• Flips Less than 90 days allowed in portfolio Product
• 96.5% LTV's on Purchases and R/Terms w/580 score
• 75% LTV's on Cash Out w/580 score - mortgage 0X30 in the last 12 mos
• Rent Free and First Time Home Buyers OK
• Gift Funds allowed
• 6% seller concessions OK including prepaid items
• NO Prepayment Penalties
• Work VISA borrowers OK
• SFD, 1 TO 4 UNITS, Condos (HUD approved)
• Non-Occupant Co-Borrowers Allowed
• Non-Traditional Credit Allowed
• DTI  up to 50% exceptions w/compensating factors
• Chapter 7 min 1 yr out w/ extenuating circumstances; otherwise 2yrs
• Medical Collections REMAIN OPEN as long as they don't threaten borrower's ability to pay the mortgage
• Government Loans cannot be in default as shown in CAIVRS
• Tax Liens & Judgments OK with existing Payment Plan

• USDA is a National Program and most all counties have some areas that could qualify.  It is based on the median Income and size of a specific in population of a given city or town.

  Believe it or not parts of, South Riding, VA, Ashburn, VA, Haymarket, VA, Middleburg, VA,  Parts of Nokesville/Manassas/Gainesville, VA qualify.

Highlights:

1.    Up to 103.5% financing this includes the 3.5% funding fee

2.    100% financing to appraised value

3.    Purchase; refinance only if currently a USDA loan

4.    6% seller concessions

5.    All recurring and non-recurring closing costs can be financed up to 100% of appraised value

6.    No down payment required

7.    Gift funds permitted may not be from relative or friend who is member of household

8.    No monthly MI

9.    Ratios: 29/41 - higher ratios may be acceptable with GUS approval

10. 640 Minimum credit score

11. No minimum trade lines

12. No documentation needed for rental history

13. Homebuyer education may be required as per GUS and State requirements

Determine Property Eligibility:

All addresses should be verified for eligibility at http://eligibility.sc.egov.usda.gov. Click Single Family Housing in the left margin under Property Eligibility; click Accept on the next screen and then use the Pinpoint Address on U.S. Map functionality to verify property address is eligible for the USDA RURAL HOUSING PROGRAM.

Eligibly Areas:  

Mt Airy, MD, New Market, MD, Linganore, MD, Eldersburg/Sykesville, MD, La Plata, MD

South Riding, VA, Ashburn, VA, Haymarket, VA, Middleburg, VA,  Parts of Nokesville/Manassas/Gainesville, VA

Determine Borrowers Income Eligibility

Income limitations apply to this program are based on family size.  Go to the link below and click on Your State to view maximum income limits.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=DirectIncomeLimits&NavKey=incomelimit@11

Adjustments to reduce annual income include $480 for each minor child, full time student or a disabled member of the family. $400.00 may be deducted from annual income for each family member age 62 or older. Additional deductions can be taken for annual child care expenses, annual medical expenses and annual disability expenses.   

Use the following link to accurately determine if a prospective client meets the income guidelines established for this program. Be certain to enter annual values where required and monthly values as indicated.

http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do