USDA is the HOTTEST program right now.

USDA is the HOTTEST program out there right now and is getting deals done!!!  Are you missing out?

 

Go to www.amic.net to find out if your client and/or property qualifies or call me at 800-301-1500, ext. 124.  MOST DO!

 

Straight from the USDA manual:

 

The basic objective of the guaranteed Rural Housing loan program is to assist eligible households in obtaining adequate but modest, decent, safe, and sanitary dwellings and related facilities for their own use in rural areas by guaranteeing sound RH loans. Guarantees issued under this subpart are limited to loans to applicants with incomes that do not exceed income limits as described in the following paragraphs.

The guarantee permits several unprecedented advantages over other loan products. Some of these include: No MI; 100% LTV financing not limited to lesser of contract or appraised value (finance in closing costs); no down payment; no reserves; unrestricted/undocumented gifts; no minimum credit score; and flexible ratios.

Features Benefits

Downpayment is not required Borrowers without savings, or who wish to retain their
savings qualify - 100% financing More clients become homeowners.

No reserves are required Clients do not need to have seasoned funds, bank
statements, or bank accounts.

Expanded qualifying ratios 29/41 Clients with satisfactory credit may qualify with higher
ratios to accommodate high cost housing areas, etc.

No Seller contribution limit Reduce out of pocket costs for clients
Minimum FICO 580 Clients with non-traditional or no credit histories may
qualify.

Streamlined processing with 620 FICO No explanations on credit with FICO 620+
One time 2% guarantee fee - No monthly mortgage insurance means a lower
monthly payment for the clients and additional cash each month.

2% guarantee fee can be rolled into the loan Reduced money out of pocket for clients, and minimal
increase in payment - Generous income limits based on 115% US median (not HUD)

Deductions are available for dependents, daycare, elderly households, etc. to assist more individuals and
families in qualifying - No maximum purchase price limit Clients choose the home that meets their needs and
repayment ability.

NOT just for first time buyers All homebuyers are eligible for benefits.

No limit on CLTV with soft 2nd lien - Allows closing cost assistance from government
sponsored entities.