0 % Down!!
RURAL HOUSING PROGRAM
100 % FINANCING with no PMI
- 2% Guarantee Fee can be financed into the loan
- Household Income Limitations: $73,600 for 1-4 person household, $97,150 for 5-8 person household
- Unlimited Seller contributions (may change in future)
- Not limited to "lower of" contract or appraisal - Closing Costs can be financed into the loan. Including guarantee fee, LTV can go up to 102% of the appraised value
- Property must be in a rural area as designated by USDA - See USDA website
- Cities where properties may qualify
- Gift Funds are allowed
- Not limited to first time home buyers (buyers cannot currently own another home)
- Qualified Ratios: 29/41 on existing homes and 31/43 on Energy Code Compliant Houses
- Flexible credit for your purchaser
- Credit scores of 620 is "free pass" on credit. Scores under 620 considered on a case-by-case basis.
- Competitive market based fixed interest rates with 30 year term
- Lot value must be less than 30% of the property value.
- Government's approvals issued within 1-2 days after First Bank underwrites the loan.
Have questions? Give us a call 912 858 2858