Strategic Mortgage Guaranteed Rural Housing Program

Strategic Mortgage Company Guaranteed Rural Housing Program

Program Description
Through the Guaranteed Rural Housing Program, Strategic Mortgage finances 100% of the American Dream bringing Affordable Housing to Rural America.

No assets, no problem?with 100% financing, based on the appraised value. Your borrowers may be eligible to finance the purchase price plus some or all of the closing costs and prepaids.

Borrow more, pay less?your borrowers will never pay monthly mortgage insurance.

Earning opportunities?we offer attractive par-plus pricing, separate service release premiums with state bonuses, in addition to your standard origination charges.

Income:
· 29/41 repayment ratio guideline
· Must be less than Rural Development County Income Limit for moderate-income families. (Based on number of members in household)
· Part-time employment acceptable, after 1 year of employment.
· Bonus and overtime income with only 1-year history can be averaged.

Assets:
· No post-closing reserves or minimum investment required.
· Borrowers closing costs (including prepaids) maybe contributed by the seller, or financed into the loan amount.
· Gifts and/or grants are permitted from family, friends, or non-profit agencies.
· Cash-on-hand is acceptable.

Credit:
· No minimum credit score guidelines.
· No more than one 30 day late in the past12 months.
· No major derogatories over the previous 36 months.
· No credit history is acceptable as long as three alternative
· Sources are documented.

For more information on this and other products, call:

Jodi McCoy Vermillion, 614-737-2503          Brad Beatley, 614-737-2512
Scott Voelkel, 614-737-2502                       Sandy Bratka, 614-737-2514
Joe Pratt, 614-737-2504                             Marty Frank, 614-737-2515
Myron Quickel, 614-737-2505                     Mary Beth Zangardi, 614-737-2518
Deanna Martin, 614-737-2507                     Tom Pausche, 614-737-2519
Andy Deutschle, 614-737-2508                   Becky Caldwell, 614-737-2521
LaTanya Johnson Settles, 614-737-2509     Jennifer Turner Hall, 614-737-2523
Mike Martin, 614-737-2510                         Craig Johnson, 614-444-5626 ext 151
Lenny Zangardi, 614-737-2511