Rural Purchase Loans - 102% LTV with No Credit Scoring!
May 7th, 2008 Posted in Loan Programs, Residential Mortgage
Did you know USDA Rural Housing Financing can help qualify more buyers, even in today’s unpredictable market?
Rural Purchase Loans offer 102% Financing with No Credit Scoring!
Rural Purchase Financing are government guaranteed loans. This is an excellent, and VERY STABLE program:
- Owner occupied purchases Only (condos okay)
- 102% financing based on appraised value (not purchase price)
- Equity between appraisal and purchase price can be used for closing costs or repairs.
- Unlimited seller concessions
- No monthly MI (mortgage insurance)
- 620 credit score minimum for streamlined approval, lower scores possible!
- Fast approvals and closing.
The fine print:
- Buyer may only own one property
- Income limits apply (based on # in household, 2 person Whatcom $57,950 maximum income, childcare expenses can be deducted)
- Available ony in rural areas (includes most of Whatcom, Skagit, and Snohomish Counties, except most of Bellingham and Mt. Vernon).
This program has existed for 17 years and is a great tool to help your buyers that don’t want to live in the ‘big city’.
Please don’t hesitate to call or e-mail if you have questions or would like to prequalify one of your buyers.