USDA Guaranteed Rural Housing Loan
USDA Rural Development’s Guaranteed Rural Housing (GRH) Loan program assists rural home buyers who have the dependable income and credit history to qualify for a conventional mortgage, but lack the down payment.
Loan Highlights:
- No Cash reserves required
- 100% financing with no money down
- No loan limits or sales price limits
- Income limits: 115% of U.S. median
- Maximum loan amount up to 102% of appraised value
- Loan can include closing costs if appraisal is higher than sales price
- No monthly mortgage insurance premium
- Do not have to be first time buyers
- No limit on seller contributions
- 1-day compliance review turnaround time from USDA
Interest Rate & Terms
- 30 year fixed-rate, fully amortized loans only
- Interest rate is negotiated between the lender and borrower
- 2/1 buy down
Property Requirements
- Property must be located in an eligible rural area (generally towns of 25,000 or less that are removed from an urban area.)
- Property can not exceed 30% of the total appraised value
- One-unit, non-farm, primary residences (including single family, condos, and PUDs)
- Income producing properties are not eligible
Requirements
- Qualifying ratios are 29/41
- Credit score: min 600
- Adequate and dependable source of income with a 24 month history
- No more than one 30 day late payment in last 12 months
- Bankruptcies to be discharged for at least 36 months
Related Posts:
FHA Loan Limits
General Rules for FHA
VA Loan Limits & Requirments
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.