Now offering Colorado USDA Loans in our association with Chase.
USDA Guaranteed Rural Housing (GRH) loans.
No assets, no problem – With up to 100% financing available. Borrowers may be eligible to finance the purchase price plus some or all of the closing costs and prepaids, based on the appraised value, plus the USDA guarantee fee.
Chase has expertise that is dedicated to and focused on providing high LTV financing for borrowers purchasing Colorado homes in rural areas.
Benefits of the USDA Guaranteed Rural Housing Program:
- Provides 100% loan-to-value financing for existing homes or new construction based on appraised value.
- Available to low and moderate-income rural households.
- No requirement to be a “first-time” home buyer.
- Less up-front cash-to-close requirements for this program than for conventionally insured or FHA loans.
- No monthly mortgage insurance required. One-time guarantee fee, payable to Rural Development (RD) at closing, which may be financed above the appraised value, as follows:
- Purchases – 3.50% of loan amount
- Refinances – 1.00% of loan amount
- Fully amortized 30-year fixed-rate loans.
- No penalty for pre-payment.
- 2/1 Temporary Buydown available.
- No maximum loan limit. Loan limits are dictated by the applicant’s income with respect to program eligibility and loan repayment ability. Previous ties to FHA loan limits have been eliminated.
- For depository institutions, USDA GRH loans provide opportunities to meet Community Reinvestment Act (CRA) goals.
For more product details on the USDA Guaranteed Rural Housing Program please contact us.