These little-known loan options may help you buy your own house.

When it comes time to buy a house, you may be scared off if you are only looking at traditional loans. However, there are many other types of loans that may work much better for your specific situation. Look for these uncommon financing options that will help you move into a house of your own.

Physician loans

These loans are reserved for newly licensed medical doctors, fellows, and residents who generally have very little savings and heavy student loan debt. The requirements for a physician loan will depend on the lender, but may require an employment contract showing that the loan will be repaid. Borrowers may also need to have a loan to payment ratio that is at or below 38 percent.

UDSA/RHS loans

The United States Department of Agriculture (USDA)’s Rural Housing Service (RHS) offers home loans for single family homes for people in rural areas that have low to moderate incomes. In order to qualify for a USDA/RHS loan, you have to be a U.S. citizen, buy a home in a certain area, meet minimum credit score requirements, and have a monthly house payment that is no more than 29 percent of your monthly income.

First-time homebuyer loans

Those who have not owned a house for at least three years can qualify for a first time home buyer loan, also known as an FHA loan. To qualify for a first time homebuyer loan, you will need a credit score between 620 and 640, along with other specific requirements. First-time homebuyer loans require smaller down payments than more traditional homes and have lower interest rates. Many times, the credit requirements are also lower.

For help finding the right financing option that will help you move into your very own home, contact the experts at Ranch & Coast Mortgage Group Inc. in Solana Beach.