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| GUARANTEED RURAL HOUSING (GRH) LOANS The Rural Development guarantees rural housing loans made by approved private lenders to moderate-income applicants to purchase an existing home, newly constructed dwelling, or a new manufactured housing with building site from a dealer contractor approved by Rural Development. Homes must be owner-occupied and located in rural areas. Maps are available by contacting Guaranteed Rural Housing or view at: http://eligibility.sc.egov.usda.gov.
GRH HIGHLIGHTS FOR APPLICANTS AND LENDERS
· 102% LTV permits financing the 2% guarantee fee · Loan can include repairs and closing costs · No Maximum Mortgage Limit · 29/41 Debt-to-Income Ratios |
· No Monthly Mortgage Insurance (MI) · Refinance Agency Direct and GRH Loans at a .5% · High Servicing Values – more income to originator · Saleable to secondary market · Seller contributions & gift funds allowed |
· No Down Payment and No Mortgage Insurance (MI) · Debt-to-Income Ratios of 29/41 · 2.00% Guarantee Fee for Purchase Loans · Refinance RHS Direct and GRH Loans with .50% Fee · No Maximum Mortgage Limit |
· Finance Repairs, Closing Costs, Guarantee Fee up to 100% of appraised value · Flexibility on Ratios & Credit · High Servicing Values – more income to originator · Saleable to Secondary Market · Seller Contributions & Gift Funds Allowable |
· 102% LTV permits financing the 2% guarantee fee · Loan can include repairs and closing costs · No Maximum Mortgage Limit · 29/41 Debt-to-Income Ratios (Waivers possible) · Training / Training aids are available – Just call |
· No Monthly Mortgage Insurance (MI) · Refinance Agency Direct and GRH Loans at a .5% · High Servicing Values – more income to originator · Saleable to secondary market · Seller contributions & gift funds allowed – no limits |
· No Down Payment and No Mortgage Insurance (MI) · Debt-to-Income Ratios of 29/41 · 2.00% Guarantee Fee for Purchase Loans · Refinance RHS Direct and GRH Loans with .50% Fee · No Maximum Mortgage Limit |
· Finance Repairs, Closing Costs, Guarantee Fee up to 100% of appraised value · Flexibility on Ratios & Credit · High Servicing Values – more income to originator · Saleable to Secondary Market · Seller Contributions & Gift Funds Allowable |
APPLICANT ELIGIBILITY REQUIREMENTS · Household income cannot exceed the moderate Adjusted Income Limit based on household size and County. (Deductions from the gross household annual income are permitted as follows: $480 per child or full-time student over 18, annual child care expenses, $400 for elderly or disabled applicants, portion of uncovered medical expenses for an elderly or disabled household) · Must have a satisfactory credit history. · Must have reliable and dependable income. · Must show repayment ability for loan payments, taxes, insurance and current debt obligations. · Must be a U.S. Citizen or legally admitted U.S. resident. Must be 18 years of age or older and able to enter into a binding contract
Please contact me for additional information...
Chana Dolbey - 360-433-8954
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