Are you looking to Sell or Buy a home in Bristow, Gainesville, Haymarket, Catharpin, Catlett or beyond in Virginia? Well there just may be some great lender news to help with your purchase or sale. Check out the USDA Rural Home Loan Development Program
Advantages & Benefits of GRH Financing
• No down payment required: True 100% product
• No monthly mortgage insurance: Clients can afford more!
• No reserve requirements
• No minimum credit score
• No Maximum Loan Amount: Clients have NO purchase price limitations
• 30 year fixed rate
• NOT limited to first- time home buyers
• 102% of LTV (100% plus one time 2% guarantee fee)
• No limitation on source of closing costs: 100% gifted closing cost or down
payment assistance is allowed. Charity, or similar housing assistance from
community based organizations may be used. Soft second mortgages are
allowed for closing costs even if the total debt exceeds the appraised value of
the property
• No limit on seller concessions to pay for closing costs and/or repairs. Check
guidelines of your secondary market for their concession limits.
• Include closing costs/repairs in loan if appraisal is higher than sales contract
COMPLETE RURAL DEVELOPMENT INSTRUCTION 1980-D is available online:
www.rurdev.usda.gov/
Under “Regulations”, Click on “Instructions”
To determine property eligibility, click on this link http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
This article was provided to Bradley Group International from Brian Howdershell of SunTrust Mortgage. If you have questions, wish to qualify or find out the advantages if your home qualifies contract Brian Howdershell directly at 703-232-8616.
Monday, October 6, 2008
USDA Rural Home Loan Development program
