FHA or USDA?

The answer is simple. To qualify for a USDA loan, the property must be eligible. Assuming the property is eligible, then there are minimum / maximum income thresholds the borrower/family must meet. Assuming you meet these thresholds, then you are probably better off with the USDA because they require no down payment and there is no monthly Mortgage Insurance. Make sure you work with a seasoned Licensed Mortgage Banker/Broker instead of one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. The bank employee? Not so much. Maybe some training, but NO Testing and NO Licensing. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

FHA requires 3.5% down payment, 1.75% upfront mortgage insurance premium, and 1.25% annual insurance premium paid monthly. USDA has no mortgage insurance and you can finance 100%, so Zero down payment.. If you and the home qualifies for USDA, it's probably a better way to go.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

First, with USDA, WE have to first see if the home is elliglbe.. THERE should be quite a few for you, i used to live in tigard , or, and beaverton, or , and the USDA , is a rural loan, so if you find a house , email me and I can look it up for you.FIRST , USDA, 100%% LOAN, NO MORTGAGE INSURANCE income qualify, you can not make too much income FHA will need 3.5% down will have mortgage insurance , and later after one yr of good payments, you can also streamline to a 15 yr for a option if you want, call me at 602-330-1598 or email to yourloanpartnerforlife@live.com

also you score will work for either

The answer is always "it depends", there are so many factors that could sway your decision. Assuming you and the property are eligible, you can recieve financing for your purchase and the closing costs. However, you will start with negative equity in the property and a higher monthly payment.