Seems from everything we hear in the media, it’s next to impossible to get a mortgage loan. But if you can qualify, you’ll need a hefty down payment. Is this really true?
Generally, a buyer needs at least 3.5% down for an FHA loan, however, depending on the state there are some programs available to reduce this amount depending on grant money available and particular situation of the buyer. Qualified Veterans have access to VA loans, which are a great deal.
However, if you’re flexible enough to live in a rural setting, there are programs through USDA offering mortgage loans with no down payment, similar benefits to a VA loan.
USDA Rural Development Loans have restrictions on the address and a few other items, similar to other types of loans, but it’s a great option to get the best deal for first time homebuyers considering buying in the outskirts.