FHA loans have been helping people become homeowners since 1934 and is the largest insurer of government loans. How do they do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.
- Low down payments
- Low closing costs
- Easy credit qualifying
FHA might be just what you need to purchase your next home. Your down payment can be as low as 3.5% of the purchase price. This can be cash, trade, or land equity. OCH can also pay for all or most of the buyer’s closing cost as well, which allows our customers to keep more of their money in their pocket. Of all the government insured loans available, FHA is usually the easiest with credit qualifying.
insured loans are a benefit for qualified Veterans of the United States Armed Services allowing them to purchase a Factory Built Home for as little as $500 down with no monthly mortgage insurance premiums. VA
allows a seller such as OCH
to pay for all the borrowers closing cost as well. OCH
appreciates all that our Veterans have done for us and will donate $200
toward the Wounded Warrior Project
for every veteran who purchases a home from us.
This program assists approved lenders in providing low and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers. Borrowers are able to purchase a New Jacobsen Modular Home
and Land Package with as little as $500 down.
Who may apply for this program? Applicants must: Meet income-eligibility. Agree to personally occupy the dwelling as their primary residence. Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien. Have the legal capacity to incur the loan obligation. Have not been suspended or debarred from participation in federal programs. Demonstrate the willingness to meet credit obligations in a timely manner. Purchase a property that meets all program criteria.
Why does USDA Rural Development do this? This program helps lenders work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.