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
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100% Financing (no down payment required) - buyers are not required to put any of their own money into the deal
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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.
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No Prepayment Penalty on a 30 year fixed mortgage at rates better than those on conforming loans
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Loan amount is based on the appraised value, not the sales price.
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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
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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 HOME 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 you're 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 | 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 buyer's income qualifies.
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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 dispair. 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.
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