There is a USDA program, which requires no downpayment. Depending on where you get your loan, some lenders are more leanient on credit scores. A local lender has been able to get some loans to go through with not such great credit. The only thing about the USDA loan is that their standards are a bit more strict than FHA or conventional financing. FHA is a similar program to USDA, although there is a downpayment amount of 3.5% and there is mortgage insurance but they will allow for manufactured homes, shops, barns, etc. There are also some options for a lower downpayment conventional financing as well. I just had a client approved for a conventional loan with only 3% down, although credit score has to be higher than that of an FHA or USDA loan. These are some options. If you would like some contact information for a lender in the area and some homes currently available I would be happy to help you.
Broker | Buyers Specialist
Sherri Gregory Real Estate Team
I sounds like it would be worth you checking into and may get you into a home easier than you think. I'm here in the Portland area - but can do loans anywhere in the State. If you don't have a loan officer you're working with to check into this for you - I'd be happy to help.
Real Estate Broker & Loan Officer
Keller Williams Realty & Sunset Mortgage Co.