Southern Oregon Realtors working with residential home buyers, have your clients been considering a great financing tool? USDA Guaranteed Rural Housing is a program that has been underutilized, partly due to restrictive income guidelines that will likely change on January 20, 2009, barring any major objections received during the comment period that will expire January 5, 2009. The proposed income guidelines would mean up to 4 person households may qualify with gross annual income up to $70,750, and up to 8 person households with up to $93,400 based on the current Jackson County Oregon income limits.
Here are some key features and benefits of this program:
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● 30 Year Fixed rate loan
● Maximum financing up to 100% of the appraised LTV
● Maximum 6% seller contribution allowed
● Eligible for Primary Residences, detached single family residence only (no existing manufactured housing or condos/townhomes)
● Purchases and Guaranteed Rural Housing Rate/Term Refinance transactions Eligible
● Full Doc option only
● Maximum loan amount = $417,000
● No cash reserves required
● Credit Scores 580+ (manual underwrite available for borrowers without credit scores)
● No minimum contribution from the borrower's own funds required
● No PMI required; Upfront USDA Guaranteed Fee of 2% can be financed into the loan amount for purchase transactions and .5% for rate/term refinances
● For your bank owned/REO/Short Sale properties in need of minor repairs, up to $10,000 overlay is available for repairs made after close of escrow
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This is a program targeting rural property. Outside of the Medford and Central Point city limits, we're finding many single family homes are eligible, like most I've checked in Ashland. I'll gladly check property eligibility for any of your listings.
Need financing information for your listings for this loan program or others more suited to your listings? Please let me know, and I will provide you detailed program information geared toward your specific listing.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - your Southern Oregon Housing Resource
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
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thanks, I didnt know you could still get this type of loan.