The Guaranteed Rural Housing (GRH) loan program is alive and well in Del Norte County.
Some of the highlights of this program:
- Financing - 102% financed based on appraised value.
- Income requirements - 1 to 4 persons maximum income $70,750 and 5 to 8 persons $93,400 (effective 3/20/09).
- No Mortgage Insurance - No monthly mortgage insurance. One-time guarantee fee of 2%.
- Payment Reserves - No payment reserve.
- Seller Concessions- No maximum. If greater than 6%, comment from appraiser required.
- Credit Score- No minimum credit scores. Non-traditional credit acceptable if no credit is available.
- Occupancy - Primary residence only.
- Property Type - Single family or RD (rural development) eligible condo/PUD (Planned Unit Development).
- Manufactured Homes- manufactured homes must be new and RD approved.
- Home Inspection Adequacy Certification - State specific adequacy certification.
- Termite Inspection - All areas as required by RD.
- Well/Septic Inspection - 100% required.
- Repairs- 100% of repairs may be financed based on as-improved value. If work is not complete prior to closing and escrow hold back may be established at 150% of repair cost.
Several of our local lenders who use this loan program:
Jen Rae Mortgage
Jen Beers Owner
Crescent City, CA 95531
707-464-1835
jennybeers@yahoo.com
North Coast Mortgage
Wendy Bracht
931 5th Street
Crescent City, CA 95531
707-465-3910
Redwood Capital Bank
Valentino Villarreal
402 G Street
Eureka, CA 95501
707-444-9853
I am here to assist you with your real estate needs!
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
;)
;)
Fran,
Nice program...I hope it makes its way east!!! Thanks, Fran