I call this the steak loan because it is has it all and is offered by the US Departement of Agriculture....
Realtors make sure you have access to this program it is AWESOME
Short and Sweet here
SINGLE FAMILY RESIDENCES/PRIMARY RESIDENCES (NO INVESTMENT OR SECOND HOMES)- outside areas not major counties but pretty much every other county qualifies because these maps are outdated. You can go to usda.gov and look for property eligiblity you would be surprised how many qualify
102% of APPRAISED VALUE
580 FICO SCORES AND UP
UNLIMITED SELLER CONTRIBUTIONS
NO MORTGAGE INSURANCE
RATES ARE AROUND 6 - 6.5 DEPENDING ON THE DAY
IF YOUR PROPERTY FITS THIS IS WAY BETTER THAN FHA...WAY....NO MORTGAGE INSURANCE - USE THIS TOOL TO HELP CLEAR OUT SUPPLY WITH GREAT TERMS.
NOW USUALLY YOU ARE LOOKING AT A MAX OF 250K LOAN AMOUNT THESE CUSTOMERS CAN MAKE 115% OVER THE MEDIAN INCOME WHICH IS THE MAJORITY OF PEOPLE...