I dream of home ownership

Hello friends,

My dream is to own a home. In my perfect world, I would find a house where I can have my mother and step father move in with me, and that way, help take better care of them. I moved to Virginia from Florida a little over a year ago in search of a better paying job and better quality of life. And yes! I wanted to experience the four seasons and adventure out in the cold. Crazy you say? Well, maybe a bit crazy, but be honest, who isn’t at least a little non compos mentis?

So then, last October, I relocated my parents here from Florida to have them closer to me, and to monitor their health and other issues closely. It has been a long journey for them, physically and emotionally. As we all age, the roles get reversed and although it may seem sudden, (it isn’t)… well, now I find myself trying to help them in their later years. I found a house with a garage apartment in Brandywine, MD that would work to get all of us living close yet with privacy. With my budget, a rural type environment is my best bet to find affordable housing in the DVM area.

What’s the problem? The problem is that I do not have the money for the down payment. The loan needs to be a 203K loan, which is a rehab loan. The property is bank owned and although it qualifies for USDA loan, they will not accept it. I have looked at dozens of houses, and basically coming up with the same situation… although the house may be in a zone eligible for a USDA loan, most bank owned properties will not even look at an offer submitted under USDA. So what is a USDA loan you ask? Well, this is the summary: USDA loans are zero-down-payment mortgages for rural and suburban home-buyers. … USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

This is a weird feeling and as I write this request, I am uneasy about it, to say the least. Why would anyone care that I don’t have the money for the down payment on a house? But, I am a divorced woman, have been living alone for many years taking care of my finances and keeping a rental roof over my head. I want to stop paying rent and pay for my own mortgage.

It would mean so much to me to be able to provide this housing aid to my parents, as well as being able to stop paying rent. Everyone needs help on occasion, and this is my turn.

Let me know your thoughts…

Thanks,
Susan