USDA Guaranteed Rural Housing (GRH) Loan Program

That's right. The USDA does more than just certify beef. It also sponsors the little-known Rural Housing Loan Programs. If you qualify, you can get a government-insured mortgage on that home you've been eying with no down payment, no mortgage insurance, and sellers can even help you with your closing costs. This program is targeted to low and moderate income households purchasing a home in rural areas (i.e. Queen Creek, parts of South Gilbert, Florence, Maricopa, Casa Grande, Gold Canyon, Queen Valley, Showlow, Thatcher, Green Valley, Tonopah, Buckeye, Prescott Valley, Kingman, etc.).

The loans are insured by Guaranteed Rural Housing (GRH). Please consult with Ben Allred at Express One Mortgage Corp., a leading participant of this program, for more information.

Eligible Buyers

NOT limited to first-time homebuyers
Buyers must occupy the home as their principal residence – ownership of other real estate is allowed in some circumstances, contact me for details
The program may be used for purchase and GRH rate/term refinances (existing GRH loan refinance to new GRH loan)
Adjusted Annual Household Income may not exceed certain limits (request free report for more details)

Eligible Properties

Property must be located in a GRH eligible area (request free report for map details)
Pool waiver is required for properties with in-ground swimming pool
The following types of residences are eligible:

1 Unit Single family detached houses
Warrantable Condominiums
Town homes
Planned Unit Developments (PUDs)
Manufactured Homes (must be new and GRH approved)

Program Benefits

Fixed Rate Loan Program
Below Market Interest Rate
30 Year Amortization
No down payment - 100% financing based on appraised value
No maximum seller concessions (more than 6% is allowed)
No payment reserve requirement
No monthly mortgage insurance
100% of repairs may be financed based on “as-improved” value. If work is not complete prior to close an escrow hold back may be established at 150% of repair cost
Gift funds allowed
No Minimum credit score required (non-traditional credit may be acceptable in certain circumstances)
No maximum loan amount
Previous housing payment is not required (unless credit score is not available)
No minimum cash contribution required from borrower

Questions

If you have any questions, or would like a free consultation, please contact Ben Allred at Express One Mortgage Corp, a leading participant of the USDA Guaranteed Rural Housing Loan Program. We would consider it a privilege to be of service to you!