Here is a link to search for USDA qualifing areas.
How are you? Unfortunately, the only way to avoid paying mortgage insurance is to be able to come up with at least 20% down payment. However, below is a summary of what the FHA loan is:
FHA (Federal Housing Administration), also known as HUD (Department of Housing and Urban Development). The Federal Housing Authority is a federal entity that governs the FHA mortgage program, which is a low down-payment mortgage program with flexible credit and qualifying guidelines.mortgages. Here is a website that you can find out more on FHA Loans:
It gives you everything you need to know about FHA there. Buyer's assist is when you do not have money upfront to cover some of your closing costs, then you can factor that into your offer as a part of your mortgage. For FHA, you're allow to get up to 6% seller's assist with 3.5% downpayment (at least 3.5% of purchase price has to be your funding to bring to settlement).
If you have any other questions regarding loans or helping you find your next home, please feel free to email me at Phong.Lam@c21ag.com or call me at (267) 918-1880.
Thank you and I'm looking forward to hearing from you soon!
Have a great day!
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
P.S. I would like to pass along this good news that was officially put into writing by President Obama recently in regards to the extension of the $8,000 First-Time Homebuyer Tax Credit. In addition to that, it is now expanded to current homeowners as well. If you or anyone that you know were looking for a house but were discouraged to buy because the expiration date of Nov. 30th was approaching fairly quickly, there is no need to worry anymore because it has just been extended until next year!
I deal with alot of FHA buyers. FHA will have mortgage insurance. In fact any loan that does not have 20% down will have mortgage insurance. Conventional mortgages allow you to get a 3% seller assist while FHA allows 6%. Also the amount of money that has to be yours in the deal is 3.5% and although the interest rates for FHA can be a bit more than conventional they are not too much higher. It's a good option for those that do not have alot of money to put down on a home and for those that have a few credit glitches as the underwriting for FHA is not as strict as conventional. Hope this helps.
Jennifer Daywalt, Realtor
Re/Max Results Realty
Top Agent 2004, 2005, 2006, 2007, 2008
610-489-7355 Main Office
The catch is you will pay a higher interest rate.
There are other programs available to people that do not have the 20% down. Your best bet isto talk with a local realtor and he/she can help you find out what type of loan you can qualify for at this time.
A good loacl realtor in your area is a man by the name of Gary Mercer. If you would like me to arrange for him to contact you send me an email at "email@example.com"
Good luck you your house hunting
Mike Rayno, Realtor
Prudential Fox & Roach