USDA-RD Single Family Housing Guarantee Loan Program (SFHGLP)

FAST FACTS for the
USDA-RD Single Family Housing Guarantee Loan Program (SFHGLP)

 
ü  102% FINANCING is still available
ü  NO DOWN PAYMENT required from buyer*
ü  CPR PROPERTIES are acceptable
ü  CONDOS are ok so long as they are approved by either the VA, Fanni Mae, Freddie Mac or FHA
ü  DHHL properties are acceptable
ü  FUNDING, program well funded for FY 2012
ü  DEBT TO INCOME (DTI) RATIO waivers permitted with compensating factors
ü  RURAL PROPERTIES ONLY, all of Kauai is considered rural
ü  CLOSING COSTS may financed into the loan*
ü  ZERO FICO SCORES permitted with acceptable alternative trade lines
ü  LEASEHOLD PROPERTIES are permitted, must have at least 40 years term by close of escrow
ü  QUICK CLOSING; average turn time once file received at USDA is 48 hours, lender processing times apply
ü  THE “MAXIMUM RATE” lenders may charge as of 5/18/2012 is 4.0%, rates subject to change daily
ü  REDUCED RATES, low income applicants may finance additional points to buy down rate
ü  REFINANCE a construction loan or existing USDA loan
 
*Discuss with your lender how to finance closing costs prior to writing an offer to purchase
 

                                                                                                         
Contact a USDA approved lender or myself for additional guidelines.  Contact a USDA approved lender to apply.

Approved lender list

See the USDA Rural Development Website for more information.
 
 

Advertisements

About BIFB

The Big Island Farm Bureau (BIFB) is a Multi-County 501c5 Non-Profit Farm Bureau representing agriculture on Hawaii Island. Our mission is to be the "Voice of Agriculture" by promoting, representing & protecting agriculture on Hawaii Island. We are affiliated with the Hawaii Farm Bureau Federation. We are self supporting through projects, events & our social enterprise project Hawaii AgVentures; Membership fees are not charged for our services/programs.

Posted on May 23, 2012, in Grants & Loans and tagged , , , , , . Bookmark the permalink. 1 Comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: