What Won’t Fly in the Guaranteed Rural Housing Loan Program – Recognizing Unacceptable Credit

As a buyer, should I consider the Rural Housing Loan Program?

As a seller, can my buyer possibly qualify for the Rural Housing Loan Program?


The USDA's Guaranteed Rural Housing Loan is one of the best loan programs out there today. It is a no down payment, 100% financing loan - the last one available.


Below is a list of quick ways to see if you or your buyers have a chance to qualify for this program. These are the other factors that need to be considered as well.




Don't worry if you can't qualify for this particular program. There are many other low to no down payment programs available. Contact me for more information.

Unacceptable Credit for the Guaranteed Rural Housing Loan - UNLESS THE PROBLEM IS DEEMED BEYOND THE APPLICANT'S CONTROL (more on this below)

NOTE: some or all of these may not apply if you or your buyer has a 620 credit score or better.

• More than one - 30 day late in the past 12 months


• Bankruptcy or foreclosure in the past 36 months


• Outstanding tax liens or other government debt which are currently past due (age doesn't matter)


• Outstanding judgments


• Collection accounts or charge-offs within the past 12 months


• Collection accounts (age doesn't matter) which are currently past due with no payment arrangements


• Two or more 30 days late on rental payments in the past 36 months
  

The following may be considered mitigating circumstances and may be taken into consideration. Documentation of these are key.

NOTE: Mitigating circumstances are temporary in nature, beyond the applicants control and must no longer be a risk factor when considering the application.

Some mitigating factors are:

• Loss of job
• Delay in or reduction of government benefits
• Illness or death of a primary wage earner
  

I specialize in Armstrong County (Kittanning, Ford City, Elderton, East Brady, Worthington, Rural Valley and Templeton). Every single property located with in the Armstrong County lines is eligible for this loan.

Click here to find out if the property you're buying or selling qualifies.

Click here for Advantages of the 100% Financing Guaranteed Rural Housing Loan Program - Buy with No Money Down


To learn ways to help your credit score, click on 10 FREE Ways to Improve Your Credit Score and Raise Your Fico STARTING TODAY


If you want to see if you qualify, you can do so online by clicking here

Please contact me directly at 724-783-7180 or email me at jkladny@hotmail.com for more information. Thanks! JENNIFER KLADNY - Loan Officer - 1st Metropolitan Mortgage 115 East Pennsylvania Avenue, New Stanton, PA 15672.

Licensed by the Department of Corporation under the California Residential Mortgage Lending Act. Licensed by the Pennsylvania Department of Banking.

Advantages of the 100% Financing Guaranteed Rural Housing Loan Program - Buy with No Money Down

Guaranteed Rural Housing Loan - SIMPLY THE BEST!

The 100% Financing USDA Rural Development Guaranteed No Down-Payment Loan Program is one of the best programs available to borrowers looking for homes in today's market (I specialize in the Armstrong County, Kittanning and Ford City areas). Why, you may ask? Let me go over a few of the highlights of this wonderful little gem!



Highlights of the Rural Housing Loan Program:

• 100% Financing (no down payment required) - buyers are not required to put any of their own money into the deal


• No Mortgage Insurance (there is a one time 2% Guarantee Fee paid to Rural Housing that eliminate mortgage insurance). This fee can be financed into the loan.


• No Prepayment Penalty on a 30 year fixed mortgage at rates better than those on conforming loans


• Loan amount is based on the appraised value, not the sales price.


• No Minimum Credit Score Required - this programs allows for non-traditional credit, offers common sense underwriting and an automatic approval if credit is 620 or higher


• Borrowers are not required to have cash reserves and there is no minimum cash contribution by the borrowers
  

Does the house I'm buying or selling qualify for the Rural Housing Loan?

Most properties in Pennsylvania qualify for this program. Don't assume anything! A HOMES DOESN'T NECESSARILY HAVE TO BE IN THE COUNTRY!

I specialize in Armstrong County (Kittanning, Ford City, Elderton, East Brady, Worthington, Rural Valley and Templeton). Every single property located with in the Armstrong County lines is eligible for this loan.

Click here to find out if the property your buying or selling qualifies.

Am I or my buyer eligible for the Rural Housing Loan?

When considering income in this program, ALL income of the applicant, co-applicant and adult members (those over 18) must be taken into consideration. Again, don't assume anything!

There are adjustments that can be taken into consideration. They are as follows:

Household Member and Deduction Amount

Each minor child under 18 years of age: $480

Each disabled or handicapped individual who isn't the applicant or co-applicant: $480

Each full time student 18 years or older: $480

Each elderly (62 years or older) or disabled applicant: $400

Child care expenses for children 12 years or under: Actual cost of care, supported by full documentation

Click here to see if your income or your buyers income qualifies.

To learn 10 FREE Ways to Improve Your Credit Score and Raise Your Fico STARTING TODAY - click here.

If you find that your or your buyer or the property you are buying or selling are not eligible for the Rural Housing 100% financing - no down payment loan program, don't dispare. There are many other low to no money down programs available.

To apply on-line, please click here to link to the New Stanton 1st Metropolitan Mortgage Website.

Please contact me directly 724-783-7180 or jkladny@hotmail.com for more information on this or any other programs available. Thanks! JENNIFER KLADNY - Loan Officer for 1st Metropolitan Mortgage, 151 East Pennsylvania Avenue New Stanton, PA 15672

Licensed by the Department of Corporation under the California Residential Mortgage Lending Act. Licensed by the Pennsylvania Department of Banking.