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GOVERNMENT BACKED MORTGAGES
FHA MORTGAGE HOME LOANS
***New increased loan limits from $271,500 to $729,500 based on local County limits***
Guaranteed Rate is a Nat'l FHA Direct Lender with common sense in-house underwriting.
Obtain a low fixed rate FHA mortgage with little or no down payment* for many credit types...
FHA Mortgage - Traditional 203(b) Home Loan
- 3% down payment requirement (* can be gift from family - minimum $500 contribution by Borrower)
- No minimum credit score requirement (FHA) - Investors may have limits
- Non-traditional credit: rent, utilities, car insurance (1-yr history)
- 12-24 month credit review (blemishes may be explained/documented)
- Seller may contribute up to 6% to help pay for Closing Costs / Pre-Paids:
Closing Costs include title insurance, settlement and lender fees and the home appraisal.
Pre-paids are the mortgage interest, real estate taxes and Hazard insurance paid in advance.
- Chapter 7 Bankruptcy must be discharged 2 years with new re-established credit history (ask about less than 2 years)
- Chapter 13 Bankruptcy must be paid on time for 1 year and receive permission from Trustee to obtain new financing
- Prior Foreclosures must be seasoned 3 years (ask about less)
- Judgments/Tax Liens must be paid prior to closing (collections may be excluded)
FHA Streamline 203(k) Renovation Loan
Allows for repairs which range from $5,000-$30,000 to be included in loan amount.
FHA Secure - Refinance
Designed to allow families with solid credit histories who had been making on-time mortgage payments before their Adjustable Rate Mortgage reset-but are now in default qualify for refinancing. Click Here for more details.
RURAL DEVELOPMENT - USDA
BENEFITS OF THE USDA GUARANTEED RURAL HOUSING PROGRAM
- Provides 100% loan-to-value financing for existing homes or new construction based on appraised value.
- Available to low and moderate-income rural households*.
- No requirement to be a "first-time" home buyer.
- Less up-front cash-to-close requirements than conventional or FHA loans.
- No monthly mortgage insurance - one-time fee paid to RD at closing...
May be financed above the appraised value, as follows:
- Purchases - 102.00% of loan amount
- Refinances - 100.50% of loan amount (must be refinance of current RD loan)
- Fully amortized 30-Year Fixed-Rate loans.
- No penalty for pre-payment.
* A rural community generally has a population of 10,000 or less; however, a community with a population of 20,000 or less can be considered “rural” if it is located outside a metropolitan statistical area (MSA).
VETERAN'S ADMINISTRATION
VA HOME LOANS
No Down Payment - 100% Financing
Most credit profiles accepted
Veterans/National Guard must have certificate of eligibility
Geographic loan amount restrictions
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