-
- PROGRAM BENEFITS
- Financing:
102% financing based on appraised value
- Term:
30-Year Fixed
- Mortgage
Insurance:
No monthly mortgage insurance. One-time guarantee fee of 2%
- Payment
Reserves:
None
- Down
Payment:
0% NONE! NO-Money Down
- First-time
Buyer:
NO First time homebuyer requirement
- Seller
Concessions:
No Maximum. If greater than 6%, comment from appraiser.
- Gifts:
100% gifting permitted. Donor must be disinterested third party
-
- INCOME AND RATIOS
- Ratios:
29/41
-
Exceptions
with compensating factors to be approved by the USDA
- Non-Occupant Co-borrower: Not
Permitted
- Installment Debt:
Include all installment debt greater than 6 months.
- Primary Income:
Two-year history
- Self-Employment:
Two-years 1040's & P&L
- Alimony/child support:
12-month history, with proof of 3 years continuance
- Part-time, Overtime & Bonus:
12-month history
- Disability Benefits
Benefits letter, 3 years continuance and gross up to 125%
- SSI Benefits:
Awards letter or 2 month banks statements.
-
Prove 3 years continuance
-
Gross up income by 125%
- Salary
Increases:
Salary increases with 30-days of the first payment due date acceptable.
- Maximum Income:
http://eligibility.sc.egov.usda.gov
-
1-4 person family 5-8 person
family
- Warren
County:
$92,000
$121,450
- Atlantic
County
$91,550
$120,850
- Bergen/Passiac
$92,000
$121,450
-
Hudson
$81,800
$108,000
-
Middlesex/Somerset
$92,000
$121,450
- Hunterdon
$92,000
$121,450
-
Ocean/Monmouth
$92,000
$121,500
- Essex,
Morris, Sussex
$92,000
$121,500
-
Union
$92,000
$121,500
- Cape
May
$91,550
$120,850
- Burlington,
Camden
$89,500
$118,150
-
Gloucester, Salem
$89,500
$118,150
-
Mercer
$92,000
$121,450
-
Cumberland
$91,550
$120,850
