USDA FACT SHEET
Guaranteed Rural Housing Loan Program
www.rurdev.usda.gov/rhs/
12/2012

The following bullets were 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 2nd quarter 2011.

• Owner occupied
• Single family residence
• 30 year fixed only (no pre-pay; no balloon)
• Escrow required
• Debt ratio at or below 29/41%(some exceptions)
• Minimum 620 credit score
• Low monthly private mortgage insurance
• Rural properties only, see website.
• No cap on seller’s concession (based on appraised value)
• No down payment
• FHA appraiser required, inspections can be waived
• Full documented income within adjusted income limits
• All pre-paid closing costs may be refunded at closing; receipts need to be provided.
• Land cannot be valued at over 30% of total value

Allow us to assist you with your New York USDA mortgage loans.