"Habitat for Humanity is no doubt a great idea and it does provide homes for many people. But I worry about the lack of knowledge among Realtors concerning the old "Farmer's Home" houses. They've been around for years. They have a new name now, Rural Development Direct Loan homes. If a family is low income and the income limit varies, USDA Rural Development will subsidize the payment for a family. They can get in for nearly nothing. It has worked so well for so many people, including single people. I doubt that newcomers to real estate have ever heard of it. When I got in the business, I'd never heard of it either. Check it out. "
When I first got into real estate the houses couldn't have dishwashers and at one time no carpet was allowed. (Remember when carpet cost more than hardwood?) The borrower went through a budget conference and it cost about $500 total to get in a nice energy efficient house. If the income is low enough the payment can be subsidized to1%. Lots of people have good credit, little money, and are very deserving. This loan suits their needs perfectly. Some of my proudest moments come when I drive by one of the FMHA houses that I sold and the people still live there and are getting close to having it paid for.
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