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No Money Down Loan
Dated: April 13 2016
Single Family Housing Guaranteed Loan Program
What does this program do?
This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.
Who may apply for this program?
Agree to personally occupy the dwelling as their primary residence
Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
Have the legal capacity to incur the loan obligation
Have not been suspended or debarred from participation in federal programs
Demonstrate the willingness to meet credit obligations in a timely manner
Purchase a property that meets all program criteria
What is an eligible area?
Check eligible addresses for the loan guarantees.
How may funds be used?
Funds backed by loan guarantees be used for:
New or existing residential property to be used as a permanent residence. Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
A site with a new or existing dwelling
Repairs and rehabilitation when associated with the purchase of an existing dwelling
Refinancing of eligible loans
Special design features or permanently installed equipment to accommodate a household member who has a physical disability
Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable
A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing. Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums
Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling
Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)
Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling
Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways
How do we get started?
Applicants must contact an approved lender. Applicants can review a partial list of approved lenders and information about all of the approved lenders in your state can be obtained by contacting your state’s Guaranteed Loan Coordinator.
What governs this program?
Why does USDA Rural Development do this?
This program helps lenders work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.
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|Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS.|
At Regional Realty, we are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Wendie Neely is licensed in both Kentucky and Ohio. Her background includes several years as a Real Estate Appraiser placing her in a unique position to help Buyers and Sellers understand property val....