Chance Gates' Blog

Provides 100% loan to value financing for existing homes based on appraised value of the real estate.

Available to moderate-income rural households.  Property must be in a rural designated area.

No monthly mortgage insurance required.  One time gaurantee fee at closing, which may be financed above the appraised values.

Benefits:

Provides 100% loan to value financing for existing homes or new construction based on appraised value.

Available to moderate income rural households.  Property must be in a rural designated area.

Less up front cas to close requirements for this program than for  conventionally insured or FHA loans.

No monthly mortgage insurance required.  One time guarantee fee, payable to Rural Development at closing.

Fully amortized 30 year fixed rate loans.

No penalty for pre-payment.

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