This loan is very similar to an FHA loan with 100% financing available and if the appraisal allows you can even finance the closing cost. We often forget to use this loan as the property must be in a USDA designated area, so check you listings and use the look up at http://eligibility.sc.egov.usda.gov
*Generous household income limits also apply and you can check that out at the above link*
Buyer qualifications
-No down payment required and zero move in cost is possible
-30 year fixed rate loan
-100 % loan plus you can add 3.5 % Guarantee fee on top of that!!!
-Finance closing cost & prepaids if apprasal is higher
-No sated maximum loan amount; maximum loan based on repayment ability
-No monthly mortgage insurance
-No cash contribution required from borrower
-Liberal Income limits (by country)
- Gift funds and grants allowed
-No cash Reserve Requirements
Property Qualifications
-Existing home
-New construction
-New Manufactured homes (Existing MH not allowed)
-Modular Homes
-Town Homes
-Condos (must be approved project)
Prohibited loan purposes
-Co-signers not residing in the household
-In-ground swimming pools unless waiver signed
-Furniture and personal property
-Income producing property
-Excess land typically exceeding 30% (site value) of total property value
-Previously occupied manufactured homes
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