Fannie Mae-No Politics (FNMA)

[BaGr]

I guess I look at it like a lot of people through personal experience. When I first got married and had a 4 year old and a 2 year old I could not buy a home. This was in 93 and I sold cars for a living but wasn't very good. Made enough to get buy but it would be a few years before I really was making any money. My problem was time on the job and down payment. I learned about Farmers Home Administrations first time buyer program for lower income buyers. All I had to do meet income requirements which was backwards because you had to show a need due to income. It was 0 down but everything about the loan was by strict guidelines. From the size of the house, to how it was built, to where it was built. It had to be in a rural area. What it did was allow me to build a home and fill the one dream that everyone has. I would have done anything to keep this house and not go back to renting. How much money I had personally in the house played no part in me never wanting to lose my families home. If you are in a position to where that doesn't matter your down payment isn't going to matter either. Without FMHA I would have been throwing money away in rent and have no idea how long it would have taken. The next and only other house I bought was my current home and that was through the VA at 0 down.