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USDA Rural Development Single Family
Housing Guaranteed Loan Program Guaranteed
Loans Offer Affordable Financing To Rural Homebuyers. The mission of USDA Rural
Development’s Single Family Housing Guaranteed Loan Program is to assist low
to moderate income rural homebuyers achieve their dream of homeownership! Rural Development partners
with approved local lenders to extend 100% financing opportunities to eligible rural individuals
and families for the purchase of safe and sanitary dwellings. Guaranteed
loans have assisted thousands of homeowners to purchase a home with affordable
interest rates and loan terms. Applicants must purchase
a home within the eligible rural areas, and have a household income that does
not exceed the established limits where the home is located. Additional
Guaranteed Loan Features include but are not limited to: ·
100% financing, no down payment is required. The loan amount may not exceed 100% of the
appraised value, plus the guarantee fee may be included. ·
Guarantee
Fee applies: may be rolled into the loan amount. ·
Flexible
credit guidelines. Non-traditional credit histories may be accepted. ·
Fixed
30 year interest rates apply. Lenders and applicants agree upon interest
rate. ·
Qualifying
ratios are 29% for housing costs and 41% for total debt. Lenders may request
an exception to exceed these ratios when strong compensating factors are
identified. ·
No
maximum purchase price. Qualifying ratios and the applicant’s stable and
dependable income will determine home affordability. ·
Eligible
property types include existing homes, new construction, modular homes,
Planned Unit Developments (PUD’s), eligible condominiums and new manufactured
homes. ·
Eligible
closing costs and lender fees may be included in the loan or paid by the
applicant. ·
Gift/Grant
Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed. ·
Eligible
repairs and improvements may be included in the loan. ·
Applicants
apply with an approved lender of their choice. ·
Not
limited to first time homebuyers. |
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