Buying a home in today's economy

Campaign 82 currently deals with many states across the nation and though the price ranges and home types vary, the general concerns are always the same...  Loan qualification.   Recent statistics show that 6 of 10 applications for home loans are being denied.  That's the majority!  So when you ask for help with getting to the point of buying a home you are in good company.
Here are the generals:
Most loans are done by banks and mortgage brokerages and are backed by FNMA, FHA, VA, FHLMC, or USDA.  The main difference in these is the down payment and credit score requirements.  Any loan given by a bank or mortgage broker will require a minimum of 620 credit score.   We will talk about alternatives to bank loans after these.
For no down payment (100% financing) VA and USDA are the options.  VA is a veteran's loan and requires honorable military service.  USDA is a loan for rural development and has income limits as well as location requirements.
FHA loans require 3.5% down payment.  If you do not have the down payment saved you can try for down payment assistance programs which are common in the State, City, and County levels.  FHA has a loan limit for each area - generally in the $300k range.
FHLMC and FNMA (Fannie Freddie) both require 5% down payment and generally 680 credit scores.  No income or geography restrictions.

So for those that do not meet any of the above requirements there are alternatives as well.  The most popular are direct loans (section 502) and not for profit entities such as NACA.  Section 502 is also a USDA loan but this loan does not go through a bank or mortgage company.  It comes direct from the government and also has the bonus of below market rates fixed for 33-38 years.  This means the payment could be a couple hundred dollars less than a traditional loan for the same amount.  There is no down payment required.  It has income restrictions of 80% Area Median Income and the same geography requirements as the basic USDA guaranteed loans.
NACA is a not for profit entity that advocates home ownership through stringent education to buyers.  They pride a less than 3% default rate in the process of about 60 days educational requirements to potential homeowners.  It may be more tedious but it has not geography restrictions and a 95% approval rating.
For more detailed information please feel free to email us at info@campaign82.com and we will respond quickly with the best options in your area for your situation.