Not every community qualifies—but if it does, it’s the best thing since sliced bread! Check your listings to see if the property location qualifies http://eligibility.sc.egov.usda.gov. Generous household income limits also apply and you can check them out at this link as well. Generate phone calls by letting everyone know 100% financing is still available for eligible properties and borrowers. Add an additional note to the listing info and mention it in your ads.
Buyer Qualifications Highlights
· No Down Payment Required and Zero Move-in cost is possible
· 30 Year Fixed Rate Loan
· 100% Loan plus you can add the 3.5% Guarantee Fee on top of that
· Finance Closing Costs & Prepaids if Appraisal Is Higher Than Sales Contract
· No stated maximum loan amount; maximum loan based on repayment ability
· No monthly Mortgage Insurance
· No cash contribution required from borrower.
· Liberal Income Limits (by county)
·
· No Cash Reserve Requirements
Property Qualification Highlights
§ Existing Home
§ New Construction
§ New Manufactured Homes (Existing MH not allowed)
§ Modular Homes
§ Town homes
§ Condos (Must be approved projects)
Prohibited Loan Purposes
· Co-signors not residing in the household
· In-ground swimming pools unless waiver granted
· Furniture and personal property
· Income producing property
· Excess land typically exceeding 30% (Site Value) of total property value
· Previously occupied manufactured homes
No comments:
Post a Comment