As a buyer, should I consider the Rural Housing Loan Program?
As a seller, can my buyer possibly qualify for the Rural Housing Loan Program?
The USDA's Guaranteed Rural Housing Loan is one of the best loan programs out there today. It is a no down payment, 100% financing loan - the last one available.
Below is a list of quick ways to see if you or your buyers have a chance to qualify for this program. These are the other factors that need to be considered as well.
Don't worry if you can't qualify for this particular program. There are many other low to no down payment programs available. Contact me for more information.
Unacceptable Credit for the Guaranteed Rural Housing Loan - UNLESS THE PROBLEM IS DEEMED BEYOND THE APPLICANT'S CONTROL (more on this below)
NOTE: some or all of these may not apply if you or your buyer has a 620 credit score or better
More than one - 30 day late in the past 12 months
Bankruptcy or foreclosure in the past 36 month
Outstanding tax liens or other government debt which are currently past due (age doesn't matter)
Collection accounts or charge-offs within the past 12 months
Collection accounts (age doesn't matter) which are currently past due with no payment arrangements
Two or more 30 days late on rental payments in the past 36 months
The following may be considered mitigating circumstances and may be taken into consideration. Documentation of these are key!
NOTE: Mitigating circumstances are temporary in nature, beyond the applicants control and must no longer be a risk factor when considering the application.
Some mitigating factors are:
Loss of job
Delay in or reduction of government benefits
Illness or death of a primary wage earner
I specialize in Armstrong County (Kittanning, Ford City, Elderton, East Brady, Worthington, Rural Valley and Templeton). Every single property located with in the Armstrong County lines is eligible for this loan.
Click here to find out if the property you're buying or selling qualifies.
To learn ways to help your credit score, click on 10 FREE Ways to Improve Your Credit Score and Raise Your Fico STARTING TODAY
If you want to see if you qualify, you can do so online by clicking here
Please contact me directly at 724-783-7180 or email me at firstname.lastname@example.org for more information. Thanks! JENNIFER KLADNY - Loan Officer - 1st Metropolitan Mortgage 115 East Pennsylvania Avenue, New Stanton, PA 15672.
Licensed by the Department of Corporation under the California Residential Mortgage Lending Act. Licensed by the Pennsylvania Department of Banking.