Can someone explain what a USDA subsidied loan is, and what are the qualifications?

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I was informed that we might qualify for this but was not explained to about what it is.

One comment to Can someone explain what a USDA subsidied loan is, and what are the qualifications?

  • wishstar28  says:

    it more and less a government loan. most of the time u will get grant money for ur home from the government. u have to pay some money back but not all that after u sell it. if u stay there for 10 years u only give them back half of what they give u. u have to have good credit to get a loan from them to start with. they will tell u what u need to have paid off if u have anything. interest is low. must have a job. it goes by family size and income. its really a great program to get it if one can get one. i have one we live in a nice home. and now we pay are full house payment are self. there was 4 house that was being built when we went for it and we was one of the lucky ones out of 500 apps. u pay ur house payment but u wont pay the whole amount. tax payers pay that. ever 2 years u have to fell papers out about ur income to see if payment goes up. they do take child care, child support if he or u pays etc. in to consideration. they do explain everything to u. and u don’t know if u qualify for it until u try. ours we didnt pay closing cost or nothing. we did need 500 hundred dollars down but u get that back when u sign. and if u dont have it u can get if from anyone. and homeowners insurance u will need if u get one. thats all i can really say. go for it. it wont hurt anything if u try!

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