Posted on: January 22, 2018Purchasing a new home is a tricky affair with a seemingly endless range of options, each one accompanied by its own down payments, closing costs, and other fees. If you’re looking for an affordable option that will help you get into your home with as little money as possible, try one of these lesser-known new homeowner loans.
USDA Rural Development LoansThe United States Department of Agriculture (USDA) offers several home loan programs for moderate to low income families, to encourage home development in rural areas. If you’re interested in buying a home far from the city, these might offer the ideal solution for your needs. You can choose from:
- Single Family Housing Guaranteed Loan: For borrowers with an income up to 115% of the local median income and a credit score of 620 or higher
- Single Family Housing Direct Loan: For families with an income at or below 80 percent of the median income in the area who are not eligible for a traditional mortgage