SECTION 502 LOANS
The Rural Housing Loan provides 102% (based off appraised value) financing for borrowers that meet the income and credit guidelines, with NO mortgage insurance.
No out of pocket expenses necessary (102% of appraised value can be borrowed, closing costs and prepaids can be paid via gift, or seller contributions)
Sellers can contribute up to 6% of the sales price towards prepaid items, and closing costs, including rate buy downs.
Section 502 loans are primariyl used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
Owner occupied only.
One loan to 102%, no mortgage insurance, and value is based of appraisal, not contact.
Borrower can only own one property.
Applicants for loans may have an income of up to 115% of the median income for the area, as defined below.
115% of Eagle/Summit median income;
1 person household=$61,900
2 person household=$70,700
3 person household=$79,550
4 person household=$88,400
30 year fixed rate is the only loan program available currently however it is below market rates
Max loan size $417,000
Call me for further details....970-376-1244
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