If you have been considering a Rural Housing Loan, which can mean 100% financing and other benefits if you purchase a home outside of a 3 mile radius of Bloomington City, there is good news in regard to qualifying income. This is from Lisa Sherfield of Bloomfield State Bank:
Hi, there has been a change effective today with the income limits for the guaranteed loan program. 1 – 4 family the income limit is $73,600.00 and 5 -8 income limit is $97,150.00. So a single person can now make up to $73,600.00 and still qualify for the loan program as there are only two income divisions.
If you have any questions please give me a call and I will help you in anyway that I can.
Thanks,
Lisa
Lisa K. Sherfield
Mortgage Loan Officer
Bloomfield State Bank
1301 N. Walnut Street
Bloomington, IN 47404
PH – 812-334-905
And here's a bit more information from Nathan Finney of Premier Home Mortgage:
Please see below for a refresher on the highlights of USDA Rural Housing:
Provides 100% loan-to-value financing for existing homes based on appraised value.
No requirement to be a "first-time" home buyer.
No monthly mortgage insurance required.
One-time guarantee fee, payable to Rural Development (RD) at closing, which may be financed above the appraised value, as follows:
Purchases - 2.00% of loan amount
Fully amortized 30-year fixed-rate loans.
No penalty for pre-payment.
No maximum loan limit. Loan limits are dictated by the applicant's income with respect to program eligibility and loan repayment ability.
Check here for property and income eligibility....
USDA Rural Housing Eligibility
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