USDA NEW YORK LOAN PROGRAM

 

102% Financing Offered   We work with First Time Home Buyers and current homeowners to find ways to purchase a home with NO MONEY DOWN using a Rural Development Home Loan.  The Preferred Home Funding, Inc. USDA LOAN SPECIALIST works with people from all credit types, financial backgrounds, and loan knowledge.  We will give you a complete education on what NO MONEY DOWN options are available to you.  The USDA Rural Development Home Loan is one of the last remaining ways to help you buy a home without a large down payment.  Fill out the information request form to see how we can help you. 

 

 

    
Eligible Properties   ELIGIBLE PROPERTIES - CLICK HERE

 

 

    
Eligible Income Levels   Income Limits - Click Here
   

 

 
USDA FACT SHEET  

The following bullets are compiled from the USDA New York State Handbook. The purpose of this hand-out is to provide you with the most important items listed in the 35 page handbook published 1st quarter 2009. There are some exceptions based on the individual’s compensating factors.

  • Owner occupied
  • Single family residence
  • 30 year fixed only
  • Escrow required
  • Debt ratio at or below 29/41%(some exceptions)
  • Minimum 620 credit score
  • No monthly private mortgage insurance
  • Rural properties only, see website.
  • No cap on seller’s concession
  • No down payment
  • FHA appraiser required, inspections can be waived
  • Full documented income within adjusted income limits
  • No documentation needed for past credit issues except defaults on federal debt
  • No in ground pools allowed
  • Land cannot be valued at over 30% of total value

 

APPLY TODAY - CALL ERIC ECKARDT TODAY AT 518.581.8003 ext 202