100% USDA Financing !!!
0% Down !
Primary Residences Only.
Homes, PUD's,
and Condo's that are approved
FHA, FNMA or FHLMC.
Cosigner's allowed only if they will also Occupy the property as their primary residence.
Minimum 620 credit score with us.
29/41 debt to income ratios.
Seller can pay up to 6% of all of buyers closing costs.
20% of sales price in liquid assets disqualifies the buyer(s)
Lot value not to exceed 30% of the appraised value.
Debt to income ratios
are calculated using income only from those applying for the loan
However, all debts from both spouses are used to qualify
whether they are both on the loan or not. Credit reports are required from all spouses, but are not required of other family members residing in the property who will not be on the loan.
Income documentation and verification , ( signed 4506 and 2 years tax returns, W-2's and most recent pay stub ), from EVERY family member who is residing in the property will be required,
( and used to calculate maximum family income limits ).
Borrower / buyer(s) can own no other properties except the subject property at close,
although other family members residing in the property can own other property. If one spouse owns other property, the other spouse who does not own any other property can buy a primary residence using USDA financing, but the other house payment is used in calculating debt to income ratios, unless that home has a two year history of rental income. USDA does not allow rents to offset payments at all unless there is a 2 year history of rental income.
Bankruptcies, foreclosures, deed in lieu, short sales, NOD's
allowed after 36 months.
No late payments allowed on rent or mortgages in the past 12 months.
Swimming pools, spas, and other "luxury items" are allowed
but their value is deducted from the property value and renders USDA financing impractical.
1% USDA Guarantee fee is financed in the loan amount
