Travis Du Bois
588 Posts |
 Posted - 02/19/2008 : 11:45:44 AM
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Advantages & Benefits of USDA Rural Development with Greystone Financial Group
Basic run down of the loan is:
102% LTV (100% with a 2% USDA Guarantee Fee, which is financed), no MI, Full Doc only, Owner Occupied, new purchases or current USDA loan refis only.
A good read for more details is our USDA broker origination handbook found at the link below.
http://www.greystonefinancialonline.com/files/RDA/GREYSTONE%20GRH%20HANDBOOK.pdf
The program that we can participate in is the “Guarantee Program” and the guidelines for that can be found by linking here
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
KEY POINTS
• No downpayment: True 100% product.
• No monthly mortgage insurance: Clients can afford more!
• No cash reserves required.
• 580 minimum credit score: Excellent for non-traditional credit histories.
• Expanded qualifying ratios: 29/41%.
• Exceptions may be made to accommodate qualifying clients, with compensating factors
• No asset limits: Clients may keep liquid cash savings and other investments.
• NOT just for first time buyers: Anyone may apply.
• No purchase price limits: Clients may purchase home that meets their needs.
• Loans up to 102% of the appraised value. The 2% Guaranteed Fee may be added to the loan amount regardless of appraised value.
• Up to 6% Seller Concessions to pay for closing costs and/or rate reduction.
• Competitive 30 year fixed interest rates,
• No Rural Development prior approval of appraisers or builders.
• Any Broker may participate with formal Rural Development approval.
• Prompt review of Complete Loan Packages
• Brokers may charge normal and customary fees for their services.
• Brokers may use their standard forms (only 2 RD forms are needed for a typical file)
• EXPAND YOUR MORTGAGE CUSTOMER BASE! Check here to see if your desired area is eligible: http://eligibility.sc.egov.usda.gov/eligibility/ and click on “Single Family Housing” under the Property Eligibility header.
Please do not hesitate to contact me for more details.
Thank you.
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