Mobile Alabama, has a Lot of New Homes that will qualify !
For many the mention of USDA conjures up thoughts of farmers, ranchers, and regulations related to the safety of meat, poultry, and egg products.
In fact, more and more Americans are taking advantage of USDA's programs. One of the housing programs gaining popularity is the USDA Guaranteed Rural Development Loan, a program with unique benefits to assist individuals and families acquire homes.
The program is truly remarkable and creates special opportunities for: Home Buyers
Flexible Credit Criteria
Many loan programs only have automated computer underwriting systems driven heavily by credit scores. However, the Rural Development Loan allows for manual underwriting.
Manual underwriting allows us to consider the personal circumstances of each borrower and make good common-sense decisions regarding those who have demonstrated the ability to manage their financial affairs in a responsible manner. This is particularly helpful when a borrower has lagging credit scores despite a sustained recovery from past difficulties.
No Credit History
A lack of credit history reflected on a credit report is not a problem with the Rural Development Loan. We simply document the applicant�s willingness to pay debts through third-party verification, copies of canceled checks, or other acceptable documentation for recurring payments or monthly obligations such as rent, utility, phone, and bills.
Income Guidelines
Borrowers participating in the Rural Development Program may have an income of up to 115% of the median income for the area. The allowable income depends on the county where the subject property is located and the number of members in the household. For more information regarding the income limits for this program, visit the income guidelines page on USDA Rural Development web site.
Find the county or metropolitan statistical area (MSA) listed vertically on the chart for the subject property and the number of household members listed horizontally to find the gross income allowance. (There are two income lines for each county or MSA. The top line applies USDA's Direct housing program and the bottom line to USDA's Guaranteed housing program at the bottom. Use the bottom line.)
Common adjustments to the gross income include childcare for children 12 years and younger; a $480 deduction for each child under 18 years, 18 years or older and handicapped, or a full-time student who is not the applicant or spouse or co-applicant; and a $400 deduction for each elderly household member.
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