Posted by Linda Juenger on 9/13/13 8:18am
Msg #484476

Just amazing. Son closed on his first home yesterday

and the entire loan pkg, inc title docs was right at 56 pages. This was a USDA rural loan for low income. He's right out of college, some student loan debt and a car pmt. Small home but adorable, and the pmts including taxes and ins is 1/2 of what rent would be. How can government loans be a much smaller pkg than the big guns and others we see? It was easy peasy.

Reply by apsnltch on 9/13/13 1:25pm
Msg #484516

Congrats to your son....I worked for USDA, FmHA back in the 80's and 90's. Processed these loans on a regular basis. They are good loans to get started into homeownership or at least used to be....I often wondered how heavy the paperwork was anymore with all the new rules and regs in effect. Good Luck to him in this new life venture.

Reply by MW/VA on 9/13/13 2:20pm
Msg #484527

Happy to know he's had a good first-time homebuyer

experience. I think we all know that there's no reason for ANY loan pkgs. to more than that no. of pages.

Reply by sueharke on 9/13/13 3:09pm
Msg #484553

Re: Happy to know he's had a good first-time homebuyer

I found a one page document for the sale of property in my late in-laws papers. It was in the 1950's. My how times have changed.

Reply by MW/VA on 9/13/13 7:42pm
Msg #484628

Most business was conducted "back in the day" with a

handshake. There was very little paperwork. A person's word was their everything!
There was a story a few years ago that a racetrack owner (nascar type, not horse) was
talking with the city of Virginia Beach about bringing a track here. They wouldn't accept his handshake on the agreement & he walked away--no track here. Today it's all about contract & contractual law.