UDA Mortgage Talking Points

Quick Guide to USDA Rural Development Loans April 2011

Not every community qualifies—but if it does, it’s the best thing since sliced bread! Check your listings to see if the property location qualifies http://eligibility.sc.egov.usda.gov. Generous household income limits also apply and you can check them out at this link as well. Generate phone calls by letting everyone know 100% financing is still available for eligible properties and borrowers. Add an additional note to the listing info and mention it in your ads. Buyer Qualifications Highlights  No Down Payment Required and Zero Move-in cost is possible  30 Year Fixed Rate Loan  100% Loan up to appraisal allowed plus you can add the 3.5% Guarantee Fee on top of that  Finance Closing Costs & Prepaids if Appraisal Is Higher Than Sales Contract  No stated maximum loan amount; maximum loan based on repayment ability  No monthly Mortgage Insurance  No cash contribution required from borrower  No pre-payment penalty  Liberal Income Limits (by county)  Gift funds and grants allowed.  No Cash Reserve Requirements Property Qualification Highlights . Existing Home . New Construction . New Manufactured Homes (Existing MH not allowed) . Modular Homes . Town homes . Condos (Must be approved projects) Prohibited Loan Purposes  Co-signors not residing in the household  In-ground swimming pools unless waiver granted  Furniture and personal property  Income producing property  Excess land typically exceeding 30% (Site Value) of total property value  Previously occupied manufactured homes…unless refinancing existing agency loan

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