TODAY'S RATE FOR 30 YEAR FIX = 4.50%
The Guaranteed Rural Housing Program is designed for primary only residence in rural areas. Loans are limited to the applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that is designated as rural by RD.
LTVs allowed up to 100% • Closing costs and prepaids can be financed if supported by appraised value so buyers with limited assets can still qualify.
The Loan Guarantee Fee is a percentage of the loan balance determined by RD. The Guarantee is for the life of the loan. It can be paid by the buyer or seller, or financed. The Guarantee fee is now 3.50% .
Homebuyer Education is required
All income from all adult members of the household must be used to determine eligibility.
All funds, including prepaids, paid by the seller are included in the maximum seller contribution limit of 6%.
Cash reserves are not required.
Credit score down to 599.
If a borrower’s credit score is over 620, there is no need to verify rent payment history. No Bankruptcies within the last 3 years.
Maximum housing ratio of 29%. Maximum total obligations ratio of 41%.
The following properties are ineligible: NO DOUBLE WIDES, Working farms, Cooperatives, Income-producing properties, Property Flip Transactions where the seller has not been in title for more than 90 days prior to the purchase contract date.
Terry A Berding 478-750-2966 (w)
Terry.Berding@Wellsfargo.com
- NUMBER1EXPERTS™ 
