Normally you need to be full time, since a Verification of Employment will be sent to your present employer. IF they fill it out as a temp worker, that will hender you. Going to this website will be helpful to you, and you can see the income ragne and area the property can be in. If you have applied already, ask your broker that you are working with. The UDSA Rural program is a awsome program and Chase is one of the Lenders that will do the USDA Rural Loan. The rates are really really good. This site is used to determine eligibility for certain USDA home loan programs.

In order to be eligible for many USDA loans, household income must meet certain guidelines.

Also, the home to be purchased must be located in an eligible rural area as defined by USDA. USDA home loan program, click on the Loan Program Basics link on the left side of this screen and select one of USDAs home loan programs.

Property Eligibility link on the left side of the screen and select a Rural Development program. When you select a Rural Development program, you will be directed to the appropriate property eligibility screen for the Rural Development loan program you selected. Income Eligibility link on the left side of the screen and select a Rural Development program. When you select a Rural Development program, you will be directed to the appropriate income eligibility screen for the Rural Development loan program you selected. Rural Development Loan, click on the Contact Us link on the left side of the screen and then select a Rural Development Loan program.

Rural Housing Direct Loans are loans that are directly funded by the Government.

Mortgage payments are based on the households adjusted income. These loans are commonly referred to as Section 502 Direct Loans.

Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Eligibility: Applicants for direct loans from HCFP must have very low or low incomes. 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to review area income limits for this program. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically within 22 to 26 percent of an applicants income. However, payment subsidy is available to applicants to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories. The term is 30 years for manufactured homes. However, that interest rate is modified by payment assistance subsidy. Standards: Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Approval: Rural Development officials should make a decision within 30 days of the Rural Development offices receipt of the application. Section 502 Guaranteed Loan Program: 1. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

In addition, applicants must have reasonable credit histories. Farm Service Agency guaranteed loan programs. Terms: Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. PITI and to total family debt. Standards: Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.

HCFP direct or guaranteed loan. Approval: Rural Development officials have the authority to approve most Section 502 loan guarantee requests. Most People think that this is only for the low income. It is not, there is a Very Low Income range, Low Income Rang, Med Income Range and High Income range.

Just my opinions but: 1.

Your mom and your sister are responsible for their own debts. 50k is not a lottery winning amount. 10s of thousands in debt from family members.

You can help them alot more if you insist on it, by getting a degree and making alot more money down the road, than if you sacrifice it all now. If so, they are very wrong. The house is a not a bad idea, but if you put it all down, you wont have it.

Trust me when I tell you its a moneypit. If you havent even gone to college yet, your earning potential will make it that much harder to get the house paid off, if ever. Major point first: Your earning potential if you go to school is dramatically more than if you dont go to school. It all depends on what you study of course. If you study art history, music, or english, youll learn some neat stuff, but dont expect to make much more money than if you never went to college.

Being happy and doing something youve always dreamed of counts for alot more than making a ton of money, but many degrees can get you positioned to do both. So, I would: Go to school. Put aside 6 months of expenses in your bank account. Open an account at a discount brokerage firm like Charles Schwab.

Dont go with a tiny outfit, dont go with anyone that is full service. Full service brokers make money by selling you stuff, not by investing your money. Invest the rest in some very conservative mutual funds. Dont pay some professional broker to tell you what mutual funds are good. Pick up Money Magazine and read a few copies. PIck out a mutual fund guide.

Go to a newstand and pick out some financial magazines and read them. You have enough brains to make your own decision on this. The really good conservative mutual funds dont vary that wildly. Stay away from stocks for now. Theres too much variation and risk in individual companies for what you are doing. Then, figure something out for living arrangements. Maybe you are, but its not relevent here and now. Figure out what youd like to do with yourself, professionally. Then, pin down where you need to go to do it. BS degree from a state university is still a BS.

Then, apply, pay your fees and go. They are usually low on crime and very cheap. 50k home would cost you 2k to get into. Dont pump more into it.

Youll need it for school and youd probably never see it again anyway, until you sold the house, and then, it might not be at a profit.

The goal here is not to make money in real estate, its to live as cheaply as possible while you are in school. Make school your ultimate and highest priority or you will not finish. Keep in mind that if you arent interested in a college education, there are other possibilities that dont take so long. Some examples: real estate license. Good luck with your decision. GRANT INFORMATION Today there are several sources to first time homebuyers for money to use for down payment, closing costs and escrows. Several counties in Pennsylvania have a first time homebuyer fund including Dauphin, Cumberland, York, Lebanon and Lancaster. Buyer must occupy property for at least five years or the grant would have to be paid back Dauphin County requires repayment at time of sale of home. In general FHA, Emerging Markets and Fannie Mae Neighborhood programs are the only ones. There are several reasons for this. First, some programs do not allow for a 2 nd mortgage.

Secondly, in most cases the combination of both mortgages exceeds the purchase price of the home. There is another program that will do 100 percent with NO MI. It is the USDA Rural Program. Here is the web link to check it out.

But you cant have any judgemetns or collections. Your borrower can purchase a home with no money of their own into the transaction.

MI into the loan over the appraised value. If property is located in a FNMA Neighbors Eligible area, income limits are waived. MI over the appraised value. Eligible everywhere in the state of STATE with the exception of COUNTIES.