620+ Credit Scores
No Monthly Mortgage Insurance Required
100% Financing + 3.5% Guarantee Fee can be Financed In
6% Seller Contributions Allowed
GUS (Guaranteed Underwriting System) Approval Required
Guaranteed Rural Housing Loan Program
The Rural Housing Service (RHS) Program provides very low and low to moderate income rural residents with better access to affordable home financing with little or NO DOWN PAYMENT or OUT-OF-POCKET cost.
Borrowers may obtain a loan to purchase a new or existing home that is located in a designated rural area. A rural community generally has a population of 10,000 or less; however some larger communities out side a Metropolitan Statistical Area can be considered RURAL.
To be eligible for RHS assistance, borrowers must lack sufficient resources to obtain conventional financing without RHS Guarantee Assistance.
Eligible Properties - 1 Unit SFH, Condo's and PUD's, Existing Construction over 1 year old and New Construction less than 1 year old with CERTIFICATE OF OCCUPANCY. Must be Owner Occupied Residences.
Government Provided Soft/Silent Seconds are OK
Loan Amounts OK up to 100% of Appraised Value and up to 103.5% if Guarantee Fee is financed into the loan amount.
Senior Loan Officer NMLS #351358