Rural Housing program highlights:
- Moderate income limits apply
- based on family size
- No down payment required.
- 100% Financing (no
money down) plus
closings cost and prepaids can be rolled in up to the
property's appraised value!
- No Prepayment Penalties.
- No Private Mortgage Insurance
required.
- A one-time guarantee fee
is paid at closing. In some cases, this fee, closing
costs and repairs may be included in the loan.
- Competitive 30 year fixed interest
rates.
- No maximum loan amount. Loan
amount may be made up to the
property’s appraised value.
- No limits on cash contributions.
- Not restricted to first time home
buyers
- Home must be occupied as
your permanent residence.
2008 income limits have been updated
and can be viewed from the links below:
Wisconsin Ineligible Areas for Rural Housing Loans - Click on
the county for a more detailed map.
Wisconsin Income Limits
for Rural Housing Loans - PDF file
Other programs that may be of interest:
My Community Mortgage
Freddie Mac
Home Possible
Rural Housing
FHA Loans
VA Home Loans
Flex 100 and Flex
97
Lender Paid Mortgage Insurance
100%
Financing Programs
All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
FHA, VA
and
Rural Housing
Wisconsin Refinance Illinois Refinance Programs
Current Wisconsin and Illinois Rural Housing Mortgage Rates
About Ameristar
Mortgage
Apply
or Pre-qualify Online
Contact
Ameristar Mortgage
* Rural areas consist of communities
that have 20,000 and under in population and are not a part of an
urban area.
Recent Rural Housing mortgage posts on our blog:
Rural Mortgage Loans
September 17th, 2008
In addition to 100% mortgage financing, Rural Housing
mortgages have no monthly mortgage insurance and
enjoy really great rates. If you can qualify for
a USDA mortgage, you should really consider it.
The one thing that is different
about a USDA mortgage is that instead of monthly
mortgage insurance, USDA mortgages require a funding
fee. Currently, the upfront funding fee for Rural
Housing mortgage loans is 2% of the loan which can
be rolled into the loan amount.
Read the rest of this
entry »
No Money Down Rural Mortgage Loans
July 20th, 2008
Ameristar Mortgage offers both purchase and
refinance mortgage programs for Rural Housing loans.
Illinois and Wisconsin Rural Housing refinance
loans may be made to refinance either existing RHS Guaranteed
Housing loans or RHS Section 502 Direct Housing loans.
A Guaranteed Rural Housing
mortgage loan is a single family, 30-year, fully
amortizing, fixed rate mortgage loan guaranteed
by the US Department of Agriculture's Rural
Housing Service (RHS).
Read the rest of this entry »
Rural Housing
Mortgage Loans from
Ameristar Mortgage
May 5th, 2008
Rural Housing has a lot of great features but now it's just
about the only 100%+ Loan To Value (LTV) mortgage product that
is available.
Rural housing does not mean that the subject
property must be located in a "rural area" or that it must
involve small acreage. Many areas in both Wisconsin and Illinois
are eligible for rural housing loans and can be checked from the
links above.
Rural housing loans (guaranteed) are available
to moderate income applicants. Rural borrowers who on average
pay higher interest rates for shorter term loans, now have
greater access to 30 year fixed rate loans at market interest
rates through this program.
Read the rest of
this entry »
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