In the past few weeks I've learned quite a few things about Rural Housing programs. They are truly a wonderful tool for buyers who are interested in purchasing homes in "Rural Areas." The Lender and the Loan Officer have to be approved to do these loans.
To insure that the property you or your buyers would like to buy is truly in a "Rural Area" there is a website that your approved lender can access to look up the exact address. Why not market your listing as a "Rural Housing Area" property?
Here are some of the highlights of the program:
-102% financing based on the appraised value of the home (2% goes towards a one-time guarantee fee). There are no stipulations for declining markets.
-30 Year Fixed Rate Loan, No Pre-payment penalties, no Mortgage Insurance!
-No Reserves required, gift funds are permitted, no maximum seller concessions.
-No minimum credit scores, but there are strict credit guidelines. 620 credit or above recommended.
-No maximum loan amount, but there are income limits. Check with your approved lender for more information on this program, or contact me at tlossing@amerifirstloan.com.
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