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 and/or if you need help with the down payment. 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. | |||||||
| * Loans can be closed in 30 days. | |||||||
| 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 | |||||||
| 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.
