Kentucky Rural Development Kentucky Guaranteed Housing Zero Down


 This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency

  

Kentucky Rural Development

Kentucky Guaranteed Housing

Home Financing Options for Lenders

Think Guaranteed First!

Do you have clients with no down payment?  Do you have clients with some cash but they do not wish to exhaust all of it to buy a home?   How many times have you pre-qualified an applicant only to realize that the mortgage insurance or higher interest rates keep them out of the price range needed to accommodate their family?   The Rural Development guarantee may be able to help!

  • Generous income limits
  • Flexible credit and qualifying ratios can help open up a new market of homebuyers.
  •  Competitive 30 year fixed rates – no monthly mortgage insurance allows you to offer affordable payments to all homebuyers.
  • No down payment and no cash reserve requirements help you qualify more clients.
  • No maximum purchase price or mortgage limit.
  • Become an expert in Guaranteed Rural Housing financing to gain more clients and close more loans in small communities and rural areas.

Rural Development assists thousands of clients annually to become homeowners.  This year we want you as our partner!

The advantages

  • Loan up to appraised value plus the guarantee fee.
  • No monthly mortgage insurance (MI).
  • Maximum loan amount is the appraised value plus a one time guarantee fee.
  • No cash contribution or cash reserves required from applicant.
  • Unrestricted gifts.
  • Non-traditional credit acceptable.
  • Streamlined credit documentation available – based upon credit.
  • No minimum credit score.
  • Repayment ratios are 29/41.  Ratio waivers are allowed with documented compensating factors.
  • Not limited to first-time home buyers.
  • Competitive market based fixed interest rates with 30 year term.
  • Available secondary markets: wholesale lenders as well as Fannie Mae, Freddie Mac, and Ginnie Mae.
  • Qualifies for Community Reinvestment Act (CRA)
  • Agency approved lenders underwrite the loan.
  • Any lender, or broker, may originate loans through an Agency approved lender.
  • Agency guarantee commitments are issued within 1-2 business days of receipt of the complete package – based on volume of loan requests.
  • Rural Development provides lender support for questions, training, and outreach assistance.

 Choose Rural Development as the first option

  • A competitive fixed rate combined with no mortgage insurance provides long term savings for the customer.
  •  Home buyers are able to retain their savings since there is no down payment requirement and closing costs can be financed up to the appraised value.
  • Lenders report an overwhelming preference for the Guaranteed Rural Housing loans for the great value it provides to their customers.  Choose the best program for your customers!

Applicant eligibility criteria: 

  • Occupy the property as your primary residence.
  • Be able and willing to occupy the property.
  • Be a U.S. citizen, a U.S. non-citizen national or a qualified alien.
  • Demonstrate an ability and willingness to meet obligations and debts as they become due.
  • Have a credit history that indicates a willingness to meet obligations as they become due.
  • Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
  • Purchase a residential property that is within a Rural Development eligible area.

 Checklists and web site links:

  What is the Rural Development “guarantee?

  • Lenders have less risk with the Rural Development guaranteed loans than with conventional loans covered by private mortgage insurance.

Thank you for visiting our web site.  We look forward to working with you as partners in providing affordable housing opportunities in rural areas.  Let us know how we can further serve you.

Apply today for Free Below:

 
Apply below for free–I am a USDA Expert and have done over 200 USDA loans in my lifetime in Kentucky

 

 

 

 

 

 

 

images (4)

Advertisements