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Rural Development Loans- USDA Guarantee Loans- Missouri Home Loans- Darren Stewart OakStar Bank (edit/delete)
USDA / Rural Developement Loans are one of the only remaining 100% loan options that are left in todays current market with the exception of the VA loan program. Both programs are awesome in reducing your clients monthly expense by having their guarantee's replace the need for mortgage insurance, immediately decreasing the clients monthly payment by an average of about $50 to $75 depending upon purchase price. This may also help them buy a higher priced home or allow them to get a larger home that they previously would not have qualified for since the MI insurance premium is not needed on these programs.
When can a client utilize the USDA / Rural Development program - when they are purchasing in a non metropolitan area - and their income falls below thier particular counties household income guidelines. Income guidelines are dependant on location, number of persons in the household, child care expenses, medical expenses, and whether or not any member is on disability, all of these factor in to our income calculation so just because a client says hey i make over the limit if they have some of these expenses that may bring them under, its best to consult a loan professional and have them get pre-qualified on the loan program.
I specialize in this program and we are able to close these loans in our name what that means to you is that we can close these loans faster, we fund in our name and prepare our own documents so your clients are not waiting for the file to be sent to the local RD office and then come back through levels of approval instead we submit our files to the RD office immediately for approval so that we can close these, not everyone has this ability and some are at the mercy of having to wait on documents and funds.
To learn more about the USDA program or marketing a property on this program please feel free to contact me no matter where you are, we are licensed Nationwide to work with the local RD office in each state and specialize in making sure the transaction is smooth no matter where you are!
Just an important update - Income Guidelines for this product are changing as of 4/20/09 those limits for 1, 2, 3 person family are going to be the same as current 4 family limit, and 5,6,7 family members are going to 8 family member limit.
If I can be of assistance please feel free to email me at dstewart@oakstarbank.com or call at 417 447 7927.
Darren Stewart
OakStar Bank
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