FHA vs RD Loan
     FHA :
3% average  down payment required  
1.5 %  Up Front  Mortgage  Insurance Premium  rolled  into the loan  
Reduced monthly  mortgage   insurance premium    added to  payment  
Purchase   price limits  apply  
No  income limits restrictions  
Qualifying ratios of  31/ 43 may  be exceeded with  compensating  factors  
Condominiums townhouses ,etc must be  on approved FHA list  
All  urban  area  are eligible  
No minimum credit  score  
Seller  concessions allowed up  to  6%  
No payment penalties  
Temporary buy downs allowed ,quality at full note rate  
30 years fixed  rates   and  ARMS  available  
Not just for  first  time homebuyers  
Audited Financial  required for broker participation  
Non –occupant co-borrowers allowed  
Refinance available  
Homebuyer education  not  required  
     RD LOAN :
No down payment is  required , up to  102% LTV  
2% one time guarantee fee may be rolled into the loan above the appraised value  
No monthly Mortgage insurance premium  
No Maximum purchase price limit  
Generous income limit of 115% area median income minus eligible deductions for dependents childcare ,etc in order to assist more buyers in qualifying  
Condominiums townhouses etc. are eligible if acceptable to Fannie ,Freddie ,FHA,HUD,OR VA  
Eligible rural area only ;more area qualify then u think  
No minimum credit score  
No limit to seller concessions  
No limit to gift & grand Funds  
No prepayments Penalties  
Temporary buy downs allowed qualify at the first year bought down rate  
Low income borrowers may finance a maximum of 2 discount points in order to permanently buy down their interest rate  
30 years fixed rates – no surprises. The payment they qualify for today is the payments they can budget in the future  
Not just for first time homebuyers  

No burdensome audits for brokers

No Co-signors or non occupant co-borrowers allowed ,ratio waivers are available  
Refinance Opportunities are available to current Rural Development loan holders  
Homebuyer education not required  
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