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For first-time house purchasers, it may be difficult to cut back for the advance payment. Down re re re payments differ considerably — through the 3.5% needed for FHA loans for first-time purchasers towards the 20% that lots of Us americans think must certanly be their minimum down re re re payment.
For most, though, also saving up 3.5% can look like a battle that is uphill. For the $250,000 home, this could be $8,750. Obviously, this could be viewed as a significant hurdle to homeownership.
But there’s another choice that’s usually overlooked: a USDA mortgage loan. Continue reading →