USDA loans are a great option for borrowers looking to purchase or refinance a home in a rural area. These loans are backed by the U.S. Department of Agriculture and offer numerous benefits, including no down payment, low interest rates, and flexible credit requirements. At MAI, we're proud to offer USDA loans to help make homeownership more accessible in rural communities.
Max Loan Amount: Determined by DTI
DTI: 29/41% Max, 29/45% with compensating factors/reserves
Down Payment: None
Max LTV: 101% Financing based on appraised value & to include the 1% RD Fee
CLTV: 101% Financing based on appraised value & to include the 1% RD Fee
Reserve Requirements: Per GUS Findings
Credit Score: 640 Purchase & Refinance
Subject property and borrower’s income must meet RD eligibility
Chapter 7: 3 Years
Chapter 13: 3 Years
Foreclosure & Short-sale
36 Months before loan application
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