Quick Guide to Rural Housing Loans Not every community qualifies—but if it does, it’s the best thing since sliced bread! Manistee County is eligible for USDA RURAL DEVELOPMENT loans- also known as an RD loan. Many of my buyers choose to use this program because of the $0 down payment option. Buyer Qualifications Highlights · No Down Payment · 30 year fixed rate · 102% LTV (100% plus 2% guarantee fee) · Finance Closing Costs If Appraisal Is Higher Than Sales Contract · No Mortgage Insurance · No cash contribution required from borrower. · Income Limits (by county) · Unrestricted gifts, no need to document source. · No Maximum Loan Amount · No Cash Reserve Requirements Property Qualification Highlights § Existing Home § New Construction § New Manufactured Homes § Modular Homes § Condos & Town homes (Must be approved projects) Prohibited Loan Purposes · Co-signors not residing in the household · In-ground swimming pools · Construction draws · Furniture and personal property · Income producing property · Non-essential buildings and land · Previously occupied manufactured homes Income Guidelines Like most goverment guaranteed loans, the Rural Development loan has income guidelines. For Manistee County, the guidelines are as follows: - 1 - 4 people - maximum income of $73,600
- 5-8 people - maximum income of $97,150
For more information on the program, income guidelines or income limits in other counties, please contact Mike Jones at Honor State Bank, or your lender of choice. Provided to you courtesy of: Honor State Bank Mike Jones Phone: 231-639-1769 Mortgage Originator Fax: 231-639-1763 Beulah, MI., 49617 Website: www.honorstatebank.com "The information provided has been based on rules and regulations issued by Federal Agencies and interpreted for you by MortgageCurrentcy.com. Interpretations are not guaranteed but we attempt to make them both easy to understand and help you sell more real estate. Check with your local and state authorities to ensure that you meet all requirements and disclosures." Copyright © 2009 Reprinted with permission MortgageCurrentcy.com |