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Rural Housing Loan Program
100% Maximum Loan To Value
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Terms: 30 year fixed only
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Sellers contributions maximum 6% of purchase price
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Minimum credit score 620
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NO monthly Mortgage Insurance in payment
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Minimum loan amount is $52,500
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NO Condo's or Manufactured homes
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Any repairs needed, MUST be completed prior to closing
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Qualifying income must be likely to continue for the next 3 years
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3 years since Chapter 7 and Chapter 13 discharged 1 year
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Student loans with deferred payments must be included in debt ratio
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First time home buyer - Home Buyer Education Certificate required
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Termite Inspection is required
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Non-occupied properties require a septic inspection
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All electrical, plumbing, heating, water and waste disposal systems must meet HUD requirements.
****Rates and requirements are subject to change****
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