The following is a general overview of the Rural Development loan program and a guide to figure out if this is the loan program for you.
Availability: Available outside of densely populate areas. ALL of Livingston County Qualifies so ALL of Hartland Qualifies!
Type of Homes they finance: Most property types. Single Family Properties, Site Condos, Multi-Family Properties, Modular, Stick-Built, BOCA-Code, large parcels, and some unique properties will qualify. Attached Condominium Properties are acceptable if they are approved condominium projects, you can contact your lender to check on approved condominiums. Manufactured properties will NOT qualify unless they are newly built and permanently attached to a property.
Down Payment: NO down payment is required. Any down payment can be a gift from family, friend, or employer.
Mortgage Insurance: 2.04% financed into your loan, NO monthly mortgage insurance is required.
Interest Rates: Little variance between lenders, though some shopping may still be required.
Maximum Loan Amount: No maximum loan amount.
Income Limits: Income limits vary by County. For Livingston County they are as follows:
Family of 1-4 = $81,650 Family of 5-8 = $107,800
Credit Requirements: 620 FICO with no minimum credit requirements, though this may vary by lender. 24 months from Bankruptcy or Foreclosure. No specific time limit after short sale.
Reserves: No reserves required.
Repair Escrow: Available on all properties with contingency plan.
General Overview: For moderate income borrowers, easy qualifying with 620 FICO score, $0down, Repairs can be included
Questions? Just e-mail or Call today!
810-919-8138
or
matt@hartlandruralloans.com
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