My fiancee and I make around 30k a year between us two. We are both 21 years old. He doesn't have much credit history but I do due to student loans and a credit card and my fico says its 669, however Credit Karma says 738 (I don't pay attention to that one). We work in a very flexible job where we get to pick up or give away as many hours we want. However, we'll be wanting to work as full-timers soon if we can buy a house which would bump our income into the 45k combined.
I've been looking into buying a house after being constantly kind of "betrayed" by my father who keeps on promising us a mobile home he has but since my 30 yr old brother lives in it, he refuses to kick him out. We wanted to save money of rent by living in a mobile home, however it seems that won't be possible so we're spending on average around 1,200k in rent monthly.
Would it be possible for us to skip that step and apply for an USDA loan? We have savings but not enough for a 20% down or something like that. Do we have any opportunity on getting a Condo, we want to make sure its non-HOA. What would you recommend we do if we are first time owners?
I am kind of embarrassed to say that although I have done some research I am still a little confused on what the lender plays under USDA, anyone care to give me an insight on that?
We can get something small, we don't have kids just a small dog. Rents in Orlando are crazy and we just want to settle in a place we can call our own. We have moved over 4 times only in the past year. It is very discouraging, all due to my father making us sign a lease of a 3-month promising we would have the mobile home by the end of it, obviously it was not true and I am disappointed to say I have come to realize it now, quite a thousands dollar spent later.
**Note we have a Navy Federal account. Should we go with their no down mortgage option instead?
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source https://www.reddit.com/r/RealEstate/comments/ewh398/is_it_possible_to_get_a_no_down_usda_loan_with_a/
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