How to Get a Government-Backed, Zero-Down-Payment Mortgage

I am a 65 yr. old female, who was a single parent to 2 kids (after my husband died) with not much $$ to put down on a house or condo; worked all my life and the rent here in Florida is outrageous. Where do I go for some help.??

Barbara Carson of FL 2:18AM September 17, 2010

THE usda loan would be great if their loan took into consideration the difference in prices and taxes based on north and south, east and west, from city to city, county to county.

You may qualify for the top dollar but if the tax on the home exceeds the tax on your certificate of eligibilty by $500 dollars your purcashing power is reduced by almost $50,000 and by almost $100,000 if taxes are $1000 more. So before making an offer you really need to call them if the taxes are more than on your certificate or get set to be embarrassed, loose your deal or find the extra funds. Oh but even if you find the extra funds if its a grant or program or some type of assistance they evaluate it o see if you they have to count that money meaning you may still loose the deal.

If you elect to build a home, which I think is a great feature of this program. I would probably go this way. EXCEPT. You have to find a general contractor or builder who is on their approved list or willing to be approved by them. That's not a problem. The problem is they have to put out all the money upfront and can't get a dime until the Certificate of Occupancy is affixed. Most people this day and age are hurting and dont want to do this. Most are willing if along the way they can at least get 1/3 of the money for satisfactory work approved by the USDA. Also, no one wants to have the builder by their land. This essentially means the builder can take the land right from under you as he/she is owner.

USDA don't get me wrong its a good program but you need to revamp it so that it works. It is realistic in some areas and far from realistic in others within the same state, even in the same county. People are really counting on these programs which are meant to help the average person but are not because they were set in motion at a time when things were good but things are not and so you need to overhaul the program to meet the needs of the people today. No one should be forced to move to another county putting them 30 miles from their job when there are viable homes within their range but your using a base tax rate that doesn't coincide with the city norm.

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