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| Guaranteed Home Ownership |
| Loan Program |
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Overview |
Loan Guarantee Via USDA Rural Development
Gering, Nebraska
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The Purpose Of The Guaranteed Home Ownership Loan Program Is...to provide loans in rural areas that assist moderate to low income applicants to purchase, construct, repair or rehabilitate, or relocate a single family home. For manufactured housing, only new construction is permitted. Loans are made by local approved lenders, (participating mortgage lenders), with USDA Rural Development issuing a guarantee on the loan. Funds for repairs can only be included with the purchase of an existing home. |
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| Eligible Applicants Include...Individuals or families who do not presently own adequate housing. Applicants must have an income that is below the moderate-income limit for the area. Additionally, applicants must be unable to obtain conventional credit at reasonable rates and terms, must have adequate repayment ability and must have acceptable credit history. Credit scores of 620 or greater are typically considered as acceptable, however credit scores below 620 may also be considered if there are mitigating circumstances. Click on the Fact Sheet link below for additional applicant eligibility criteria. | |
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Are You Eligible? Visit http://eligibility.sc.egov.usda.gov to see if you are within the eligible moderate income limits for a Guaranteed Home Ownership Loan and to determine if the property is located in an eligible rural area.
Rural Development Guaranteed Housing Information tailored specifically for the Rural Development Guaranteed Single Family Housing Community. For further information, please click on the link that applies to you: |
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Terms And Conditions... |
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Loans carry a 30 year term at a fixed interest rate. |
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Loan amount may be up to 100 percent of the market value of the home and can include typical closing costs, (not to exceed the appraised value). |
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No monthly Mortgage Insurance (MI). There is a one time guarantee fee of 2 percent for purchases and .5 percent for refinancing. The fee can be financed in excess of the appraised value. |
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There are no cost or loan limitations for this program. |
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View...The detailed Guaranteed Home Ownership Loan Fact Sheet. |
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The Real Estate Professionals Guide to Rural Development Financing. |
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The Rural Development Guaranteed Programs matrix. |
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Locate And Contact...Participating mortgage lenders or your nearest USDA Rural Development Office. |
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