Buyers In Rural Area's May Qualify for FHA Loans
By Dana Harris, The Coast Life Team
(Coastal Premier Properties)
I attended a seminar at a local bank yesterday and got some clarification on a loan program that may be a big help to some buyers. The FHA has a Rural Areas loan program (Jackson Hole qualifies for this) that allows buyers, who are owner occupants, to borrow money at reasonable rates with low down payments. As a buyer you must have good credit and you'll need to qualify but you can borrow up to 97% of the homes value. That's an unbelievable 3% down! Here's something even more interesting, if you don't have the 3% down they'll allow a family member to gift it to you. There are maxes on what you can earn and there is a limit of about $693,000 you can borrow (set to lower at the first of the year) but it is a great option for a buyer looking to get into the market now while prices are...