Guaranteed Rural Housing
(102% Financing on appraised value)
- 102% Financing based on appraised value, if appraised value exceeds sales price, borrower can finance closing costs!
- No monthly mortgage insurance, 1-time guarantee fee of 2% that can finance above the appraised value.
- No asset requirements.
- No first time homebuyer restrictions.
- 620 minimum credit score
- Declining markets do not affect LTV.
- 6% seller concessions and 100% gifting is allowed – Your borrower can purchase a home with no money of their own in the transaction
- Geographic and income restrictions apply
- Income eligibility- http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11
- Property eligibility- http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
Mike Owens
Mortgage Planner/ Partner
Horizon Financial, Inc.
877 627 9211 ext. 101
