LINDEN Qualifies For USDA Rural Housing Loan Program
(United States Department of Agriculture)
The USDA Rural Housing Loan Program is designed for buyers to finance properties located in rural areas. Rural is defined as any town of 25,000 or less that is not adjacent to a large city or that is not part of a continuous urban area
· Up to 102% Financing available requiring no down payment
· Program is not limited to First Time Home Buyers
· Owner Occupied Residences only of SFR’s, Condominiums, PUD’s, and 1/2 of a duplex
· No Principal Mortgage Insurance (P.M.I.)
· Conventional 30 year fixed program with no pre-payment penalty
· Mid FICO Scores below 620 require a manual underwrite with the lender
· No Bankruptcies within the last 36 months
· No more than 1 payment being 30 days late within the last 12 months
· Non traditional credit allowed
· Income and geographical limitations will apply
· No assets/reserves required
· Escrows/impounds are required
· Max Debt to Income Ratio is 29%/41% however exceptions can be made
· Home buyer education is required for First Time Home Buyers only
· Maximum of 6% seller contributions towards buyers RNRCC costs
Saturday, May 2, 2009
Subscribe to:
Posts (Atom)
