what would you do if you knew your housing loan was guaranteed?

16
Your Guide to Guaranteed Loan Programs with GSF Mortgage USDA

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Mortgage rates are tapering off, making now the perfect time to put an offer in on that house you've had your eye on. There's also the money factor. Where would your down payment be coming from? What if you didn't have to make a down payment and could get 100% financing. Believe it or not, you still can with the USDA's Rural Development Program. Check out this slideshow to find learn all about the U.S.'s USDA program, and to learn about how you can qualify!

TRANSCRIPT

Page 1: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Your Guide to Guaranteed Loan Programs with GSF Mortgage

USDA

Page 2: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

History

Started as the "Resettlement Administration" in 1935 by President FDR to help Depression-stricken farmers obtain land and housing.

Was expanded in 1946 to serve not only farmers, but others by providing financing in rural areas for housing, community facilities, and businesses

Page 3: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

USDA Loans for Modern Times

In 1994, the term "USDA Rural Development" was coined, and the program was reorganized to serve its current function of helping home buyers find an affordable solution to own homes in rural communities.

Page 4: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Requirements to Qualify

It should be noted that borrowers cannot obtain a USDA guaranteed loan if they are purchasing a home on a farm or other type of for-profit settlement – the only acceptable purpose of the home purchase is for a primary residence

Page 5: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

There are More Rural Areas than You May Think!

Page 6: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Requirements to Qualify

Minimum credit score of 640; however, GSF is able to perform manual underwrites for scores as low as 620 if other aspects of the borrower's credit history make him or her “credit worthy”

USDA allow borrowers to earn a maximum household income of up to 115% of the median income in the area in which the house is located

Page 7: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Requirements to Qualify

A home to be purchased, built, or refinanced in a USDA designated rural area

A debt-to-income ratio of up to 29/41

An employment history that goes back at least two years

Page 8: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Requirements to Qualify

Single family primary occupancy only. However, condominiums are acceptable upon approval from FHA, VA, FNMA, or FHLMC

Chapter 13 bankruptcy must be 12 months out; Chapter 7 bankruptcy and foreclosures must be 36 months out at the time of the loan application

Page 9: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Requirements to Qualify

Home Valuation Code of Conduct (HVCC) compliant appraisal must be conducted

For properties in flood zones, flood insurance and a Flood Elevation Certificate is required

Page 10: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

GoGSF: Lending in Your Favor

Page 11: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

GSF Mortgage: A Brief History

Founded in 1995 as a brokerage companyBegan serving as a full service direct

mortgage banker in 2001 Is now able to serve 24 states, and is

constantly working to expandCurrent products offered: FHA, Conforming,

VA, Reverse Mortgage, Jumbo, Rehab, and, of course, USDA loans

Page 12: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

What sets GSF Apart?

USDA named GSF a “Platinum Million Dollar Lender”, a exceptional title that was earned by helping Wisconsin families achieve their dreams of home ownership

Page 13: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

What sets GSF Apart?

GSF is an accredited business by the Better Business Bureau (BBB), and has earned an A+ rating from the Bureau

Page 14: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

What sets GSF Apart?

We offer excellent customer service, and have outstanding testimonials to prove it - check us out on Zillow.com

We consistently offer a competitive interest rate, as well as the ability for the borrower(s) to roll-in closing costs

Page 15: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

What sets GSF Apart?

GSF has partnered with SmartCredit.com to offer our customers easy access to their credit scores

Page 16: What Would You Do If You Knew Your Housing Loan Was Guaranteed?

Q & A

We are happy to answer any questions

you may have!