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What is the most you can get for a loan through the USDA Rural Housing Development?

My cousin has no job,but her son gets $675.00 a month in disability.She is qualified for a loan with the USDA Rural Development.She doesn't know how much of a loan they are going to give her,but she is already looking at houses that are $100,000 and up.Will they give her that much of a loan with so little income?

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Anonymous

Asked by Anonymous at 10:49 AM on Dec. 2, 2009 in Money & Work

Answers (1)
  • USDA loans can cover 100% plus an additional 2% of the cost of the house to cover closing costs, etc. BUT, the loan still needs to be in a price range she can afford. Mortgage plus all debts should be under 33% of the total income; the lower the better. She can always offer less than what the owner/realtor is asking.
    kitkabob

    Answer by kitkabob at 11:10 AM on Dec. 2, 2009

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