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					                                                                                                                                                                                                www.maverickwholesale.com


                                                                                                  As of October 11, 2011

                                                                                                        Rural Housing

                             SFRs, PUDs, Condos, properties must be non-farm properties.
ELIGIBLE PROPERTIES          Eligible properties must be located in rural areas, as defined by local RHS office. These areas generally have populations less than 10,000 (20,000 if located outside an MSA)
                             Site value must not exceed 30% of the total property value. Additionally, the property must have direct, all weather access to a street, road or driveway.
                             Owner Occupied, Primary Residence, Purchase and Rate & Term only.
                             Guaranteed: 100% LTV maximum. Up to 103.63% LTV is allowed when the Guarantee fees are financed. All recurring and non-recurring closing costs may be included.
 MAXIMUM LTV/CLTV
                             Note: Refinances can only be used when refinancing current Rural Housing Guaranteed loans, Leveraged loans may not be refinanced under the Guaranteed Rural Housing program.
   MAXIMUM LOAN              Guaranteed: $417,000 (conforming loan limit)
      AMOUNT                 Direct/Leveraged: Refer to RHS website for maximum loan amounts: http://www.rurdev.usda.gov/rhs/sfh/RHS%20Area%20Loan%20Limits.htm
                             All borrowers must have a 640 minimum credit score; Non-traditional credit is not allowed.
                             •  No more than 1x30 in the last 12 months on consumer credit, or 1x30 in the last 24 months on housing expenses
                             •  No collections, charge-offs or judgments allowed in the in the last 12 months
         CREDIT              •  No outstanding tax liens or delinquent government debt allowed
                             •  No bankruptcy or foreclosure allowed in the last 36 months
                             All borrowers must be screened using the CAIVRS system.
                             •  U.S. Citizens                                   •  Inter Vivos Revocable Trusts                       •  Non-occupant co-borrowers, corporations and partnerships are not allowed 
ELIGIBLE BORROWERS           •  Permanent Resident Aliens               •  Non-Permanent Resident Aliens
                             Borrowers must be without sufficient resources to secure the necessary down payment, (generally 20% for rural properties) to qualify for conventional financing without RHS assistance.

 PROGRAM NAMES /
                             •  Conf 30 Rural Housing               •  Conf 30 Rural Housing Direct Leverage                         30 Year Fixed Rate term Only
      TERMS
                                                           Method                                                               Eligible                                                         Required Result
   UNDERWRITING
                                                            GUS                                                                   Yes                                                                  N/A
      METHOD                                               Manual                                                                 Yes                                                                  N/A
                                                           DU/LP                                                                   No                                                                  N/A
    QUALIFYING                                           Loan Type                                                           Min. Reserves                                                           Max. DTI
 RATIOS & RESERVES                                       Guaranteed                                                               None                                                              29% / 41%

                             To determine income and eligibility limits: http://eligibility.sc.egov.usda.gov Guaranteed: 115% of Area Median Income (AMI) - Low- to moderate-income             Click on "Guaranteed" under "Income
    INCOME LIMITS            Limits"


                             One full appraisal completed by a FHA roster appraiser is required (1004/1073); Both the sales comparison and cost approach must be developed to determine value. Appraisals are good for 120 days.
     APPRAISAL /
                             Inspections are required for all transactions to ensure all health and safety issues are revealed and ensure that the borrowers are informed of the property condition.
     INSPECTIONS             To determine property eligibility: http://eligibility.sc.egov.usda.gov Click on "Single Family Housing" under "Property Eligibility".

                             Standard Full/ALT doc FNMA/FHLMC conventional loan documentation is required. Additional USDA/HUD disclosures are required.
   DOCUMENTATION             An IRS Form 4506-T must be signed, completed, and dated at application and at closing by all borrowers. In addition, IRS transcripts for the time period covered by the required income
                             documentation must be obtained prior to loan closing for all borrowers.
   CLOSING COSTS             Gift funds allowed from non-household members only. A verifiable gift letter is required stating that no repayment is required.
 INTERESTED PARTY            Guaranteed: 6% allowed towards recurring and non-recurring closing costs.
  CONTRIBUTIONS
                             Guaranteed: 2.00%, plus .30% monthly renewal factor of the loan amount for purchases or 1.00% of the loan amount for refinances. Guarantee fees may be financed or paid in cash and are required
   GUARANTEE FEES            regardless of LTV.

MORTGAGE INSURANCE           Private Mortgage Insurance is not required.

      BUYDOWNS               N/A

     EDUCATION /
                             All borrowers and co-borrowers must participate in an approved homebuyer education program if required by the RHS office issuing the conditional commitment.
     COUNSELING
Maverick Funding Corp. NMLS#7706, Executive Offices, 1160 Parsippany Boulevard, Suite B, Parsippany, NJ 07054. Toll Free 888-616-6866. Licensed by the California Department of Corporations, License #4131048
 RMLA and License #603H799 Finance Lender Law; Maverick Funding Corp. Massachusetts Lender License #ML3257; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking
and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed by the Virginia State Corporation Commission, License #MC5352; also Licensed in AL, CT, DE, FL, IN, ME,
                                                                          MD, MN, NC, OH, OR,TN,VT and WA. Equal Housing Lender.
                                                                                                                                                                             www.maverickwholesale.com


                                                                                          As of October 11, 2011
Maverick Funding Corp. NMLS#7706, Executive Offices, 1160 Parsippany Boulevard, Suite B, Parsippany, NJ 07054. Toll Free 888-616-6866. Licensed by the California Department of Corporations, License #4131048
 RMLA and License #603H799 Finance Lender Law; Maverick Funding Corp. Massachusetts Lender Rural Housing Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking
                                                                                              License #ML3257;
and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed by the Virginia State Corporation Commission, License #MC5352; also Licensed in AL, CT, DE, FL, IN, ME,
                                                                          MD, MN, NC, OH, OR,TN,VT and WA. Equal Housing Lender.

  Maverick Funding Corp. Trademarks are the property of Maverick Funding Corp. Some products may not be available in all states. Credit and collateral are subject to approval. This is not a commitment to lend.
 Programs, rates and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. THIS INFORMATION IS INTENDED FOR MORTGAGE PROFESSIONALS USE ONLY AND SHOULD
                                                                      NOT BE DISTRIBUTED OR SHOWN TO CONSUMERS OR THIRD PARTIES.

				
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