The certified packaging process assists with marketing and to produce faster reveiws and approvals.
This program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
Loan Program Overview
- No down payment required, if funds are not available.
- Payment assistance may reduce effective interest rate.
- Income is reviewed at least every 2 years.
- Some closing costs may be included, up to the appraised value.
- Private mortgage insurance (PMI) is not required.
- Base interest rate is 3.75%
Manufactured homes- 30 years
Standard- 33 years
Very-low income- up to 38 years