USDA FACT SHEET
Guaranteed Rural Housing Loan Program
www.rurdev.usda.gov/rhs/
4/24/2009

The following bullets are 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 1st quarter 2009. There are some exceptions based on the individual’s compensating factors.

• Owner occupied
• Single family residence
• 30 year fixed only
• Escrow required
• Debt ratio at or below 29/41%(some exceptions)
• Minimum 620 credit score
• No monthly private mortgage insurance
• Rural properties only, see website.
• No cap on seller’s concession
• No down payment
• FHA appraiser required, inspections can be waived
• Full documented income within adjusted income limits
• No documentation needed for past credit issues except defaults on federal debt
• No in ground pools allowed
• Land cannot be valued at over 30% of total value

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