Guaranteed Rural Housing Loan Programs in Minnesota

HERE ARE S0ME KEY FEATURES & BENEFITS ABOUT THIS LOAN PROGRAM

*Eligible with fixed rate loan programs (30 year terms)

*100% financing with no MI!!!!

*Max seller paids are 6%

*Primary residence-1 unit only

*Purchases only

*Max loan size is $417,000

*NO cash reserves is required

*No minimum contributions of borrowers own funds

*Upfront USDA Guaranteed Fee of 2% can be financed into the loan

amount for purchase transactions

Your borrower can take Buyer's Education online (it is required) at www.mgichome.com. They just print the materials, study and take the test. THERE IS NO CHARGE TO YOUR BORROWERS TO TAKE THIS BUYER EDUCATION.

**NEAT FEATURE #1-If you are over the income limits, you can use child care expenses for children under the age of 12 to get below that median income. You can deduct child care expense off of income (day care, summer camp.) If you are a married couple, you must both be on the loan to deduct child care. Even if you do not put a borrower on the loan that lives in the house, their income must be included as total income.

**NEAT FEATURE # 2-If you don't have seller paids, you can possibly finance your closing costs and prepaids in!! For example, if you have a purchase price of $100,000 and the home appraises at $105,000, your max loan amount can be $107,142.86. You get to take your appraised value divided by .98 to figure out your max loan amount.

**NEAT FEATURE #3-We are one of the only lenders that has access to GUS, the Guaranteed Underwriting System. I can run your deal before it goes in. It is not the same as DU/LP.

Where in Minnesota is this no down payment Minnesota mortgage program available?

In the circle around the Twin Cities including  Goodhue County, Rice County, Northfield, Randolph, Western half of Carver County, Leseur, Sibley County, Elko, New Prague, Belle Plaine, Norwood, Cologne, Waconia, Mayer, Watertown, Delano, Buffalo, Monticello, Big Lake, Zimmerman, Isanti County, and all of Chisago County except Wyoming. Any property further out is qualified except St. Cloud, Duluth, Hibbing, Rochester, and Mankato.

Mortgage terms    Search the Minneapolis mls

First time home buyer info

Your Satisfaction
The online mortgage experience can save you time and money, and should be both convenient and pleasant. Our goal at Metropolitan Financial Mortgage Company is to provide you with the highest levels of service and to tailor our future services to your feedback. We hope to learn from you, our client, throughout the process and ask that you share your experiences with us so that we can build for you.

FREE MORTGAGE QUOTE Click Here

or CALL 612-251-8237