Do you qualify for the many government assisted loans? I promise you after watching this articles, you will have a complete understanding of whether or not you qualify and most importantly what you can do to qualify for these government assisted loan programs. There's millions of people that are not aware that they can purchase a house for as little as $1,000 investment. This is no joke. I'm not blowing smoke. This is the real deal. These are FHA, USDA, VA. We're going to go through the complete details of how you can own a home just like this one for as little as $1,000 total out of pocket.
Government Home Loan Programs Explained (FHA, USDA, VA)
A simple breakdown of the three major government-backed home loan programs and how they differ.
You see, if you're like a lot of people, your biggest reason for not buying a house is you just don't know. It's the overwhelming concern. It's the fear, the fear of the unknown. But I'm here to show you and here to tell you and here to help you through the process. My name is Wayne Turner. I've been in the real estate business for 30 years. I have bought, flipped, built, sold. I've helped thousands of people with their real estate transaction. And I only share that with you so you can have the confidence and the comfort knowing that what you learn from me is from actual real life tried and trueue experience.
Most people call and tell me and they reach out to me. You can go to contactwne.com and I tell everyone if you've got a 620 or higher credit score, that's where the magic happens. 620 or higher credit score, you can get a USDA loan. If you have two years on the job to show proof that you have income, you've paid your taxes, then you reserve the opportunity to at least help yourself through this process.
So many people, I can't tell you, come to us on a daily, weekly, monthly basis that say, "Wayne, we we need help, man. We we never bought a house and we're concerned, we're scared, we don't understand." Listen, I get really frustrated because the school system makes you have to have two years of a foreign language, but yet they don't teach you money. They don't teach you credit. They don't teach you finance. Hell, you go to college. I got friends who've been to college. I don't have a college education. I I did. It's all I could do to get out of high school. But I got hustle. I got grind. I got grit. And I jumped into the real estate business in my early 20s and I've never looked back.
What's most important is people need to understand. And that's why I do these articless. That's why I created these channels. That's why I'm on Tik Tok and Facebook and YouTube because it came to me about three years ago that people need help. They need assistance. And I'm here to share that with you.
So, most importantly, you have to know about a USDA program. That's the United States Department of Agriculture. And they basically fall under the same guidelines as FHA. Most people have heard about FHA, the Federal Housing Administration. So what they do is they insure the loan which makes it easier for independent lenders and mortgage companies and credit unions and and most banks don't even give you mortgages anymore. Like you don't hear of Capital One doing mortgages. You hear of mortgage companies and of course they give you a loan then it's sold to someone else. If you own a home you've experienced that which is irrelevant.
Most importantly it's important for people to know that your interest rate is fixed when you buy any of these houses. And interest rates are low right now. People complain about a 6% rate. And I'm like, my god, are you serious?
If you rent right now, think about this. If you rent right now, you're paying 100% interest. It's no different than going and leasing a car. If you've leased a car out there, give me a thumbs up, leave a comment. If you rented a house for years, tell me what you have gained other than you have to have shelter, right? So even though you have to have shelter, you have to understand that when you buy a house and you own a home like this one and you buy it for x number of dollars and in five years you can sell it for more money.
How to Buy a Home with as Little as $1,000
Learn how government-backed loans make homeownership possible with minimal upfront costs.
Now don't get me wrong, there's people out there be like, "Man, I took a hit. I took a loss." Well, here's where people take a hit and take a loss. when markets really jump high and that's typically where we see Florida and California and oftentimes a weather plays a big part of that because people tend to flock to those areas. South Carolina is one of the fastest growing more people are moving to South Carolina. Why? Because the skies are blue. It helps us with depression. Makes us feel good and the water's lovely. Right?
So, what it boils down to is you have to understand that there are loan limits when it comes to FHA, but that depends basically on where you live, your city, your county, your state. You also have to look into USDA. So, you can buy a house just like this one for less than $200,000. You can get a United States Department of Agriculture loan. Now, these are loans insured by the United States government that says as long as you move into this home, you're going to you're going to use it as your personal residence. You can buy a house like this for literally only $1,000. And that $1,000 is basically just going towards your appraisal to make sure you don't overspend. The bank doesn't over lend. But it's in a home inspection. You never want to buy a home without it inspected.
But you have to understand the government is not loaning the money. The government is insuring the loan. So the lender can loan the money. And when the lender loans the money, it's insured by the government. It gives them a little bit more peace of mind. And that's why they call it private mortgage insurance. So you have a mortgage insurance that you pay if you don't put 20% down on a home like this one.
But what it boils down to is you buy a home, you're not renting. When you rent, you pay 100%. Because whether you live in it one year, two years, five years, 20 years, or 40 years, you have nothing to show for it other than paying for that shelter.
Now, there are some warnings that you have to know when you do a USDA loan or an FHA loan, you have that private mortgage insurance. It's so important to understand, though, that private mortgage insurance on a USDA loan or an FHA loan never comes off. You always pay that. The only way to get it to come off is if you refinance. And of course, you can refinance a property and it's much here's just learn this from Wayne Turner. When banks loan you money, they're doing you a favor, not the opposite. Like, like if you learn anything from me, learn that you're doing the banks a favor by letting them loan you money. Bust your ass and get your credit score cranked up towards a 620, 650 or higher. And at that point, banks, mortgage companies, lenders, creditors, they they flock to loan you money. That's that's why they run the country and have the biggest buildings in the in the world because the banks, they handle the money. They run the money. Everybody thinks it's just the opposite. But you have to be control of you and your money.
And you have to know that if you do an FHA loan or USDA loan, you have to pay private mortgage insurance. And that's an insurance policy that you pay the premium on on a monthly basis that's included in your mortgage payment. It's not real expensive. On a house like this, $200,000, you're going to pay about $180 a month. It's not crazy expensive, but that's 180 a month times a year times four years, 5 years, 10 years, it adds up, right? And you can't get that off unless you refinance.
Minimum Credit Score & Requirements to Qualify
Understanding the key qualifications like credit score and job history can unlock home loan approval.
However, it's easy to refinance once you've lived in a home. Even if you put 100% down or no money down on a property like this, it's still going to increase in value. And when it increases in value and you have 20% in equity, you can refinance. But when it at the end of the day, you have to understand this. You can do USDA, doesn't cost you any money out of pocket. You can do FHA, very little money out of pocket, only three and a half%. And the seller can pay your closing cost.
Now, I know a lot of people say, "Oh, sellers not going to pay closing costs." And I have sellers out there saying, "I'm not going to pay closing cost." I'm like, "Why in the hell would you not pay closing cost?" If somebody offered you $200,000 and they needed um the buyer needed $7,000 to pay in closing cost. So that's like making you an offer of $193,000. If you take 193, why would you not take 200 and pay $7,000 in closing cost? It's a wash. There's no difference whatsoever. And everyone needs to know that whether you're buying or selling a home.
But look, please know as I mentioned, the baseline where the magic happens is 620. You've got to do everything possible to get your credit score to a 620. And how you do that is you pay down everything possible. I talked to a gal the other day and she said, "Wayne, I've got charge off." So, I've got collections, but I've got some cash. Now, this is what you can do. Call those companies. Because what happens is they'll charge it off or they'll sell it to a collection agency. Let's just say you had a a gas card or or a card or a a Visa card, a bank card, credit, whatever it may be. What happens is if you don't pay that after a year or two, they sell that to a collection company. The collection company buys it for pennies on the dollar. Here's what I mean. If you owed $5,000 on a credit card, they probably gave $1,000, maybe even less than that, for the opportunity to go after you for that $5,000. So the the the the creditor that you basically got a credit card from, are you hearing me? They are basically selling that. So they're not going after you anymore. The creditor is going after you. So they relinquish all the rights.
However, when you sign those papers and you click the little box that says, you know, I scrolled through 900 pages and I've read them all but I didn't and I clicked the box. Yeah. That basically says that they can come after you. But this is what you need to do. And hang on to this. This is really important. You can do an offer and compromise. An offer and compromise means that you just reach out to the person that's trying to get the money from you and you can say, "Hey, I know you're trying to get $5,000 from me. I don't have it, but here's what I do have. I have $500. I can send you right now." And if you'll literally report to the credit bureau that says this has been paid, as agreed, and satisfied.
Once it shows paid as agreed and satisfied, it removes from your credit of being delinquent. It removes from your credit of being not paid. It removes from your credit of of being a past collection collection. And then now it's showing paid is agreed and satisfied. And when you do that, you basically scratch that old news. Now you're going into the good news and your credit score starts to crank upwards.
But something that people are not aware of is even though your credit score cranks to be 620 or 630, if you still have collections on there that are that are two years or less, you run into a little bit of a headache because it still shows any bank or mortgage company that, hey, you had a collection on there. Why did you have the collection? So many people are like, well, I had a collection because I lost my job or I had a collection because I had a kid. I had a collection because I got cut back in hours. Whatever it may be. Listen, I too have fallen into hardship. You have no idea from short selling the bankruptcy, divorce, cancer, man, you name it. I have been there and done that. I just feel like it's God's calling on me to be in the real estate business for 30 years that I've been drugged through the coals and now it's time to teach because you learn it, you teach it, and you master it. That's God's will. That's what we're supposed to do. We're fishers of men and teachers of men. And that's why it's so important that I do these articless.
So, you got FHA and USDA. USDA, you don't need any money out of pocket. However, they cap your income in most counties around the country at $110,000. So, if you're $110,000 or less and you have a 620 or higher credit score in two years on the job, it's very likely you qualify for these houses. And you can go to contactwne.com. You can book a call with us. Someone from my team will reach out to you and we'll counsel with you and there's no cost. Now, listen, if your score is less than 620, there's not much we can do. What you have to do is do everything possible to pay off your credit cards and get those things down to get your score to a 620.
Now, after a 620, you're pretty golden. You can do USDA or FHA. Now, what's the difference? Well, USDA is pretty much just like FHA. It's just a matter of when you do FHA, you're putting three and a half% down on the property. When you do USDA, you're not putting any money down. Literally, you're borrowing 100%. Now, that makes a difference also in your, you know, you got to look at what you have coming in for income. What do you got going out for credit card debt?
And this is what's so important for people to understand because people like, "Oh, I got this cell phone bill, I got that." They don't look at any of that. What they look at is they're looking at, "Do you have a medical bill that you're paying? Do you have a credit card that you're paying? Do you have a student loan you're paying? Do you have a credit cards? Do you have do you have a automobile that you're paying? An RV or motorcycle?" They're looking at consumer debt and credit that's going on your credit report. And they'll look at those items and say, "Okay, you're paying minimum payments. They don't look at the balance. They look at minimum payments. If you make $100,000 a year, and you have $1,500 a month going out, they take $100,000. They divide that by 12. They take the $1,500 that you're paying per month, and they subtract that from your gross monthly income before taxes is gross monthly income. And then they get a a number and that number they'll typically loan you about 32% of that. That's the baseline. That's where the comfort zone. That's where the that's that's the honey spot where they can look at okay 32% of that adjusted gross income is what we can loan you on a monthly basis for a mortgage payment.
Renting vs Owning: Why Buying Builds Wealth
Owning a home builds equity over time, while renting offers no long-term financial return.
Is this good stuff so far? I hope it is. If so, give me a thumbs up. Be sure and click the button. Share this articles. Subscribe to the channel. Man, my goal is to help as many people as I possibly can. We're at a like close to 600,000 people on YouTube. And I just learned about three years ago that there was so many people out there that are young enough to be my children that were puking out a bunch of negative misinformation that was completely wrong about housing and real estate and the housing market's going to crash. And there's a couple of yoners out there, man, that are saying the housing market's going to crash. Please know it's not going to crash.
We're about to we're in war right now if you're watching this articles at the at the second week in March and the housing market is still not going to crash. I'll do another articles on that of how typically when we see a war happen. The opposite happens. Home market doesn't crash. Actually, home prices tend to tickle up a little bit. And the reason for that is because the uncertainty. A lot of people like, "Oh, well hell, we're at war. what's going to happen with my job? What's going to happen with the economy? Most everybody tends to pull back a little bit. Gas prices go up. Inflation tends to rise a little bit, especially depending on where the war is happening. But at the end of the day, as I always say, you got to have shelter. And by George, if you're going to own it and have to have it, you might as well own it and not rent it.
Now, here's a little trick that I always tell people. Reach out to anybody that you know that has owned a home for 30 years or longer and ask them what they bought their first house for. After this articles, make phone calls, text messages to people, mom, dad, parents, grandparents, aunts, uncles. Ask them what they bought their house for. I'm originally from Nashville, Tennessee, and I can tell you there's homes there that were bought for 20, $30,000, and now they're worth a half a million dollar. And don't give me that baloney of that was 900 years ago. No sir, no ma'am, that was 35, 4040 years ago. So where else are you gonna make that kind of investment?
You have to understand that as I'd mentioned, when war breaks out, what people do is a hedge on inflation. You know what they buy? They buy houses. When they buy houses, the home values tend to go up. And so the economy and the government, they'll typically adjust those interest rates down to boost consumer confidence, which that's what we will see. The rates will either go down or they will go up. It really depends on the economy and the purchasing. If people suck back and they don't buy anything and they really start just slowing down, you will see the rates come down a little bit. When you see the rates come down a little bit, you'll see a surge in home buyers. when you see a surge in home buyers or the rates come down, and we're seeing it right now. As of March, literally 6th, 2026 of this recording, mortgage loan applications are up 9%. You may be one of those looking out, thinking about buying a house. It's important to know that those people that are making loan applications, they're like, "Now's a good time to buy. The rates are good."
unf unfortunately it's frustrating in some economies and if you're out there I need you to chime in and tell me I'm in Connecticut I'm in New Jersey I'm in Alabama I'm in Nevada California state wherever it may be and say I can't afford a house it's really frustrating I can tell you like in Denver Colorado a house like this one that would sell for about $200,000 would be a half a million dollar in Denver Colorado it's important that you know you have a voice and to communicate on platforms like mine to say, "Yes, this is what a house runs. This is what it costs." And when you look at a $500,000 house and you just put 5% down with a conventional loan and you borrow at money at 6%. You're still looking at $4,500 a month. Like, who can afford that, right?
Look, I'm human just like the next person, and you can tell I get a little peeved about it. But you have to understand that mortgage rates stayed less than five and a quarter% for 14 years. Now, let's go here for a second. Let's look at history and let's think, wait a minute. All these corporations started buying houses. And it's even been said that they want you to rent and own nothing. And even though the rates have been less than five and a quarter percent for 14 years and then all of a sudden in 2023 the rate started rising and in April of 2023 they went from 5% to 8%. more than I mean literally you're talking an 70% increase in rates and then now we're looking at rates at 6%. I don't care who you are. Nothing in government happens by accident.
How to Improve Your Credit Score to 620 Fast
Practical steps to boost your credit score and qualify for better mortgage options.
Now if you have served in the military, you deserve the right to own a piece of this land in this great nation. We live in the freest country in the world. And I think it's pretty awesome of what we can do on a daily, weekly, monthly basis compared to so many other countries. And we just don't realize that. You know, people come to this country and they're like, "Wow, I get to work two jobs and nobody says what I can and can't do. I get to hustle. I get to grind. I get to do all this." My whole point is anybody that served in the military deserves a piece of this land. You deserve a home. And the United States government feels the same way. That's why they give you a loan. VA, 100% guaranteed, not insured, guaranteed.
Here's what I mean by that. They guarantee the loan. So, you can buy a house and it cost you no money out of pocket. Your credit score only needs to be a 580. You don't need any money down. The seller can pay your closing cost, which typically runs you 3 to 4%, depends on where you live in the country, which depends on whether or not there's a title policy, how much are the taxes, all of this stuff factors. But I always tell folks 3 to 4% is what you're looking for when it comes to doing a VA loan. But it's so important to know that it doesn't cost you any money out of pocket if you're a veteran.
I have veterans call me literally on a weekly basis say, "Wayne, I've been living in government housing, but it's time." I've had colonels, generals, you name it. They've called me and said, "Wayne, we're ready to buy a house. We're ready to settle down." Or, "I'm retiring. I'm ready to settle down." I get it. I totally understand. and they understand that they reserve the right. If they have an honorable discharge or DD214, they can buy a house. You get an incredible rate. Not only do you get a great rate, but you don't have to pay private mortgage insurance. That mortgage insurance payment that you have to pay with a conventional loan if you don't put 20% down or an FHA or USDA, you don't have to pay that if you're a veteran and getting a VA loan.
So, listen, work hard. Get your credit score up to 620. pay down your creditors, negotiate with them. Even if it's an active card that you're not even late, you can call and negotiate the rate with those. You can also call a credit union and say, "Hey, can I get a credit card with y'all and transfer the balance to save a little money?" That gets really technical for a lot of people. And one of the things that I always tell people you can do is the snowball effect. And that's basically where you take your credit cards, you look at your minimum payment on each card, you put them in order, you write them down on a piece of notebook paper and say, "Look, we owe $20 a month on this one, $80 a month on this one, $60 a month on this one. From the lowest to the to the highest, right? Lowest to the highest." And then you put as much money as you can on that lowest balance. And then you pay it off as quick as you can. And then every cent that you have extra that you paid off, the lowest balance, you put towards the next balance. And then the next balance all the way down to the credit card that you have with the highest balance. And you pay that off.
If you're out there and you've done that, please be an inspiration to other people. Say, "Yes, I did that. Yes, that works. What Wayne's talking about does happen. It does work." Because that's just an old school way of doing it. But that can get you out of debt. That can boost your credit score. you can boost your your your your score to get to 620. And once you're at 620, that's the honey spot where people will give you a loan. USDA, no money down, FHA, 3 and a half% down. You only need a conventional, you only need 5% to do a conventional loan. Most people are not aware you only need 5% to do a conventional loan.
And once you have 20% equity in a house with a conventional loan, and that may take five, six, seven years. And in in other words, your your equity is what you bought the house for. You put 5% down. And then if you bought a house for $200,000, you put 5% down. That's $10,000. So if you put that money down, then you got a $190,000 balance. You live in it for five, seven years, now it's worth $240. Most homes appreciate 4% compound per year. So if you live in a house that's that's you bought for $200,000, it's going to grow 4%. 4% of $200,000 is $8,000 and it's going to go 4% of 28 and it's going to go 4% of You see what I'm saying? It compounds because it's based on the the future value, the current value into the future.
Listen, I hope this helps you. I get a little frustrated because there's not enough information out there and there's so many people that are just spilling out useless, fear-mongering information. And my goal is to help people. Until next time, thank you and may God bless you and your family.
