DON'T LET THE BANKS TELL YOU THERE IS NO FUNDING FOR USDA RURAL HOUSING LOANS! WE ARE STILL PRE APPROVING, UNDERWRITING, CLOSING AND FUNDING THESE LOANS.

This program is administered by USDA Rural Development, which serves the public through more than 800 field offices nationwide.

More rural families and individuals may be eligible to  become homeowners with the help of a USDA guaranteed home loan. When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA's Guaranteed Rural Housing Loan Program, low- and moderate-income people can qualify for mortgages even without a downpayment.

GUARANTEED RURAL HOUSING LOANS

• Have an adequate and dependable income
• Be a US Citzen, qualified alien, or be legally admitted to the United States of America for permanent residence
• Have an adjusted annual household income that does not exceed the moderate income limit established for the area you want to live. A family's income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income such as annual child care expenses and $480 for each minor child in order to qualify. USDA Rural Developemnet field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calcualting household icome. Thre is an automated income eligiblity calcualator at: http://eligiblility.sc.egov.usda.gov
• have credit history that indicates a resasonable willingness to meet obligations as they become due
• have repayment ability based on the following ratios: Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29%. Total debt divideed by gross monthly income must be wqual to, or less than, 41%. (EXCEPTIONS CAN BE MADE)



HOMES THAT QUALIFY

• Guaranteed loans can be made on either new or existing homes
• Existing homes must be structurally sound, functionally adequate , and in good repair
• There are no restrictions on the size or design of the home financed (restrictions do apply if home has underground pool)
• The home must not be used for income-producing purposes
• Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and under certain conditions towns and cities with between 10,000 and 25,000 residents. USDA Rural Development field offices can determine eligible areas. There is an automated rural are eligiblity calculator at: http://eligibility.sc.egov.usda.gov



HIGHLIGHTS OF THE USDA GUARANTEED RURAL HOUSING LOAN PROGRAM

• Loans may be for up to 100 percent (103.5% if guarantee fee is financed) of appraised value
• Mortgage are 30-year fixed rate at market interest!
• Loans may included funds for closing costs, the guarantee fee, legal fees, title services, cost of establishing an escrow account and other pre-paid items, if the appraised falue is higher than the sales price
• Sellers may contribute to the buyer's closing costs
• Homebuyers make application with participating lenders (Andrews Mortgage Solutions)
• Buyers must personally occupy the dwelling following the purchase
• Loans may be made to refinance eitherexisting USDA Rural Development Guaranteed housing loans
• For purchase loans, a one-time guarantee fee equal to 3.5% of the loan amoutn is charged to the lender. The charge for refinance loans is .5%. typically, the lender pases on this expense to the borrower as a closing costs. After the one time fee is paid, there is no recurring monthly expense charged for guaranteeing the loan
• Closed loans have secondary market acceptability, including Freddie Mac, Fannie Mae, Ginnie Mae pools, and may state housing finance agencies
• Guaranteed loans are subject to the provisions of the Civil Rights statutes, including the Equal Credit Opportunity Act.



WE ARE HERE TO HELP


Interested home buyers should call us at 352-369-LOAN (5626) to get prequalified for this loan and see how we can help you with the dream of homeownership