Your Guide to Guaranteed Loan Programs with GSF Mortgage
USDA
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
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.
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
There are More Rural Areas than You May Think!
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
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
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
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
GoGSF: Lending in Your Favor
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
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
What sets GSF Apart?
GSF is an accredited business by the Better Business Bureau (BBB), and has earned an A+ rating from the Bureau
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
What sets GSF Apart?
GSF has partnered with SmartCredit.com to offer our customers easy access to their credit scores
Q & A
We are happy to answer any questions
you may have!