102% Financing for Rural Oregon.
Guaranteed!!
(You might be surprised at what's considered Rural)
It is becoming harder and harder for a first time homebuyer to purchase a home, yet there are still many affordable homes if you have a down payment or the advantage of a program that helps you qualify for more home.
Guaranteed Home Loans: Rural families and individuals may be eligible to become homeowners with the help of a U.S. Department of Agriculture - Rural Development guaranteed loan. Sometimes good credit and a steady income are not enough to qualify at a mortgage lending center. A sizable down-payment may also be required. But when the Agency agrees to guarantee a loan, lending institutions can help buyers with 100% financing, while incurring little risk. Through the Guaranteed Rural Housing Loan Program, low and moderate income people can qualify for mortgages even without a down-payment.
Eligible Persons
- Have an adequate and dependable income.
- Must be a U.S. citizen or be legally admitted to the United States for permanent residence.
- An adjusted annual household income that does not exceed the published limits for the county in which you purchase. Call me for information on the income limits for your area. Income includes the total gross income of the applicant, co-applicant, and any other adult in the household. It excludes certain expenses and adjustments.
- A credit history that indicates a reasonable willingness to meet obligations as they become due.
- Demonstrate repayment ability.
How to Apply
Homes that Qualify
- Guaranteed loans can be made on either new or existing homes.
- Plumbing, heating, water, waste disposal, and electricity must be certified as adequate and the dwelling must be free from termites and dry rot.
- No restrictions exist on the size or design of the dwelling financed, but must be considered modest.
- Must be a residence, not a farm.
- Dwellings with in-ground swimming pools, are prohibited.
- Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and, under certain conditions, towns and cities with less than 20,000 population. The Rural Development office in your area can detail eligible areas or provide a list of ineligible areas.
Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill County. He is a Board Member of the Sherwood Chamber of Commerce.He can be reached at larry.morris@equipoint.com. His website is www.PDX-Mortgage.com. This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved His opinions do not necessarily represent the views of Equipoint Financial Network.
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Larry , thank you for this post. I really am interested in learning more on this program. Does is look at risk with the market so up and down now. I know this is an older post so I wonder if its is still around.