|
Single Family Housing Guaranteed
Loans - 100% No Down Payment, Low
30 Year Fixed Rate, All One Loan, No Monthly Mortgage Insurance, No Pre
Payment Penalty! PURCHASES ONLY!
The Guaranteed Rural Housing (GRH) loan program provides moderate income
families with access to affordable home ownership in eligible areas with a
population under 20,000 people. Approved GRH lenders provide home purchase
financing requiring no down payment and can finance loan closing costs and
repairs up to the property's appraised value.
Program Details
Applicant
Eligibility:
Applicant must:
- Have adequate and dependable income.
- Be a U.S. citizen or be legally admitted
to the U.S. for permanent residence.
- Have an adjusted annual household income
that does not exceed the moderate income limits for the area.
- Demonstrate adequate repayment ability
(i.e. 29% principal, taxes, insurance and interest; 41% total debt ratio).
Repayment ratio acceptability is determined by the approved lender.
Property
Eligibility:
Property must be
- A new or existing stick built or modular
home meeting HUD guidelines.
- A new manufactured home on permanent
foundation.
- Owner occupied and not income producing.
- Located in an eligible rural area or community.
Loan
Terms: 30
year fixed rate mortgage.
Interest:
Negotiated between the
approved lender and the applicant.
Credit
Requirements:
Applicants must have a credit
history that indicates a reasonable willingness to meet obligations as they
become due. Credit acceptability is determined by the approved lender.
Fees:
Guaranteed fee of 2.0% of loan
amount is charged to the lender and is typically passed on to the
applicant. Lenders may charge normal and customary fees for their
services.
WI Income Limits and Eligible Properties for Single Family Housing Guaranteed
Loans (PDF)
|
secure site!
