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Anyone worked with HUD/USDA gov't home loans?

I live in a rural area and I am in need of a home. The problem is all the houses available are for sale only. I am weighing my options with very little to work with. Any input I receive would be greatly appreciated!

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Asked by auntj at 1:33 PM on Nov. 9, 2008 in Money & Work

Level 3 (25 Credits)
Answers (2)
  • Govt loans in like a VA loan? you can also look into the first time home buyers program alot of cities have those with monies you dont have to pay back.

    Answer by Anonymous at 6:42 PM on Nov. 9, 2008

  • I am a mortgage processor in WI and MN and can help with any questions you have. FHA loans require that you have a down payment of 3% but it can be a gift from a relative. USDA loans are 100% financing but you have to be within their income limits for your area. USDA loans you must have clean credit for the last 12 months, no lates. Interest rates are fixed rates and are between 6.5% and 7.5% as of Friday. Let me know if I can answer any specific questions for you.

    Answer by Kari126 at 11:30 PM on Nov. 9, 2008

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