Get in Touch! 210-646-1214

USDA Loans

USDA Repair Escrow

USDAPROGRAM SUMMARY The USDA Repair Escrow program is intended to help individuals save money by rolling in the cost of the purchase plus the repairs in the same loan, but cannot exceed 10% of the final loan amount. To qualify for this program, borrowers must meet the standard income, locations, size and additional factors set forth by USDA. The funds for the repairs can be used for both exterior and interior repairs. EXAMPLE OF ELIGIBLE REPAIRS • Replace HVAC • Repair and paint rotted facia boards • Repair holes in kitchen floor • Install safety eyes on garage door • Install a stove and dishwasher that are drop in • Install hot water heater

USDA Streamline-Assist Refinance Program

PROGRAM SUMMARY The Streamlined-Assist Refinance Option is designed to assist existing Section 502 direct or guaranteed loan borrowers to refinance their homes with greater speed and ease. This Program is available to borrowers in eligible states where steep home price declines, unemployment, and persistent poverty rates can make refinancing a current mortgage difficult.

BENEFITS:

1. No appraisals required
2. No cash reserves required
3. Properties eligible at time of origination that have become ineligible are still eligible

OTHER KEY FEATURES: 1. 620 minimum qualifying credit score 2. Available in a 30 year fixed term 3. Existing loan can be either a Section 502 direct or guaranteed loan 4. DTI and LTV calculations are not required

USDA Guaranteed Rural Housing Loan Program

PROGRAM SUMMARY The Single Family Housing Guaranteed Loan Program (SFHGLP)* is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that is designated as rural by RD.
PROGRAM HIGHLIGHTS:

• 620 Minimum qualifying credit score
• No down payment required
• Borrowers can finance up to 100% of the appraised home value or a borrower can have a gift or grant go toward a down payment with no money out of pocket
• Competitive 30 year fixed interest rates
• Flexible credit guidelines
• No maximum purchase limit – The USDA Rural Development program has no maximum purchase price limit
ELIGIBLE BORROWERS: • Individuals or families who plan to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan • An applicant for the USDA mortgage guarantee loan must provide sufficient income verification and a credit history that indicates an ability and willingness to meet repayment obligations • An individual or family must show proper legal capacity to own property in the U.S.A., own no home or dwelling currently, and have insufficient resources to qualify for a conventional home mortgage
*Please refer to the most recent program guidelines for upcoming changes regarding the Upfront Guarantee and Annual fee. Under the GRH Loan Program, housing must be modest in size, design, and cost. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards. To verify eligibility for a GRH Loan, property eligibility and income must be obtained.

USDA Manufactured Housing Pilot Program

PROGRAM SUMMARY Previously, only manufactured housing units that were already financed through Rural Development were eligible for financing through the Single-Family Housing 502 Direct and Guaranteed Programs. Under this pilot program, existing manufactured housing in eligible property states are now eligible for financing if they were built on or after January 1st, 2006. Leverage this pilot program before August 2019 to find new opportunities with clients who may not have previously been eligible, according to the existing guidelines.
ELIGIBLE STATES
• Colorado
• Iowa
• Louisiana
• Michigan
• New Hampshire
• New York
• Nevada
• North Dakota
• Ohio
• Oregon
• Pennsylvania
• Texas
• Tennessee
• Vermont
• Virginia
• Washington
• West Virginia
• Wisconsin
• Wyoming
BENEFITS: • No Down Payment Required • Up to 100% LTV • Competitive 30-Year Fixed Rates • Leverage additional client interactions • Find new areas of opportunities • Utilize through August 2019

USDA
*Please refer to the most recent program guidelines for upcoming changes regarding the Upfront Guarantee and Annual fee. Under the GRH Loan Program, housing must be modest in size, design, and cost. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards. To verify eligibility for a GRH Loan, property eligibility and income must be obtained.

Interested in a USDA Loan? Contact us via the form below!

  • This field is for validation purposes and should be left unchanged.