102% Financing on your new home!!

Sunday, January 10, 2010

by Joanna Keskitalo

South Carolina has a huge area of homes that qualify for Rural Housing. Once we have narrowed down your home search, I can specifically tell you weather or not the homes you have chosen qualify for 102% financing or not. Imagine, get into your new home for 0% down and possibly receive a tax credit up to $8000!

CALL JOANNA KESKITALO @ 864-329-6639 or

email at: joannak@kw.com

Great things you need to know about USDA (Guaranteed Rural Housing) Mortgage Loans

NO DOWN PAYMENT REQUIRED!! (Up to 102% financing using appraised value for a purchase (includes 2% funding fee))
No Mortgage Insurance
Eligibility website http://eligibility.sc.egov.usda.gov
Seller can pay up to 6% of closing costs
Not allowed to have more than 20% of purchase price in reserves
Must get well certification if on private well water (a bacterial test done by EPA)…Septic inspection at Underwriter/Appraiser discretion
Dual underwrites (Lender then USDA), so need 45 day closing
36 months from BK and Foreclosure with 620 score and AUS approval (need good explanation and compensating factors)
May not own another home at time of closing but doesn’t have to be first time home buyer
Must use HUD (FHA) approved appraiser…needs clear CL100, Stove, and meet all other minimum FHA standards
No minimum seller seasoning required on title!
Household Income Limit 73, 600 (1-4 person family) program requires max 29% gross housing ratio which equates to max $250,000 loan +/- depending on current rates, taxes, insurance, etc.
Household Income Limit 97, 150 (5-8 person family) translated into max home price of $325,000 +/- based on max housing ratio
Remember NO MORTGAGE INSURANCE for USDA.
Disclaimers---loans have other qualifying areas…total ratios cannot exceed 41% without exception, must credit qualify and be in acceptable geographical location with acceptable collateral…this flyer is for marketing purposes only.