The Section (502) Guarantee Home Loan Program offers many advantages over FHA, VA, & Conventional loan programs. Below are the general guidelines for the Guarantee Home Loan Program:
Ø No Down Payment – 102% Loan w/ a 620 Credit Score
Ø No Expensive Mortgage Insurance = Lower Payment
Ø No Cash Reserve Requirement
Ø No limitation to the purchase price or loan amount
Ø May finance up to 102% of the appraised value
Ø Down Payment Assistance from non-profits is acceptable
Ø Repairs may be financed up to 102% of the “as is” value
Ø No limits on “Gifts” and up to 6% seller concessions/seller paid closing costs
Ø Higher income applicants now qualify for the Guaranteed Loan Program
Ø Loan Types: Purchase, new construction, or purchase and rehab
Ø Property Types: Single family, townhome and even condominium financing
Ø Reasonable credit history requirements
Ø Must be employed and show that they can afford monthly housing expenses
Ø Must be a primary residence
Ø Declining Market(s) and Lender reluctance not an issue
Ø 30 yr fixed loan term with no mortgage insurance - One loan - Current Max Rate 5.75%
If you have a reasonable credit history, and the ability to afford a mortgage payment, you too are a candidate for a USDA Rural Development homeownership loan. With the help of funding provided by the American Recovery and Reinvestment Act, eligible homebuyers can become one of the more than 50,000 Americans realizing their dream of homeownership.
Click on the True 100% Financing Button on the left for highlights and qualifications for this unbelievable program...
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