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State and Local Housing Programs USDA
State and Local Housing Programs USDA:
Many state, county and local government programs offer financing for qualifying low-to-moderate income families wishing to purchase their home. State and Local Housing Programs USDA programs have many benefits for those wanting to purchase a primary residence. This loan is based on the population of the area and requires no down payment from the buyer. Usually the seller is allowed to contribute 6% toward the buyer’s closing costs, just like an FHA loan.
This program typically offers:
- More relaxed qualifying guidelines. Only 3 tradelines required.
- NO upfront fees (only pay for the appraisal)money usually returned at closing
- The seller can pay 6% of costs
- 100% financing. No down payment needed.
- Lower interest rate
- Fixed rate 30 year term