# USDA loans



## Waiting Falcon (Nov 25, 2010)

Does any one know about loans against age? Is a woman, age in the late 60's early 70's likely to get a 30 yr loan if she asks for it?
I have an older woman that is diligently seeking a loan to buy my place. 
She is not frail and appears to be very healthy.
The fact that she is a widow...will that make a difference?

Is she wasting her time and mine?


----------



## katy (Feb 15, 2010)

To many variables to be cut & dried. The age is certainly not a positive, OTOH, how much income and source, cash in pocket - down payment, how experienced she is in dealing with the financial side of things. Does she have property to sell that is contingent for this saled to go thru ?

good luck.


----------



## Waiting Falcon (Nov 25, 2010)

She has property, money in the bank , a good SS check at least and I do not know what all else. 
<G> She also has a lot of energy


----------



## simi-steading (Sep 27, 2012)

You can not be denied a loan because of age, race, sex, and so forth. SS can be considered for the income.

She can only be denied over amount of income, and credit.. the same as any other person.

Here's the laws... 

Mortgage Discrimination


----------



## Micheal (Jan 28, 2009)

Know of a couple in their late sixties just got a loan via a credit union for 15 years. Only stipulation the CU had was that they did have to carry (life/mortgage) insurance.
In turn they had better than 20% down and an above avg income.


----------



## Waiting Falcon (Nov 25, 2010)

She is wanting a 30 yr note with low interest.
Farm Services told her they were out of money and now she is working 
with a second bank.....


----------



## simi-steading (Sep 27, 2012)

Waiting Falcon said:


> Farm Services told her they were out of money


hhhmm.. if that's true.. that's SCARY...


----------



## Waiting Falcon (Nov 25, 2010)

I can find no proof of Farm Services being out of money but I did find the below link........


Nevada Daily Mail: Local News: Farm Service Agency to host open house Oct. 18 (10/11/12)


----------



## nickvree (Sep 26, 2012)

Waiting Falcon said:


> She is wanting a 30 yr note with low interest.
> Farm Services told her they were out of money and now she is working
> with a second bank.....


DW and I used a USDA loan last year to buy our house, and in my research, I did find that they have X amount of money each year to use, and once that's gone, that's it until the new year.

Good luck in selling your house!


----------



## Jerngen (May 22, 2006)

My remaining grandmother just moved here to MI to be closer to us. She's 70 and was able to get a loan to buy a house. 

(I believe she put a full 20% down.....)


This was in July of this year.


----------



## MN Gardener (Jan 23, 2008)

simi-steading said:


> hhhmm.. if that's true.. that's SCARY...


USDA only allocates a certain amount of money each year to their program in each area...usually about Oct / Nov they run out and in Jan that money is replenished. So, they are only temporarily out.


----------



## Lavendergrl (Sep 15, 2006)

No they can't discriminate. They may be out of money in one region, but not in another.

First, talk to her and figure out by her income if she will be looking for a Direct or Guaranteed loan. IMPORTANT.

She may be looking at a 15 yr, but if she is too poor for the payments, they sometimes buy down the interest on the direct so the person can afford it. The down payment is 0 on the direct. 

These loans are good but not a free lunch. The freebies will be paid by her heirs from any profit on the home on any interest-rate buydown.

If her credit score can't be improved to 625, I'd quit wasting my time if I were you. 

First, go to the USDA Loan website and read up. Also, at places like creditboards.com and myfico.com the folks will answer questions about it for you.


----------



## dlskidmore (Apr 18, 2012)

When she dies the bank will force a sale if her estate can't keep up with payments, but if the value of the property is reasonable in relation to the size of the loan, they shouldn't loose money in that case. She probably won't be able to leave it to her kids unless they're prepared to take up the payments on it...

That's the whole point of a secured loan. Now an unsecured loan is a bigger risk, and that's why unsecured loans have such high interest...


----------



## Waiting Falcon (Nov 25, 2010)

Interesting info! thanks for sharing. 
I have not seen/heard from her for a while so she may be waiting or have given up. There are other people interested in the place anyway so who ever comes up with the money first gets it!


----------

