Types of Home Loan Programs

Home Loan Programs

Following are descriptions of the available home loan programs. Not all programs will meet the needs of all borrowers. Our goal is to make you aware of your options.


USDA 502 Guaranteed loan

  • This program offers 100% financing with No down payment. Elevated income cap based on county income limits. No purchase price limit. Guaranteed by the USDA but the funds are issued by a USDA approved Lender and not the Government.

FHA 203B

  • This program offers the easiest qualifications to get financing. We can go down to a 580 credit score on this program. You can get the down payment from family, savings, or use your tax refund. Can be used for basically any type of home urban or rural.  No income cap.  Loan limit is usually around $271k.If your credit score is below 600 a 3.5% down payment from your own funds will be required.

FHA 203B Down Payment Assistance  

  • With a 600 or better credit score you can take advantage many available municipal programs which provide Down payment Assistance. The benefit here is that you can buy a home in an urban area, like a big city.  This is the one major advantage over USDA.

FHA 203K Loan

  • This program is designed for folks wanting to make repairs or renovations to their existing home or a home they are buying. For example, house needs roof, flooring, appliances, and furnace or some work to make it suitable for your needs. With this program you can get the funds to pay for these items.  The amount you want for the renovations is added into your loan. For instance, if the home is $100k and the total cost of all renovations is $20k, your loan amount will be for $120k.

FHA $100 Down

  • This program is designed for homes that are FHA owned foreclosures, ofterrefered to as HUD REOs. The FHA offers a special deal on eligible properties where the down payment is $100. It has to be a HUD owned foreclosed property. It can be for a single family home.  Can only be used for primary occupancy.

FHA Good Neighbor Next Door

  • If you are a teacher, state or federal employee, this FHA product is the best deal town. You can buy an eligible HUD owned home for 50% off the sales price! For example, if you find an eligible HUD owned foreclosure that is listed for $100k, you can buy the home for $50k. The only requirement is that you must live in the home for three years.

Veterans Administration (VA) Loan

  • If you served in the military for adequate time and were honorably discharged, you should be eligible to buy a home with a VA Guarantee. Its 100% financing. No Private Mortgage Insurance (PMI). No income limit. Can purchase in urban or rural area. Minimum of 620 credit score required for this program.

If you have more questions please contact us at 888-979-USDA (8732)

Email info@usdaloansdirect.com 

You can also apply now, click on the link below

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