This document summarizes the benefits of the Rural Housing Program, which provides financing options for moderate, low, and very low income borrowers who may not otherwise qualify for conventional or FHA loans. The program offers 30-year fixed rate financing with no down payment or monthly mortgage insurance required. It allows for 100% gift funds and financing of closing costs. Borrowers must meet county income limits and the property must be in an eligible rural area intended for primary residence use only.

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
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