McCormick Mortgage Services has developed extensive in-house expertise and is dedicated to helping homebuyers obtain financing in rural areas in conjunction with the United States Department Agriculture’s Rural Housing Program.
The Guaranteed Rural Housing program offers a variety of benefits such as:
• Provides 100% loan-to-value financing for existing or new homes based on appraised value.
• Available to low and moderate income rural households.
• No requirement to be a “first time” homebuyer.
• Less up-front cash to close requirements for this program than for conventionally insured or FHA loans.
• Monthly Mortgage Insurance is required and an Up-Front Guaranty fee is required. Up-Front Guaranty fee may be included into the loan amount.
• Fully amortized 30 Year Fixed Rate loan terms.
• Up to 6% seller concessions for closing cost assistance.
• Grant money is available on a case-by-case basis (up to 102% of the property’s appraised value).
The Rural Housing program is available on an area outline by the USDA Program.