As of February 28, 2011
ELIGIBLE PROPERTIES SFRs, PUDs, Condos, properties must be non-farm 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.
MAXIMUM LTV/CLTV 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.
Note: Refinances can only be used when refinancing current Rural Housing Guaranteed loans, Leveraged loans may not be refinanced under the Guaranteed Rural Housing prog
MAXIMUM LOAN AMOUNT Guaranteed: $417,000 (conforming loan limit)
Direct/Leveraged: Refer to RHS website for maximum loan amounts: http://www.rurdev.usda.gov/rhs/sfh/RHS%20Area%20Loan%20Limits.htm
CREDIT All borrowers must have a 620 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
• 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.
ELIGIBLE BORROWERS • U.S. Citizens • Inter Vivos Revocable Trusts • Non-occupant co-borrowers, corporations and partnerships are not allowed
• 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 as
PROGRAM NAMES / TERMS • Conf 30 Rural Housing • Conf 30 Rural Housing Direct Leverage 30 Year Fixed Rate term Only
UNDERWRITING Method Eligible
QUALIFYING Loan Type Min. Reserves
RATIOS & RESERVES Guaranteed None
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 Limits"
APPRAISAL / INSPECTIONS 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. 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.
To determine property eligibility: http://eligibility.sc.egov.usda.gov Click on "Single Family Housing" under "Property Eligibility".
DOCUMENTATION Standard Full/ALT doc FNMA/FHLMC conventional loan documentation is required. Additional USDA/HUD disclosures are required.
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 covere
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.
GUARANTEE FEES Guaranteed: 3.50% 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 regardle
MORTGAGE INSURANCE Private Mortgage Insurance is not required.
EDUCATION / COUNSELING All borrowers and co-borrowers must participate in an approved homebuyer education program if required by the RHS office issuing the conditional commitment.
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 c
Programs, rates and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. THIS INFORMATION IS INTENDED FOR MORTGAGE PROFESSIONALS U
NOT BE DISTRIBUTED OR SHOWN TO CONSUMERS OR THIRD PARTIES.
AVERICK FUNDING CORP.
NMLS ID #7706
han 10,000 (20,000 if located outside an MSA)
a street, road or driveway.
on-recurring closing costs may be included.
anced under the Guaranteed Rural Housing program.
ons and partnerships are not allowed
qualify for conventional financing without RHS assistance.
29% / 41%
must be developed to determine value. Appraisals are good for 120 days.
re informed of the property condition.
n, IRS transcripts for the time period covered by the required income
nanced or paid in cash and are required regardless of LTV.
uing the conditional commitment.
ateral are subject to approval. This is not a commitment to lend.
DED FOR MORTGAGE PROFESSIONALS USE ONLY AND SHOULD