Here's a great alternative financing option to conventional lending....it's the USDA Rural Housing Program.
FACT: 30 Year Fixed Term
FACT: No Mortgage Insurance(Guarantee Fee of 2% required up-front & can be financed)
FACT: No Payment Reserve Requirements
FACT: No Down-Payment(Program allows 102% Loan-to-Value based upon HIGHER of Appraised Value or Purchase Price)
FACT: No Maximum Seller Concessions (If greater than 6%, comment from appraiser required)
FACT: 100% Gifting permitted. Donor must be disinterested third party
FACT: No Minimum Credit Score requirement
FACT: No First-time Home buyer requirement
FACT: Income Limits apply (Based upon Family size, until 1/20/2009)
Happy Home Searching!