+1 vote
I am on Social Security Disabilty and I work a part-time position and I want to move into an 55 above community in Belvidere so I can be by my friends and etc. I can afford it but I can't or don't have the money for a down payment
asked Mar 22, 2018 in USDA Loans by Deborah

1 Answer

0 votes
USDA LOANS and VA LOANS does not require down payment and offer 100% down payment.  Part Time income can be used if you have been on the job for at least 2 years. You need 3.5% down payment on purchase with FHA LOANS.  Most buyers do not have to worry about closing costs because FHA allows up to 6% sellers concessions by sellers to cover closing costs for home buyers.  You will need the down payment money to purchase a home with FHA LOANS. Down Payment can be 100% gifted by family. As for USDA LOANS there are debt to income ratio requirements and as long as you meet the GUIDELINES you should qualify.
answered Mar 22, 2018 by GustanCho (106,540 points)

Welcome to The Mortgage Reports Q&A Forum. Have your questions answered by experienced mortgage and real estate professionals.

Related questions

515 questions
662 answers
883 users