This is a great informational post for buyers!!! Definitely a must read!!!

Via Kayla Pearce - Real Estate Agent, Milford Delaware (Harrington ERA Realty):

 

Things to know about!

 

USDA: Rural Development

Guaranteed Rural Housing Program

 

  • Must be a fixed rate loan for 30 years
  • Must be compliant with VA rate plus 60 basis points
  • No maximum mortgage limit
  • Adjusted Income Limits:
            Kent County & Sussex County:

                        1 to 4 people: $74,050
                        5 to 8 people: $97,750

        New Castle County:

                        1 to 4 people: $89,500

                        5 to 8 people: $118,150

  • You must be planning to occupy the dwelling on a permanent basis
  • Can not presently own a dwelling in the local commuting area (within 50 miles from present employment).
  • You do NOT have to be a first time home buyer.
  • No minimum credit score but there are unacceptable indicators.
  • Credit score of 620 or higher qualify for streamlined documentation. This means no documentations or explanations will be required for any problems on credit history (except Federal debt or Agency Loan).
  • Credit is always evaluated on a case by case basis.
  • A guarantee fee of 2% is charged by the Rural Development to the total loan amount.
  • This fee can be included in the loan, so the maximum loan amount may be 102% of the appraised value.
  • Closing costs & lender’s fee may also be included in the loan amount, but only if the appraisal value of the property allows.

 

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Terri

Terri Favata, Broker, Kent & Sussex County Delaware

Milford, DE

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Address: 711 N DuPont Blvd , Milford, De, 19963

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