Monday, April 25, 2011 - Article by: Joe Afonso - Primary Residential Mortgage, Inc. NMLS # 3094 -
Do you have buyers that want to buy but may not have the down payment? Your clients may qualify for the USDA Loan. Below are a few of the duidelins for the USDA loan. Feel free to contact me if you would like more details. 602-531-7040 or jafonso@azhomerates.com
620 minimum credit core
•· No down payment
•· Finance closing costs and pre-paids
•· Unlimited seller contributions
•· Unrestricted gift funds
•· 100 % LTV of appraised value
•· Guarantee Fee = 3.5% - One time fee, up-front at closing; May be financed into loan amount Above the Appraised Value **
•· No monthly MI premium
•· House located in a Rural Housing designated area
•· No other real estate owned
•· Full Documentation
•· Employment history (24 months) Ancillary income (24 months)- Bonus / Overtime / Part-time- SSI- Disability
•· Meet income requirements
•· Must be owner occupied/principal residence
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