Rural Development Guaranteed Program
Concord Mortgage Inc is please to offer the "Guaranteed Rural Housing Loan Program". The Guaranteed Program offers moderate income applicants the opportunity to purchase a new or existing home with zero down payment, low annual fee paid monthly and 102% financing based on appraisal value vs. purchase price.
Purpose:
* To assist low and moderate income applicants to purchase new and existing houses.
Terms and Fees:
* 30 Year Term
* Fixed Interest Rate
* One Time Guarantee Fee of 2% of the Loan
* Low Annual Fee of 0.3% Paid Monthly
Eligibility Requirements:
* Does not own adequate housing
* Must be a U.S. Citizen or have qualified alien status.
* Must personally occupy the dwelling as a primary residence.
* Must have adequate and dependable income sufficient to meet all obligations.
* Must have an acceptable credit history.
* Must have adjusted household income that does not exceed the moderate income established for the county.
Loan Purpose:
* Purchase a new or existing single family dwelling.
* Closing costs, guarantee fee, legal fees, title services, establishing escrow account and other prepaid closing costs may be included in the total loan if it does not exceed the appraised value plus the guarantee fee. Seller contributions to closing costs are acceptable.
Property Requirement:
* Homes must be located in rural area.
* Existing homes must be structurally sound, functionally adequate and in good repair.
* Existing manufactured homes or mobile homes, income producing property and properties with in-ground swimming pools are prohibited.
* No restrictions on the size of design of the home.
