Chase has enjoyed a long and successful history of originating USDA Guaranteed Rural Housing (GRH) loans since 1992, and fully understands the unique requirements of these borrowers. Chase has developed extensive in-house expertise that is dedicated to and focused on providing high LTV financing for borrowers purchasing homes in rural areas.
For more product details, please contact your Chase Rural Housing Account Executive:
Benefits of the USDA Guaranteed Rural Housing Program:
- Provides 100% loan-to-value financing for existing homes or new construction based on appraised value.
- Available to low and moderate-income rural households.
- No requirement to be a "first-time" home buyer.
- Less up-front cash-to-close requirements for this program than for conventionally insured or FHA loans.
- Upfront guarantee fee payable to Rural Development(RD) at closing, which may be financed above the appraised value as follows:
- Purchases - 2.00% of loan amount
- Refinances - 2.00% of loan amount
- Annual fee of 0.40% incurred on both purchase and refinance transactions.
- Fully amortized 30-year fixed-rate loans.
- No penalty for pre-payment.
- 2/1 Temporary Buydown available.
- No maximum loan limit. Loan limits are dictated by the applicant's income with respect to program eligibility and loan repayment ability. Previous ties to FHA loan limits have been eliminated.
- For depository institutions, USDA GRH loans provide opportunities to meet Community Reinvestment Act (CRA) goals.
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