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Refinancing Options with Rural Development Loans

Wednesday, February 15, 2012

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When rates drop, most home owners look to lowering their interest rate on their mortgage loan, saving them money monthly.  A Rural Development Loan is no different. Rural Development guidelines do allow for a home to be refinanced into a Rural Development Loan in order to get a lower rate, but the loan must currently […]

RURAL DEVELOPMENT AND DTI

Wed, Mar 14, 2012

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What is a DTI?  DTI stands for Debt to Income. With Rural Development Loans, the requested debt to income ratios are 29/41 but these numbers may be able to go a little higher if you have compensating factors. DTI Broken Down Your DTI is comprised of 2 numbers.  The first number represents what percentage your […]

Rural Development Loans and Your Credit Score

Wed, Feb 22, 2012

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When looking into purchasing a new home, usually the first thing that comes to your mind is your credit. All loans are based on that MYSTERIOUS CREDIT SCORE but a Rural Development Loan might be a bit more forgiving about “your dog eating your credit card statement” two years ago than you may think. Rural […]

Property Acquisition Types

Wed, Jan 5, 2011

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RD loan may be made for different types of acquisitions.  RD allows for the purchase of new dwelling, manufactured, stick built, modular or condominiums.  Consumers can also use the RD loan to purchase existing dwellings, stick built, modular and condominiums.  The difference between existing and new is you cannot purchase an existing manufactured housing unit.  […]

Income Requirements for Qualifying Eligibility

Wed, Jan 5, 2011

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Income used to approve the borrower for an RD loan may not exceed the moderate income level issued by RD.  To determine if your income meets the moderate income you can reference the RD website:  http://www.rurdev.usda.gov/mi/sfh/MI%20GRH%20(2).pdf Income calculation must be based on the income received by borrower, co-borrower and any adults within the household regardless […]