1. Designed for moderate, low, and very low income borrowers. The Rural
Housing Program offers financing options for those borrowers who would
not qualify for conventional or FHA loans without additional assistance.
PROGRAM BENEFITS FUNDS FOR CLOSING
Financing: No down payment Closing Costs: All closing costs may be financed except discount points unless
borrower is below the Rural Development low income limit, then discount
Term: 30‐year financed
points may be financed.
No Monthly Mortgage Insurance
Seller Concessions: All closing costs and prepaids may be paid by seller
Typical Closing Costs: May be financed if concessions.
supported by appraisal
Gifting: 100% gifting acceptable from disinterested 3rd party.
No First‐Time Homebuyer Requirement
Cash Contribution: No minimum cash contribution from borrowers
Maximum Income: County income limits apply
Gifts: 100% gifting permitted. No Maximum
Loan Limits PROPERTY REQUIREMENTS
Eligible Areas: Property must be located in a Rural Development eligible area.
CREDIT INFORMATION
Minimum Credit Score: 640 credit score or Other Real Estate Owned: Borrower must not own adequate housing
higher required Occupancy: Primary residence only & no income‐producing properties.
Property Tips: Single family or Rural Development eligible condo/PUD.
Richard Nabrzeski
Senior Loan Officer, NMLS #191257
Office: 800-706-1177 ext. 110
Cell: 856-904-3112
rnabrzeski@mortgagenetwork.com
www.greatrate.info
Residential Lending Government & State Bond Programs Reverse Mortgage Commercial Lending
© 2011 Mortgage Network, Inc. NMLS ID# 2668 All rights reserved. Trade/servicemarks are the property of Mortgage Network, Inc. 300 Rosewood Drive, Danvers, MA 01923. Also doing business as MNET Mortgage Corp. and Suncoast Home Mortgage. Connecticut 3785; Licensed by the Department of
Corporations under the California Residential Mortgage Act Finance Lender License 603B322; Delaware 010168; Florida ML0700961; Georgia Residential Mortgage Licensee 15441; Massachusetts Mortgage Lender and Broker MC2668; Maine SLM2499; Licensed by the New Hampshire Banking Department
5573-MB; Licensed by the NJ Department of Banking and Insurance-New Jersey Residential Mortgage Lender License 0755551; MNET Mortgage in lieu of Mortgage Network, Inc. in New York - Registered Mortgage Broker – NY State Banking Department RMB NO 207384. North Carolina L113607; Licensed
by the Pennsylvania Department of Banking 21978. Rhode Island Licensed Lender 95000456LL; South Carolina-BFI Mortgage Lender / Servicer License MLS – 2668; Texas Reg. 43205; Texas Regulated Loan License 10569-46959; Licensed by the Virginia State Commission Corporation MC-2593. Some
products may not be available in all states. This is not a commitment to lend. Rates, terms, fees, and equity requirements are subject to change without notice. Restrictions apply. Equal Housing Lender.