sad! Then again, there are some who aren't making a whole lot, just enough to get by and can't save or can't save much however, renting is usually higher than a house payment or pretty close in amounts so this will help one to get into a home that they can call their own.
1 person likes this
@dragon54u (31633)
• United States
25 Sep 09
Yes, that's the other aspect of it. I wouldn't have bought a house but my mortgage payment is about the same as a decent apartment would cost and I have a yard for my dogs. I had 10% down payment, better than nothing, but they tried to get me to finance the whole thing. More money for them! 
So, if housing recovers I'll have a decent investment maybe, instead of a rental that isn't mine.
There is a lot of good to this new thing. I wish, though, that people would get back to the old values of saving. THanks for the feedback! 
So, if housing recovers I'll have a decent investment maybe, instead of a rental that isn't mine.
There is a lot of good to this new thing. I wish, though, that people would get back to the old values of saving. THanks for the feedback! 2 people like this
