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Through
MOCAP more rural families or individuals may be eligible for
home loans with the help of the USDA Rural Development Guaranteed
100% Loan. |
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No
Down Payment Required: |
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- True 100% Financing
- Loan amount up to 102% of Appraised Value
- Closing costs and pre-paids can be financed
- The cost for up-grades or repairs required to meet RD
housing standards may also be financed
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Program
Parameters: |
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- Thirty-year fixed rate financing
- Homes in non-metro areas with up to 10 acres
- Primary residence only
- No in-ground swimming pools
- Ratios 29% PITI and 41% total debt to income
- Private institution loan, guaranteed by USDA
- Expanded employment and credit history options
- No private mortgage insurance required
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Annual
Household Income Caps
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Maximum
Income
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1
person |
2
persons |
3
persons |
4
persons |
| $46,700 |
$53,350 |
$60,050 |
$66,700 |
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Annual
income is adjusted down $480 per child in household
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