For many folks who share space in the home of another family or who dwell in substandard housing, a USDA or FHA loan is a good mortgage option. These are perfect programs for individuals who do not earn very much but are able to make small contract payments. Here are some details of each program to help you make your best choice.
The United States Department Of Agriculture
The USDA (or United States Department of Agriculture) grants full coverage loans to individuals who live at or below the poverty line. This sort of contract is not just made with farmers. The department pays for the full cost of a new home, an old dwelling or for the construction of a new abode in a rural area.
The Federal Housing Administration
The FHA (or Federal Housing Administration) makes contracts with families who live at or below the poverty line. The rate at which they will loan their money to you varies depending on what state you live in. It should be noted that despite the name, the FHA is a private institution.
If you do not have a large income, you can get an inexpensive loan from one of two agencies. Folks who desire to live in rural areas can get USDA loans for the full cost of their dwellings. The FHA grants contracts to people living in poverty in any part of the country.
If you have a steady but low income and want more information on these types of loans, contact us!