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usda rural housing matrix feb-28-11

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					                                                                                                                                                              MAVERICK FUNDIN
                                                                                                                                                                       NMLS I
                                                                                                                                                                                                      www.mave
                                                                                                          As of February 28, 2011
                                                                                                            Rural Housing

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
METHOD
                                                                 GUS                                                                    Yes

                                                               DU/LP                                                                    No
QUALIFYING                                                   Loan Type                                                            Min. Reserves
RATIOS & RESERVES                                            Guaranteed                                                                 None


INCOME LIMITS
                                   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.
CONTRIBUTIONS
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.


BUYDOWNS                           N/A


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
                               www.maverickfunding.com




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.


rea%20Loan%20Limits.htm




ons and partnerships are not allowed 

qualify for conventional financing without RHS assistance.
Only
                                   Required Result

                                         Accept

                                         Accept
                                        Max. DTI
                                        29% / 41%




must be developed to determine value. Appraisals are good for 120 days.
re informed of the property condition.
 bility".
 d.
 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

				
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