Rural
development for single family housing in open country and communities with less than
25,000 in population.
Eligible Properties
Eligible properties include single family dwellings, condos, planned unit developments and
rehabilitated units. The property must be in an eligible rural area. Manufactured housing
must meet Rural Housing Service guidelines. A property inspection is required by an
qualified inspector agreed upon by both the agency and the lender. Repayment ability is
the determinate factor for the size and type of housing which can be financed.
How this works.
To find out more fill out the on-line application form one of our loan officers will phone
you to visit about your request. [Application] 
Eligible Mortgages.
Loans can be made up to 100% of the appraised value. The loan can exceed the purchase
price when closing costs and prepaid items are financed up to the appraised value. The
term of the first mortgage is 30 years or a 15 year balloon amortized for thirty years.
The loan term is 33 years.
Eligible applicants.
Borrowers must be low or very low income based on the HUD median income amounts listed by
number of people per household. Repayment ratios are 29/41 for very low income borrowers
and 33/41 for low income borrowers for the first year loan payment and total debts
respectively. Credit must be acceptable per HB-1-3550 Section 3. ( Call us for details. ) |
