Posted on 03 September 2009
Tags: attractive option, closing cost, department of agriculture, insurance, loans, moderate income individuals, mortgage, new construction, property taxes, renovation, rhs, rural areas, rural housing service, u s department
RHS Loan
The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence.
RHS Loans are an attractive option because:
- Minimal closing cost
- Low or no down payment
RHS loans can be used toward the purchase and renovation of a previously owned home or a new construction. Families must be able to pay their monthly mortgage, homeowner’s insurance and property taxes.
Posted on 03 September 2009
Tags: attractive option, conventional loans, department of housing, department of housing and urban development, federal housing authority, fha loan, fha loans, fha mortgage loans, first time homeowners, housing and urban development, lenders, loan limits, u s department
FHA Loan
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
Learn more about FHA loans. (Department of Housing and Urban Development)