USDA

RURAL DEVELOPMENT

GUARANTEED RURAL HOUSING MORTGAGE

PROGRAM BENEFITS

• 100% financing based on appraised value(loan amount may exceed appraised value by 2% Guarantee fee, divide appraised value by .98)
• 30-year fixed

• Ability to Refinance - Rate reduction only - no cash back -  Reduced Guarantee Fee of .5% Only existing GRH and Section 502 Direct loans are eligible for refinance -Streamline Process

• No monthly mortgage insurance. One-time guarantee fee of 2.00%

• No payment reserve requirements

• No downpayment

• No First-time homebuyer requirement

• No maximum.  If greater than 6%, comment from the appraiser required

• 100% gifting permitted.  Donor must be disinterested third party.

INCOME AND RATIOS

• 29/41 – exceptions encouraged with compensating factors and RD concurrence
• Include all installment debt greater than 6 months
• Primary Income must have Two-year history
• Self Employed - Two-years 1040s and P&L
• Alimony/child support - 12-month history, with proof of 3 years continuance
• Part-time, Over-time & Bonus - 12-month history
• Disability benefits - Benefits letter , 3 years continuance and gross up 125%
• SSI benefits - Awards letter or 2 months bank stmts, 3 years continuance and gross up 125%
• Salary increases with 60 days of the first payment due date are acceptable
• Use RD Moderate Income Limits    http://eligibility.sc.egov.usda.gov      pdf version        

• No minimum credit scores - see restriction below 620
• 1 X 30 permitted in last 12 months with explanations – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• Chapter 7 and 13 must be discharged for 3 years – Foreclosures must be completed 3 years ago – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• Collections - Accounts cannot have been placed  in collection status within the last 12-months  – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• Judgements - Must be paid off for at least 12 months – Exceptions may be granted if your borrowers have 620 or greater middle credit scores
• If the applicant’s middle credit score is under 620 a VOR is required for the most recent 12 months.
• Previous Housing History is Not required
• Non-Traditional Credit is Acceptable if no credit is available
• RMCR or Tri-Bureau merged
• Case by case basis or when required by RD

• Property must be located in a RD eligible area  http://eligibility.sc.egov.usda.gov
• Borrowers must not own adequate housing.
• Primary residence only
• Single family or RD eligible condo/PUD
• Manufactured homes must be new and RD approved
• No in-ground swimming pools (above ground permitted)
• Thermal insulation certifications required
• State specific adequacy certification or HUD-VC sheet required on all existing dwellings
• Termite Inspection - all areas as required by RD
• Well/Septic Inspections - 100% required
• Repairs - 100% of repairs may be financed based on as-improved value. If work is not complete prior to closing an escrow hold back may be established at 150% of repair cost.  (more rules apply, please contact your AE for more details)

APPLY ON LINE TODAY

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1st Metropolitan Mortgage - 4608 Hwy 49 South - Harrisburg, NC 28075
Office Phone: (704) 490-4733 Fax: (704) 454-5660 Cell Phone: 704-796-5440
Toll Free Phone: 1-888-327-8657

We are Licensed in the following states: NC and VA

We can also write FHA, VA and Reverse Mortgage Loans in SC

Click here for Licensing information

 

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