No Money Down - Cincy Area Properties

Guaranteed Rural Housing Loans

Many people are seeking down payment assistance.  If that is what you are looking for, then you must read the following information.

Rural Development - Ohio has been a leader nationally in utilizing the Guaranteed Rural Housing program.  

Visit http://www.swohiorealestate.com/home-loans.php and apply online today! You can either make your home loan request through the provided form, or reach out to any of the preferred mortgage lenders directly and visit their sites.

The combination of NO DOWN PAYMENT required and NO MORTGAGE INSURANCE needed with competitive 30 year fixed rates makes the Guaranteed Rural Housing program an attractive source of financing.

The highlights of the Guaranteed Rural Housing program are as follows:

To be considered eligible for a Guaranteed Rural Housing Loan, applicants must:

• Have an adequate and dependable income;
• Be a U.S. citizen, qualified alien, or be legally admitted to the United
  States for permanent residence;
• Have an adjusted annual household income that does not exceed the moderate
  income limit established for the area.  A family's income includes the total
  gross income of the applicant, co-applicant and any other adults in the
  household.  Applicants may be eligible to make certain adjustments to gross
  income - such as annual child care expenses and $480 for each minor child - in
  order to qualify.  USDA Rural Development field offices can provide information
  on the moderate income limits for the areas that fall within their jurisdiction,
  and can provide further guidance on calculating household income.  There is an
  automated income eligibility calculator available at:  http://eligibility.sc.egov.usda.gov.  
• Have a credit history that indicates a reasonable willingness to meet
  obligations as they become due;
• Have repayment ability based on the following ratios:  Principle, Interest,
  Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or
  less than 29 percent.  Total debt divided by gross monthly income must be equal
  to, or less than, 41 percent.  

Homes That Qualify:

Guaranteed loans can be made on either new or existing homes;

• Existing homes must be structurally sound, functionally adequate, and in
  good repair;
• There are no restrictions on the size or design of the home financed;
• The home must not be used for income-producing purposes;
• Homes must be located in rural areas.  Rural areas include open country and
  places with a population of 10,000 or less and - under certain conditions -
  towns and cities with between 10,000 and 25,000 residents.  USDA Rural
  Development field offices can determine eligible areas.  There is an automated
  rural area eligibility calculator at:  http://eligibility.sc.egov.usda.gov.

Highlights of the USDA Guaranteed Rural Housing Loan Program:    

Loans may be for up to 100 percent (103.5 percent if the guarantee fee is
included in the loan) of appraised value or for the acquisition cost, whichever
is less.  No down payment is required;

• Mortgages are 30-year fixed rate at market interest rates;
• Loans may include funds for closing costs, the guarantee fee, legal fees,
  title services, cost of establishing an escrow account and other pre-paid items,
  if the appraised value is higher than sales price;
• Sellers may contribute to the buyer's closing costs;
• Home buyers make application with participating lenders;
• Buyers must personally occupy the dwelling following the purchase;
• Loans may be made to refinance either existing USDA Rural Development
  Guaranteed housing loans or our Section 502 Direct housing loans;
• For purchase loans, a one-time guarantee fee equal to 3.5 percent of the
  loan amount is charged to the lender.  The charge for refinance loans is 1.0
  percent.  Typically, the lender passes on this expense to the borrower as a
  closing cost.  After the one-time fee is paid, there is no recurring monthly
  expense charged for guaranteeing the loan;
• Closed loans have secondary market acceptability, including Freddie Mac,
  Fannie Mae, Ginnie Mae pools, and many state housing finance agencies;
• Guaranteed loans are subject to the provisions of the Civil Rights statutes,
  including the Equal Credit Opportunity Act.

The USDA Rural Devopment loan program is intended to help people who want to buy a home in areas of population of 25,000 or less. To see if your next home is in an eligible area, please click the link above.

I and my business partner Greg Hancock are happy to help you locate an eligible home!  We can customize a FREE listing search based upon your search criteria and send you only the homes that would be of interest to you!

http://www.swohiorealestate.com/contact-marty-and-greg.php