My fiance and I have not been getting along for some time. We bought a house through a USDA program in 9-09.?
Through the program, you can not sell your house for at least 3 years. We have been there almost a year. We have two children under 18. My fiance has been threatening to move out daily and finally I told him fine, but that I will file for child support. He said if I file for it, he will go for custody. He is not an involved father at all, very verbally abusive to me and sometimes the kids. Which is another reason I said for him to leave. Our mortgage payment is 675 a month and I assume he’d still have to pay half? Since he is on the title and mortgage loan, too. I read that in NY state they calculate child support my combining both parents income and multiplying the total by 25% (for two children), if I do it that way I come out with almost $ 500 a month, but do they always go by that? I heard before that they might say he is below the poverty line and he won’t have to pay more than $ 50/mo. If he moves out, he will move back in with his parents, and have NO bills whatsoever. I just want to make sure he doesn’t leave us with nothing, I work full time, but I can’t make it on just my income.
Im looking into obtaining a section 502 rural housing loan from the USDA for low-income people. I have researched some of the usda’s info but cant find answers to my specific questions. My questions involves the repayment ratio, amount of mortgage financed, and subsidy. From what I understand, the income and debt of the household is used to determine the amount of the mortgage that the program gives to you – so that the mortgage, taxes, insurance, and interest will be no greater than 30% of the total income. What is confusing me is this: first, I dont understand where the subsidy comes in – does the govt subsidize the payment so that it will be less than 30% of income, or are you only allowed to buy a home if the payment is 30% of income. Second, using 30% of my total household income towards a mortgagae payment would never let me buy a home in my area, where the cheapest house costs $ 300,000. So can someone please clarify these questions and the program basics. Thanks!!