Eastern Eight works with a variety of partners to offer multiple loan types in order to best serve you. Among those are;
USDA Direct 502 Loan:
Used primarily to help low-income households purchase homes. Direct 502 loans offer mortgages in rural areas to low and very-low income applicants. It includes a 33 or 38 year term, depending on household income, with a current interest rate at 2.75% (APR 3.0%) but can receive government subsidy which could effectively reduce the rate to as low as 1.0%. It is 100% financing with a fixed rate mortgage an no mortgage insurance required.
USDA Guaranteed Loan:
No down payment loans for rural borrowers with qualifying income. Households witha fa mily size of four or less can earn up to $86,850 per year, and a family size of five or more can earn up to $114,650 per year. USDA Guaranteed offers 100% financing.