Hi Phil - looks like Sweet Home qualifies for the USDA Rural Home Loan program. It's a great loan that doesn't require a down payment and has no mortgage insurance. There is a one time upfront fee of 2% of the purchase price - but they roll it into the loan and allow you to have a loan amount of up to 102% of the appraised value (with the 2% being the fee). It's a great loan and rates are awesome. Minimum credit score needs to be around 660, you've got to have 2 months PITI reserves in the bank, and the seller can contribute up to 6% of the purchase price towards your closing costs. With your 5K in the bank - you should be the requirement for the reserves.
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.... more