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can you get a home with rural development working part time?

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Asked by kina803 at 4:04 PM on Oct. 10, 2010 in Home & Garden

Level 11 (503 Credits)
Answers (3)
  • idk if i get the question your trying to ask but if i keep repeating it to myself i might...if you work part time can you buy a home in the rural area? i guess you could but you would have to pinch your wallet real tight cuz it's going to take you a while to gather the money. i would think.

    Answer by MommaSyrup07 at 7:05 PM on Oct. 10, 2010

  • I heard Rural development build low income houses and I was wondering if I could get a house because I only work part time? The reason I ask this question is because I hear lots of people saying that they pay less than $300/mo for their mortgage.

    Comment by kina803 (original poster) at 9:02 AM on Oct. 11, 2010

  • As long as you earn enough where your mortgage is NO MORE than 1/3 of your TAKE HOME pay, then you should be able to pull it off! And regardless of how much your mortgage payments are, you SHOULDN'T buy unless you can also provide a down payment that is 20% (or more) of the sale price! NEVER take out an Adjustable Rate Mortgage (ARM loan), or you will quickly find yourself over your head when interest rates go up and your home value goes down! Fixed Rate only loans are the best.

    Don;t forget you will be responsible for ALL of the upkeep and maintenance, utilities, electric, water, plus cable/satellite, phone/cell phone etc. Buying a home is typically the BIGGEST purchase you'll ever make in your lifetime! Tread carefully and wisely!

    Answer by LoriKeet at 6:03 PM on Oct. 11, 2010

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