Travis Du Bois
601 Posts |
 Posted - 02/19/2008 : 11:45:44 AM
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Advantages & Benefits of USDA Rural Development with PMAC
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.
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.
• No minimum credit score: Excellent for non-traditional credit histories. (below 585 must have exceptional compensating factors)
• 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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