Loan Characteristics:
TYPE: Fixed rate for the term of the loan.
TERM: 30 years
RATES POSTED DAILY
ASSUMPTION: Not assumable.
Underwriting Guideline Synopsis:
DOWNPAYMENT & PMI (MORTGAGE INSURANCE):
No downpayment required. No monthly mortgage insurance. One-time guarantee fee of 1.75%.
PROPERTY:
Single family or RD eligible condo/PUD. House needs to be in good condition & a permanent source of heat in every room.
DEBT TO INCOME RATIOS:
29% and 41%
CREDIT REPORT:
No minimum credit scores. Non-traditional credit (electric bill, water bill, etc.) is acceptable if no credit is available. A bankruptcy must have been fully discharged for 3 years and the borrower must have re-established good credit.
FUNDS FOR CLOSING:
All closing costs and prepaids may be paid by seller concessions. 100% gifting acceptable from blood relative for closing costs. All closing costs may be financed back into the loan, if the property appraises for enough to cover it.PREPAYMENT PENALTY:
There is no prepayment penalty.
ITEMS NEEDED FOR LOAN APPLICATION
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