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USDA

USDA. USDA Financing . Who is Fairway. We are a national Lender 11 th largest mortgage lender in the Nation - (Origination News) We just do mortgages You get local service We can close loans in 30 days or less We have great rates TeamHadley. Basic USDA Guidelines .

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USDA

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  1. USDA USDA Financing

  2. Who is Fairway • We are a national Lender • 11th largest mortgage lender in the Nation - (Origination News) • We just do mortgages • You get local service • We can close loans in 30 days or less • We have great rates • TeamHadley

  3. Basic USDA Guidelines • Buyer education courses are required http://homebuyers.mgic.com • Property must be in an eligible area http://eligibility.sc.egov.usda.gov/eligibility • Almost all of Dillsburg • A lot of Mechanicsburg • A lot of York and Adams County • All of Perry County • Client must have household income that is less than 80% of the median income in the county they are buying

  4. Basic USDA Guidelines Property requirements Not Good!!

  5. Basic USDA Guidelines Bulls Eye!!

  6. Basic USDA Guidelines • Must be a single unit • No Mobiles • No farms • Must be owner occupied • Can finance repair cost up to 100% of the appraised value • Septic inspection is only needed if the property is vacant

  7. Basic USDA Guidelines • In-ground swimming pools require local RHS office exception • Private well requires water test • Can get 6% seller assist for closing cost • Can finance closing cost if the value is higher than sale price • Down payment assistance/grants are ok • 401k loans not counted in DTI

  8. Basic USDA Guidelines • 100% gifting permitted from disinterested 3rd party • No Reserves required • Can own one other property but the USDA financed loan must be their primary residence • Max DTI 45% if we have a GUS approved loan • Can be expanded if we have compensating factors

  9. Basic USDA Guidelines • Credit Requirements • Must be out of Chapter 7 BK for 3 years • Chapter 13 • Can do if we get permission from the courts • Minimum score of 620 for PHFA. We prefer at least a 640 • No collections, charge-offs or judgments in last 12 months • At least 36 months out of foreclosure

  10. Basic USDA Guidelines • Credit Requirements (con’t) • Installment debt can be discounted if less than 6 months remain or we can prove that someone else has been making the payment for at least 1 months • Student loan debt must be included in DTI even if it is deferred. Can use 1% of the balance if no payment can be established

  11. Basic USDA Guidelines • Up-Front Guarantee fee of 2% • Monthly Guarantee fee of .4% for the life of the loan

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