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Section 203(i) provides mortgage insurance for a person to purchase a principal residence in a rural area. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
- Borrower must meet standard FHA credit qualifications.
- Borrower is eligible for approximately 97% financing. Borrower is able to finance closing costs and the up front mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
- Eligible properties are one to four unit structures, including farm housing located on 2 acres or more of land adjacent to an all weather road.
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