Buyers In Rural Area's May Qualify for FHA Loans

I attended a seminar at a local bank yesterday and got some clarification on a loan program that may be a big help to some buyers. The FHA has a Rural Areas loan program (Jackson Hole qualifies for this) that allows buyers, who are owner occupants, to borrow money at reasonable rates with low down payments. As a buyer you must have good credit and you'll need to qualify but you can borrow up to 97% of the homes value. That's an unbelievable 3% down! Here's something even more interesting, if you don't have the 3% down they'll allow a family member to gift it to you. There are maxes on what you can earn and there is a limit of about $693,000 you can borrow (set to lower at the first of the year) but it is a great option for a buyer looking to get into the market now while prices are lower. At the time of this writing there were 70 condos and town homes listed for sale in Jackson alone with 15 of those being at or below $400,000.