Would I qualify, and if so, what would my monthly mortgage payment be?

USDA loans are for homes in USDA areas.. if that home is not in a USDA area, you cannot do a USDA loan... As far as payment.. FHA with MI should be under $800 per month, which is 15.5% of your monthly income... If the home qualifies for USDA, your payment would be about $50 per month lower... but either one gives you a low payment... and ratios well within lender limits.. if the payment is $200 more than you want to pay, then you need to look at a lower priced home.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Your payment is only off by $200.00 dollars. Have you talked with your mortgage professional or real estate professional to see if there is anything they can do to work with the seller to get this deal done? Good Luck,Johnwww.mortgageratepa.com

Hello, I can lend in your state.. 3003 Drummond St, Vicksburg, MS 39180This address is not located in an eligible area. I checked out your home, and it is not USDA, SO for that home, your will need to go FHA, AND also , your income could be a factor for USDA, they are based more for low to medium income,, so i will look up your county limits for you linda

Sounds like you might need to look for a cheaper home.

I ran FMC Mortgage Company and Envoy Mortgage offices on Clay Street in Vicksburg MS and still actively work with many clients in the Vicksburg area. Vicksburg is within the USDA/Rural Housing area and you appear to qualify based on the information you provided. There are a couple of items I would like to discuss with you: 1. The taxes seem high for Vicksburg. Is it possible that the current owner does not have a homestead exemption filed on the property? If not, this would lower your total monthly payment in the long term. 2. Have you competitively shopped for your homeowners' insurance. I know several insurance agents in the Vicksburg and Jackson area who could get you competitive quotes. Although the rates for FHA and USDA loans is approx. the same, the mortgage insurance for FHA loans is 1.2% and the monthly MI for USDA is now .3% so the payment will be less with USDA. Call me on Monday at 888-407-1592 and we can line up all the figures including taxes and insurance and hopefully get you into the house you are dreaming about.John Desmond, ENG Lending

Have you considered getting the foreclosure removed from your credit report? Send me an email to Nathan@MorCredit.com or give me a call at (917)684-6047. Lets speak soon.