All of Sussex County
in Kent County the City of Dover is ineligible
but the rest of the county qualifies
No First-Time Buyer Requirement
The Rural Development Loan is available to borrowers in need of housing?even when they have owned a home in the past. The loan is also available to borrowers who currently have a home that is not in the local commuting area or is not structurally sound or functionally adequate.
Flexible Credit Criteria
The Rural Development Loan offers manual underwriting that benefits borrowers who have not yet established credit or who suffer from lagging credit scores despite a sustained recovery from past difficulties.
Our underwriters consider all factors, including extenuating circumstances, in order to make appropriate decisions regarding applicants who indicate a reasonable probability of successful homeownership. This gives an advantage to those who do not qualify for loan programs involving credit score based technology as the basis for loan approval.
No Down Payment
The Rural Development Loan offers financing up to 102 percent of the appraised value of the property. Therefore, a down payment is not required.
Financed Settlement Costs
The Rural Development Loan amount (based on value) above the purchase price may be used to pay related insurance premiums, loan closing costs, escrow deposits, and incidental expenses. With no down payment and financed settlement costs, borrowers can acquire homes with little or no money.
Home Mortgage Consultant
250 Beiser Blvd Suite 201
Dover, Delaware 19904