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Rural
Advantage picks up where USDA Rural Development leaves off: |
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- Funds
available year round
- Expanded
income limits
- Expanded
geographic area of eligibility
- Property
does not have to meet RD thermal standards
- Manufactured
homes - permanently affixed
- All
swimming pools permitted
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97%
LTV with the option to have the 3% down and/or closing costs,
pre-paids paid by: |
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- The
seller (up to 6% seller concessions)
- A
gift (family, defined relationship, or non-profit)
- Unsecured
loan (for applicants w/ 660 credit scores or better)
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Income,
ratios and terms: |
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- 29/41;
up to 31/43 w/ 680 FICO & 45/45 w/ 720
- Maximum
income = 150% of RHS/HUD median
- 30
year amortization
- 10/1
arm, 2.75 margin, 3/2/5 caps, CMT index
- Bankruptcy
discharged 2 years w/ extenuating circumstances
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