JimHungerford.com

 Through the Guaranteed Rural Housing program we can meet the needs of rural borrowers who have the necessary income and credit history, but not the down payment required to qualify for a conventional mortgage.

You can actually borrower more than the sales price if the home appraises at a higher level.    You loan amount cannot exceed the appraised value!

1) Borrower Eligibility -  

• Must meet income requirements – based upon county and Household Size
• No other Real Estate owned (bare land or  inadequate housing are OK)
• Must occupy subject property – Non Occupant Co-Borrowers not allowed
• Property must be located in an eligible area

2) Down payment and closing costs

• Down Payment – Not Required. 
• Guarantee Fee, when financed, can exceed 100% LTV by the amount of the Guarantee Fee (103.626% purchase maximum/102.301% refi maximum).
• Closing Costs – Allowed from Interested Party contributions

3)  Fees and Charges - Fees can be financed up to 100% of the appraised value, except Discount Points – Discount points must be used to buy down the rate, and cannot be financed, unless Borrowers are Low Income.  Discount points can be paid by Seller. 

• Purchase Loans = 2.00% Guarantee Fee (effective 9.30.2011)

 4)  Mortgage Insurance – MI rate of .30% (efeective 9.30.2011)

5)  Occupancy – Primary Residence

6)  Property Type -

• Property must be located in an Eligible Rural Area
• In order to guarantee a loan on a home in the flood zone there must be no other viable option for housing for the borrowers.  A good example of this would be large portions of Tillamook county as the majority of the area lies in a flood zone. 
• 1 Unit Attached, Detached, PUD, Eligible Condo (Condo approval required by HUD, VA, or meets Agency guidelines)
• Manufactured Home are permitted – Brand New Only & set up by an RD Approved Dealer
• No In Ground Swimming Pools
• New Construction requires copy building permit and all inspections + 1 year builder warranty plus footing and framing inspections; or 10 year warranty plus final inspection and certificate of occupancy. 
• Maximum 30% Land-to-Value Ratio 

Get pre-approved today!!