Baylake Bank eNews. Member FDIC
Baylake Bank Now Offers USDA Rural Housing Loans

Andrew Lamack
Andrew Lamack
NMLS #495839

The Guaranteed Rural Housing (GRH) Loan program has fixed-rate mortgage financing, administered by the United States Department of Agriculture (USDA), Rural Development division. GRH Single Family Housing program offers low to moderate income rural homebuyers with assistance to achieve the dream of home ownership. To do this, Rural Development partners with approved local lenders like Baylake Bank to extend up to 100% financing opportunities to eligible rural individuals and families for the purchase of a single-family dwelling. To qualify, applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located.

According to data provided by the USDA Rural Development, additional Guaranteed Loan features include but are not limited to:

100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the required guarantee fee may be included in the loan amount;
Guarantee Fee applies: may be rolled into the loan amount;
Qualifying debt to income ratios are 29% for housing costs and 41% for total debt;
Eligible property types include existing homes, new construction, and modular homes; and
The program is not limited to first-time homebuyers.

The term of the USDA Rural Development Single Family Housing Guaranteed Loan is for 30 years and there is no required down payment. However, all housing must meet model building code standards adopted by the state.

This is a great program for those who are looking to purchase a home with little money down or those looking to refinance their existing mortgage with little equity.

We invite you to find out more about mortgage financing available through Baylake Bank. For more information go to www.rurdev.usda.gov or contact a Baylake Bank Mortgage Lender at 800- 267-3610.

 

Example: As of 10/28/2013, annual percentage rate of 4.455% for 30 year fixed rate mortgage with a loan amount of $102,040. Monthly principal and interest payments of $472.56. This payment does not include payment for taxes and insurance. Underwriting terms and property evaluation apply. The guarantee is approved and issued by USDA. Processing and other fees do apply. Offer may change without notice. Equal Housing Lender.
 

 

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Baylake Bank | 217 N. 4th Avenue | Sturgeon Bay, WI 54235 | 1-800-267-3610