Florida • Virgin Islands               Guaranteed Residential Loans

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% LTV financing with no mortgage insurance.

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. 


Advantages:

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.

Frequently Asked Questions

 

Applicant eligibility criteria: 

v      Present Home is inadequate or unsafe. 

v      Be able and willing to occupy the property as primary residence. 

v      Be a U.S. citizen, a U.S. non-citizen national or a “qualified alien”. 

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.

Checklists and web site links:

v      Determine if the property is within the Rural Development eligible area. 

Ø      Use the link "Single Family Housing" under "Property Eligibility". 

¨      Maps of Eligible Areas

¨      Guide for using Maps

v      Determine if your applicant's adjusted household income is within the Agency limits,

Ø      Use the link "single family housing" under "income eligibility"

 

 

·        Useful web links

Brochures and guides:

·     Click to obtain a Brochure

·     “quick guide” overview

 

·     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.