It is July 21, 2014, and I have 3 current clients who are in escrow with a USDA loan.
A USDA loan is a no money down loan, and you do not have to be a first time homebuyer to qualify. It all comes down to the location of the property you are trying to purchase, as well as your income.
There are also several grant programs out there that I try to find for my clients, if you can qualify, a lot of them can get you into a house with no money down, and it doesn't need to be in a rural area.
I also have one client that just purchased a home for $155,000. She didn't qualify for a USDA loan because of the location, but my loan officer was able to qualify her with what he calls the "first down program". Where her down payment was 1/2%. It was $750 for her down payment.
If credit score is what you are worried about, I also work with a lender who can qualify you with a 580 credit score.
· 5 years ago