Eligible Borrower/Restrictions Property Type Maximum Loan-to-Value Down Payment or Cash Investment Loan Types Loan Terms Qualifying Debt-to-Income Ratios Credit Mortgage Insurance Closing Cost Sources Property Condition/Appraisal |
*Moderate income (limits apply) *Non-urban areas (may include villages) *Must legally work in US & have SS# *2 years of employment history *Owner occupied *Single family housing only *Modular homes *Condos, Townhouses/PUD's *New Construction (end Loans) *No lot size restrictions 100% + 2.75% guarantee fee None required *Purchase *New construction *Refinance (only from current RD loan) *Minor repairs *30 year fixed rate *No pre-payment penalty *General 29% debt / 41% income *Higher ratios may be considered with compensating factors *Perfect credit not required *Bankruptcy 3 years after Ch. 7 & minimum credit score *Non-traditional credit allowed *Minimum 580 Credit Score *2.75% up front RD guarantee (can be financed into loan) *No monthly *No limit on seller contribution *Gift funds allowed to cover closing costs *Property must meet HUD requirements |