Rural housing affordable loan flyer

Rural housing affordable loan flyer

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  Designed  for  moderate, low,  and  very  low  income  borrowers.  The  Rural  Housing Program offers financing options for those borrowers who would  not qualify for conventional or FHA loans without additional assistance.  PROGRAM BENEFITS  FUNDS FOR CLOSING  Financing: No down payment  Closing Costs: All closing costs may be financed except discount points unless  borrower is below the Rural Development low income limit, then discount  Term: 30‐year financed  points may be financed.  No Monthly Mortgage Insurance  Seller Concessions: All closing costs and prepaids may be paid by seller  Typical Closing Costs: May be financed if  concessions.  supported by appraisal  Gifting: 100% gifting acceptable from disinterested 3rd party.  No First‐Time Homebuyer Requirement  Cash Contribution: No minimum cash contribution from borrowers  Maximum Income: County income limits apply    Gifts: 100% gifting permitted.  No Maximum  Loan Limits   PROPERTY REQUIREMENTS  Eligible Areas: Property must be located in a Rural Development eligible area.  CREDIT INFORMATION  Minimum Credit Score: 640 credit score or   Other Real Estate Owned: Borrower must not own adequate housing  higher required  Occupancy: Primary residence only & no income‐producing properties.  Property Tips: Single family or Rural Development eligible condo/PUD.  Richard Nabrzeski Senior Loan Officer, NMLS #191257 Office: 800-706-1177 ext. 110 Cell: 856-904-3112 [email protected] www.greatrate.info Residential Lending  Government & State Bond Programs  Reverse Mortgage  Commercial Lending  © 2011 Mortgage Network, Inc. NMLS ID# 2668 All rights reserved. Trade/servicemarks are the property of Mortgage Network, Inc. 300 Rosewood Drive, Danvers, MA 01923. Also doing business as MNET Mortgage Corp. and Suncoast Home Mortgage. Connecticut 3785; Licensed by the Department of Corporations under the California Residential Mortgage Act Finance Lender License 603B322; Delaware 010168; Florida ML0700961; Georgia Residential Mortgage Licensee 15441; Massachusetts Mortgage Lender and Broker MC2668; Maine SLM2499; Licensed by the New Hampshire Banking Department 5573-MB; Licensed by the NJ Department of Banking and Insurance-New Jersey Residential Mortgage Lender License 0755551; MNET Mortgage in lieu of Mortgage Network, Inc. in New York - Registered Mortgage Broker – NY State Banking Department RMB NO 207384. North Carolina L113607; Licensed by the Pennsylvania Department of Banking 21978. Rhode Island Licensed Lender 95000456LL; South Carolina-BFI Mortgage Lender / Servicer License MLS – 2668; Texas Reg. 43205; Texas Regulated Loan License 10569-46959; Licensed by the Virginia State Commission Corporation MC-2593. Some products may not be available in all states. This is not a commitment to lend. Rates, terms, fees, and equity requirements are subject to change without notice. Restrictions apply. Equal Housing Lender.