FHA loans -- If you meet certain income and other guidelines, you can get a federally insured home loan with as little as 3% down. There is a premium for this insurance added to your loan payment every month. These programs typically require credit checks and qualifying income levels, though the ratios are higher.
Rural Development Loans -- These loans administered by the US Department of Agriculture allow qualifying low-to-moderate income individuals to purchase homes in rural areas with no down payment. If the home appraises for more than the selling price, it is even possible to finance the closing costs. The borrower must meet income and credit guidelines and the home must meet strict guidelines (especially in the area of energy efficiency). For the low income buyer, an interest rate subsidy may be included. This is an excellent no down program for those who qualify.
In the Joplin area, including NE Oklahoma and SE Kansas, you can qualify for an FHA or USDA loan by filling out the Online Loan Qualifier from Tom Hanna and Mortgage Partners Mortgage and Iola J. French, Broker. Tom Hanna of HH Mortgage will run your credit and, with the information you provide including your downpayment amount, determine the best loan for your situation.
Outside the Joplin area, I am working on finding a lender who provides an online application for these types of loans. Check back to this page regularly as there should be one available soon. For USDA loans, there is a direct lending program that you can register for at your county office of the US Dept. of Agriculture. You can check the phone book blue pages (government listings) under Government - US or Federal.

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Iola J. French, Broker	Tom Hanna, Missouri Licensed Real Estate Agent
Address	PO Box 166, Granby, MO 64844

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Sunday, March 2, 2008