|
|
|
|
|
Builder Information Rural
Development offers you an opportunity to sell more homes! This product will enable you to assist your clients
that may face barriers in obtaining conventional financing. It will
expand your customer base to include low and moderate income home buyers. You
may reach more qualified buyers giving you the opportunity to sell more
homes and increase your earnings. |
|
v
100% |
|
v
Expanded
qualifying ratios and flexible credit guidelines offer your clients more
opportunities to purchase your affordable homes. |
|
v
No
maximum loan amount. |
|
v
Wide
variety of property types: Stick built, condominiums, townhouses, modular,
new manufactured. |
|
Rural Development assists thousands of clients
annually to become homeowners. This year we want you as our
partner! Call your Rural Development office
today and learn which areas near you are eligible for financing. |
|
v
Loan closings
within normal time frame. |
|
v
Loan up to
appraised value plus the guarantee fee. |
|
v
Include closing
costs/repairs/renovations in the loan. |
|
v
No need to
increase contract price for seller paid closing costs. |
|
v
No monthly
mortgage insurance (MI). |
|
v
No maximum
loan amount. |
|
v
No cash
contribution or cash reserves required from applicant. |
|
v
Non-traditional
credit may substitute for lack of traditional credit history. |
|
v
No minimum
credit score. |
|
v
Repayment
ratios are 29/41. |
|
Ø
Ratio waivers
are allowed with documented compensating factors. |
|
v
Not limited to
first-time home buyers. |
|
v
Competitive
market based fixed interest rates with 30 year term. |
|
v
No need to
change lender relationships. |
|
Ø
Any
lender can originate loans through an Agency approved lender. |
|
v
Rural
Development provides support for questions, training, and outreach
assistance. |
|
|
|
v
Present Home
is inadequate or unsafe. |
|
v
Be able and
willing to occupy the property as primary residence. |
|
v
Be a |
|
v
Have repayment
ability. |
|
v
Have a credit
history that indicates a willingness to meet obligations as they become due. |
|
v
Have an adjusted
household income that is within Rural Development guidelines based
on the number of persons who will occupy the home. |
|
v
Purchase a
residential property that is located in a Rural
Development eligible area. |
|
v Determine if the property is within the Rural Development eligible area. |
|
Ø
Use the link
"Single Family Housing" under "Property
Eligibility". |
|
v Determine if your applicant's adjusted household income is within the
Agency limits, |
|
Ø
Use the link
"single family housing" under "income eligibility" |
|
|
|
Brochures
and guides: |
|
|
|
· For
additional training, contact your Rural Development
office. |
|
|
|
|
|
Thank
you for visiting our web site. We look forward to working with you as
partners in providing affordable housing opportunities in rural areas. Let
us know how we can further serve you. |
|
|
|
Electronic
Services at USDA 