USDA SINGLE-FAMILY HOUSING LOAN DETAILS

The US Department of Agriculture, through its Rural Development program, offers a Guaranteed Rural Housing loan. This is a 30-year fixed-rate mortgage with no prepayment penalty and no balloon.

• Down Payment – $0 down purchase mortgage (funds may be required for a streamlined refinance)
• Loan Specific Fees – 1% up-front guarantee fee (financed) & 0.35 annual fee (included in payment).
• Income Limit – maximum allowable household income set by USDA found at: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
• Location Restrictions – only property located in acceptable rural locations confirmed at https://eligibility.sc.egov.usda.gov
• Minimum Credit Score – 620
• Up-Front Fees – $500 Appraisal Fee

Lisa Nguyen and Berkshire Hathaway HomeServices is not affiliated with any government agencies. These materials are not from USDA, HUD or FHA, and were not approved by HUD or a government agency.

Lisa Nguyen is an expert when it comes to loan programs for first-time home buyers.

Owning a home opens doors to personal, financial, and family freedom. The decision to buy a home, however, can be pretty stressful. We understand! We promise to use plain terms to explain everything: no special terminology, no confusing terms.

There are only three simple steps to determining your eligibility: Credit Analysis, Document Review, and Loan Program Determination. These steps can all be completed using your phone in as little as a few hours!

The Federal Government defines a first-time home buyer as a person who hasn’t owned a home within the last 3 years, or ever.

There are first-time home buyer programs offered through the Ohio Housing Finance Agency that provide assistance with a down payment or the benefit of a lower-than-market interest rate.

The US Department of Agriculture also offers a Single Family Housing Loan that is $0 down, 30-year fixed rate mortgage to individuals who don’t currently own a home.

Our goal is to educate! The majority of the clients we help are first-time home buyers. We would love the opportunity to help you with your first home purchase.

VA LOANS

The Department of Veterans Affairs (VA) guarantees, through the GI Bill, a loan for eligible Veterans. The VA Loan has no prepayment penalty and no balloon.

Down Payment – $0.00 down (for loans that do not exceed general confirming loan limits)

Loan Specific Fees – up-front funding fee (financed) based on number of uses and branch of service (Regular military first use 2.15%, 3.3% thereafter). No monthly fees.
Minimum Credit Score – 600
Up-Front Fees – $450 appraisal fee

A down payment is required if the borrower does not have full VA Entitlement, or if the loan amount is greater than $453,100. VA loans subject to individual VA entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.

 A Conventional Loan is a loan that follows Fannie Mae & Freddie Mac guidelines. A Conventional Loan has no government insurance or guarantee and, as a result, has Private Mortgage Insurance (PMI). The Conventional Loan can be a 10, 15, 20, 25, and 30-year fixed-rate mortgage with no prepayment penalty and no balloon.

Down Payment – 3% of the contract price.

Private Mortgage Insurance (PMI) – Required with less than 20% down. PMI paid by Single Premium (included in closing costs, paid up-front) or Monthly Premium (monthly PMI premium is required until you reach 78% of the loan-to-value / LTV, based on the scheduled date from the original amortization of your loan. You may qualify for early removal of the PMI payment when your loan reaches 80% LTV – based on the lesser of the original value or the purchase price – which can be achieved faster if you make additional monthly payments) Premiums vary based on credit score and down payment.

Minimum Credit Score – 620
Up-Front Fees – $450 appraisal fee

REVERSE MORTGAGE

  A reverse mortgage gives you the power to unlock the equity built up in your home while you continue to live in it. With additional funds freed up you can lower your expenses, do renovations, take off on a trip or simply have funds available for when you need them.