RURAL DEVELOPMENT LOANS

Rural Development loans are available to more people than you may think.  Here are some basic guidelines:

¨ 100% Financing- no down payment required

¨ Closing costs may be included in the loan up to the appraised value AND no limit on seller contributions.

¨ NO PMI or MIP

¨ Cannot exceed 41% total debt to income, 29% PITI

¨ Gift Letters Accepted

¨ Does not have to be a First Time Homebuyer

¨ Most Parishes approved (Orleans, Metairie, River Ridge not included)

¨ Condominiums accepted

¨  RD loans are manually underwritten

 ACT NOW!! TIME IS RUNNING OUT!!

In October 2005, USDA Rural Development implemented expanded eligible areas for hurricane disaster assistance through USDA Rural Development's housing programs for areas covered under the Hurricane Katrina and Rita disaster declarations.  These expanded areas will expire at the end of the current fiscal year, September 30, 2008.

Expanded Eligible Areas Within These Locations Expire September 30, 2008:

• Sulphur (Calcasieu Parish)
• New Iberia (Iberia Parish)
• Houma (Terrebonne Parish)
• Slidell (St. Tammany Parish)
• Jefferson Parish excluding the unincorporated areas of the East Bank of the Mississippi River (Metairie and River Ridge are not eligible)
• St. Bernard Parish
• East Baton Rouge Parish excluding the incorporated area of Baton Rouge

For more information, please contact Rachel Hibbs at (504) 400-3013 or rachel@capital-lending.com.