One of the most misunderstood conceptions about home loans is that homebuyers will need at least a 20% down payment to qualify for a mortgage.
The truth is home loans are still available with no money down. The USDA loan is a 100% mortgage designed to make it easier for people to buy homes in rural areas. The first step is to see if the property you want to buy and you, as a buyer, are eligible for a USDA loan. The property must be your primary residence and considered rural by USDA standards. The homebuyer's income can not exceed 115% of the median income for your area.
VA (Veterans Affairs) loans require no down payment and no mortgage insurance. Those eligible include: Veterans, Active Duty Personnel, Reservists/National Guard Members and Some Surviving Spouses.
For detailed information regarding either of these loan programs, please contact us at Equity Loans, www.equityloansoregon.com.
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