In my last blog, I talked about the 100% loan programs that are still available. This time, I want to get more detailed about one of my favorite loan options available to borrowers....the Rural Development (USDA) loan.
This loan program is designed to provide financing in rural areas to families that have below median income. Some of the features of this program are:
- No mortgage insurance.... this is a significant monthly savings for clients
- 2% financing funding fee
- Closing costs and prepaid items can be financed (maximum loan is 100% of appraised value)
- Credit scores greater than 620 have streamlined processing
- Minimum credit score is 580
OakStar Bank is a national Rural Development lender. This designation allows us to provide this financing on homes across the nation.
If you are interested in more information, please let me know.
Lisa Schupbach
OakStar Bank
(417) 447-7912
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