Great News For Home
Sellers & Buyers!
What types of home financing does
Rural Development offer?
1. Guaranteed Financing
• 100% financing
• Clients work with a participating traditional mortgage
lender of their choice.
• Normal timeframe for purchase contracts and closings
• No monthly mortgage insurance
• Competitive fixed 30 year interest rates
• Generous income limits
• No maximum purchase price limit
• NO RECAPTURE! Recapture is never a factor with
guaranteed financing.
• Homes must meet Rural Development minimum
property standards per HUD Handbook 4150.2. Practically
conventional!
• Funding is always available.
2. Direct Loan Financing
• 100% financing
• Client works with local Rural Development office for the
loan.
• Closing timeframe MAY be longer (45-60 days).
• Maximum purchase price limits vary by county.
• Very low to low income limits apply. ( Don't assume you wouldn't qualify. Check! )
• Competitive fixed rates—33-38 year loan terms
• SOME CLIENTS MAY QUALIFY FOR SUBSIDIZED
PAYMENTS. When the government is helping them make
their monthly housing payments, they could be subject to
recapture upon selling the home.
• Homes are inspected and repairs may be necessary to
place the home in a “like new” condition. Repair costs
may be rolled into the loan and completed after closing.
Click here to see if a property is eligible!
Areas shaded in a darker yellow do not qualify.
Manteno, Herscher and Limestone Twp ( west of Pipeline Road ) qualify!
CALL ME! LET'S FIND A HOME! 815-735-9594
