What's the catch? Here are some of the eligibility guidelines:
The property must be located in a "rural area" (usually a population of less than 20,000 people). To find out if the property you are purchasing is eligible for USDA Financing, visit this webpage: http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio
There are also income limits for this type of loan. To find out if your income is eligible for this type of program, visit this webpage:
Tierra Antigua Realty
As previously mentioned, you're able to potentionaly qualify for both FHA and Conventional financing based on the purchase price and downpayment stated in your question. It is to your advantage to take the first step of pre-qualification before you make an offer.
For your reference, more information on the home loan approval process is located here: http://www.luettmortgagegroup.com/home-loan-approval/
An FHA loan requires 3.5% down soyou have a sufficient downpayment if you have a decent credit score and sufficient income. Your mortgage payment taxes and insurance plus all car payments credit card payments and student loans should be no more than 45% of your gross monthly income and a credit score of 620 or better will get you a reasonable interest rate.
Feel free to call me if you want to get pre-qualified.
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
So far so good. Howâ€™s your credit, income, job time, reserves? You need to meet with a mortgage lender to review your complete file. The only person who can say no will be the lender who has reviewed a complete file and can say where you may not meet the criteria. Good luck.