Rural Development Guaranteed Loan Program
Welcome to the Rural Development Guaranteed Loan Program page. A superb way to purchase a home if you prefer to be away from the hustle and bustle. It provides 100% financing. Thats right, just like VA, you can finance 100 %. Please call me if you would like to explore this option further. Jeff McClintock 912-882-5194 or email at Jeff@Wowzarealty.com
| Loan Purpose: | ||||||
| * Purchase a new or existing home. (Modular homes eligible/mobile homes | ||||||
| ineligible.) | ||||||
| * No sales price limit. (Borrowers ability to repay sets the sales price.) | ||||||
| * Closing cost and prepaids can be financed. (Appraisal must support the | ||||||
| addition of these funds.) | ||||||
| Loan Limits: | ||||||
| * Maximum loan amount is 102% of the appraised value. | ||||||
| Rates, Terms & Cost | ||||||
| * 30 year term | ||||||
| * Interest rate cannot exceed FNMA 90 day rate +6/10. (No gouging) | ||||||
| * Closing cost and fees typical for similar transactions. | ||||||
| * This loan is NOT a gift or grant program. | ||||||
| * This loan is not limited to first time home buyers. | ||||||
| Points of Interest: | ||||||
| * No limit to seller contributions. | ||||||
| * No monthly mortgage insurance. 2% Guarantee Fee. | ||||||
| * Approval not determined by credit score. | ||||||
| * Superior to FHA down payment assistance. | ||||||
| Locations: | ||||||
| * To check any location, go to http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1 | ||||||
| Applicant Qualifications: | ||||||
| * Must purchase in an eligible area. | ||||||
| * Must not exceed income limitations for the area | ||||||
Below are just basic guidelines, you may deduct your childcare. To verify if you are eligible click the link below.
| Income Limitations | ||||
| 1 Person | 2 People | 3 People | 4 People | 5 People |
| $49,550.00 | $56,600.00 | $63,700.00 | $70,750.00 | $76,400.00 |
For more information check out http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Its a great site and can tell you if a property qualifies or not.
Fill out the form below to have me contact you and to begin a search for eligible properties.
