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100% Mortgage Loan Programs

100% Mortgage Financing! Flexible Credit Guidelines! No Money Down!

0% Down!
No Mortgage Insurance! No Reserves Required!

No Maximum Sales Price! 30 Year Fixed Mortgage Rates! Expanded Ratios!

Lowest Monthly Payments! Not Just For 1st Time Home buyers! Flexible Underwriting!

We are not accepting new loan applications at this time!

Loan Amounts to $417,000

Credit Guidelines

Flexible Credit Criteria

The USDA has developed an electronically-based Guaranteed Underwriting System (GUS), to expedite loan approvals. GUS automates the manual underwriting process. Lenders can now electronically enter a home buyer's loan application information into the GUS online program and within seconds get a loan decision.

The Suburban/Rural Development Loan allows for manual underwriting allowing us to consider the personal circumstances of each borrower and make good common-sense decisions regarding those who have demonstrated the ability to manage their financial affairs in a responsible manner. This is particularly helpful when a borrower has lagging credit scores despite a sustained recovery from past difficulties.

No Credit History

A lack of credit history reflected on a credit report is not a problem with the Suburban/Rural Development Loan. We can document the applicant's willingness to pay debts through third-party verification, copies of canceled checks, or other acceptable documentation for recurring payments or monthly obligations such as rent, utility, phone, and bills.

Credit Scores

Credit Scores above 620, credit is considered acceptable. Documentation is streamlined as follows: No credit waiver required for derogatory trade lines except for Federal debt. No rental history required. Credit Scores below 620 full underwriting must be done. Exceptions are granted for extenuating circumstances.

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy does not disqualify a borrower from obtaining a Suburban/Rural Development Loan if at least three years have elapsed since the date of the discharge of the bankruptcy. An elapsed period of less than three years may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances that were of a temporary nature, were beyond the applicant's control, and have been removed (e.g., loss of job, delay or reduction in government benefits or other loss of income, increased expenses due to illness, death, etc.).

Chapter 13 Bankruptcy

Chapter 13 bankruptcy does not disqualify a borrower from obtaining a Suburban/Rural Development Loan provided he has successfully completed the bankruptcy debt restructuring plan and has demonstrated a willingness to meet obligations when due for the 12 months prior to the date of application.

Foreclosure

A borrower may obtain a Suburban/Rural Development Loan after a foreclosure when three years have elapsed from a foreclosure with the loss of security or when one year has elapsed in a foreclosure with no loss of security.

Collections, Charge-Offs, and Judgements

Under the Suburban/Rural Development Loan, collections must be paid in most cases, but we may make exceptions depending on the account type, the amount owed, and the cause of the collection. All judgements must be paid, and charge-off accounts showing balances must be paid.

Income Guidelines

Borrowers participating in the Suburban/Rural Mortgage Program may have an income of up to 115% of the median income for the area. The allowable income depends on the county where the subject property is located and the number of members in the household.

Common adjustments to the gross income include childcare for children 12 years and younger; a $480 deduction for each child under 18 years, 18 years or older and handicapped, or a full-time student who is not the applicant or spouse or co-applicant; and a $400 deduction for each elderly household member.

For example, two applicants want a home in Metro Atlanta and have three children under 18 and childcare expenses for children under 12 of $5,000. They may have a gross income of $94,840 ($88,400 + $480 x 3 + $5,000 = $94,840).

Property Eligibility

More than 90% of Georgia Counties have properties that qualify for this program.

Rural Development Mortgage Guidelines

100% | 0% Down | Zero Down | No Down Payment

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