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Re: Buying a house
Posted by Year into first home on 5/5/2020, 11:34 am, in reply to "Buying a house
I'm one year into my first home, got in my opinion was a heck of a deal. I got my mortgage through Mid-America, the person in my area happened to be a band parent. She hooked me up with homes for heroes, which helped offset some of the upfront costs; appraisal, inspection, etc. Because of my area, income, and specifically the home I purchased and its exact location, I qualified for a USDA loan. These loans are widely advertised from my experience, but my mortgage lady highly recommend it, she most definitely had my back. There were more stipulations for the home to qualify, including a slightly more strict appraisal process, but it meant I could qualify for the loan with no down payment. Caveats I learned about this loan; most must be in a "rural" area. My home is actually in a small city, but still qualifies. I do know some suburban areas qualify. Other things include the home must be under a certain value, you must make under a certain amount...a mortgage officer will be able to help you.
It worked for me, and I was able to get a fair interest rate.
It's not band related, but my wife and I are looking to buy our first house. Is there anyone here who has gone through applying for grants for first-time home buyers? Anything from your experience you want to share?