Bellingham Real Estate - Bellingham Washington - John L. Scott

• No down payment home loans made by participating lenders- finance the GRH fee up to 102% appraised value
• Purchase a new dwelling
• Reasonable and customary fees, title services and loan costs
• New Manufactured homes from a Rural Development approved Dealer-Contractor
• Purchase and repair/improve exiting dwelling
• RHS guarantee fee of 2.00% for new purchase, 0.5% for refinance of GRH or Direct Loans

• Citizen or permanent resident with legal capacity
• Not already own an adequate home in the general commute area
• Be unable to secure a conventional loan without the guarantee
• Income less than 115% of county median
• Must have adequate and dependable income /repayment ratios:
• PITI 29% (Ratio Waiver requests considered with compensation factors)
• MOTI 41% (such as expected pay raises, good credit scores, savings, etc.)
• Credit History-Credit Report
  • Must demonstrate ability and willingness to meet obligations when due
• To be an owner-occupied home

• Centralized GRH loan making and servicing center in Olympia, Wa
• Loans can be 100% LTV; upto 102%LTV when including the GRH Fee
• NO MMI or PMI
• Sold on the Secondary Market
• Loan Note Guarantee

• Must be in a rural area--Open county or towns of less than 10,000 population, certain areas between 10,000 and 25,000 may be eligible, maps available in the Rural Housing Service Offices
• Site approved by state, local or federal government agency
• Site value must not exceed 30% of total value. Exceptions are granted on cases by case basis if the property is in a high cost area.
• Streets and roads should be paved, but must be an all weather surfaces.

• Built in accordance with approved building code certification
• Inspection Reports-footing, framing, final ( not required within 10 year warranty)
• Construction warranties
• Occupancy permits/clearances
• Thermal/Energy Certification

Manfuctured Homes

Must be new, including site          Must be purchase from an RHS approved dealer/contractor§          Unit must be properly placed on a permanent, solid perimeter foundation§          Unit must meet RHS Thermal StandardsExisting dwellings§          Certification that home is in good repair and meets§          HUD handbooks 4150.2 and 4905.1 standards§          Repairs/rehab costs spelled out on purchase contract§          Certification that dwelling meets thermal performance standards.Loan Limits§          No maximum loan limit.§          RHS can guarantee a loan upto 102% of appraised market value§          Maximum loan on new homes not meeting inspection§          Requirement of 1980.341b is 90% of value.RATES, TERMS, FEES§          Interest Rate can’t exceed the higher of:§          VA rate charged a buyer at 0 discount points or§          Fannie Mae 90 day (actual/actual) rate + .6%§          Fixed interest rate§          Payments must be due monthly§          2/1 Buydown requests must be pre-approved by the GRH Loan Center. Lender must show the applicant will have repayment ability at the end of the first and second year to offset the increased payments, not including normal cost of the living increases.

§          Term of loan must be 30 years, late fees must not exceed 5%

§          RHS reviews closing documents, issues guarantee