Tim Bradford 
Loan Officer 
VM/Cell (216) 324-8113 
FAX 440-884-5034 


OHIO USDA Rural Home Loans
Ohio Rural Home
Welcome General Information
Ohio Rural Home
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Ohio Rural Home
Useful Links Ohio Rural Home
Versus FHA

Rural Development Guaranteed Housing

Versus FHA Loan


  • Ask Us About USDA-RD Loans
  • Ask Us About Grant Programs for Closing Costs Assistance
Consider A USDA Loan
Regulation Rural Development FHA
Resale Time Restriction
Ref: HUD ML 2003-07 & 2005-05
No Restriction 90 days minimum
Upfront MIP/Guarentee fee 3.5% 1.00%
Annual MI None 1.15% > 95% LTV,  1.10% < 95%LTV
Down Payment None Required 3.5%
Loan Amount based on… Up To 103.5%  102% of Appraised Value* Lower of Sale Price or Appraisal
Seller Contribution Limit None 6%
Loan Limits None Yes
Income Limits Yes No
Gifts allowed Yes Yes
Consumer Credit (CCCS, etc.) permission
required if borrower in debt program (Manual
Underwrite Only)
No Yes
Non-Purchasing Spouse allowed Yes Yes **Restrictions apply
Borrower allowed to borrow closing costs on
unsecured basis
Yes No
Temporary Buydown Can qualify at start rate with
compensating factors
Must qualify at full note rate Ref:
ML 2004-28
Qualifying Ratios 29%/41%* Flexibility Allowed 31%/43%* Flexibility Allowed
*Note: Because of the method used by USDA RD to calculate the amount of Guarantee Fee that can be added above appraised value the actual LTV may be slightly above 103.5% but for purposes of discussion we will use the 103.5%.

Note: Only all or a portion of the Guarantee Fee up to3.5% can exceed the appraised value. Refer to Guarantee Fee calculation details available in the Rural Development Financing Guide. FHA loan for MIP purposes assumes > 15 year term.
• FHA purchase loans with as little as 3.5% down
• Credit Scores can be as low as 640 (Varies)
• Non-Traditional credit allowed on FHA loans
• Refinance up to 97% of the appraised value
• FHA Cash-out refinances up to 85% of the appraised value
• Seller can credit up to 6% of sales price toward buyers closing costs
• Gifts funds for down payment and closing costs allowed on FHA loans
• No cash reserves required
• Non-Occupying Borrowers allowed to help qualify

Thank you for visiting our web site. 
Let us know how we can assist you with meeting your home ownership goal.

Tim Bradford 
Loan Officer 
VM/Cell (216) 324-8113 
FAX 440-884-5034 



Tim Bradford -- OHIO MB.803389/LO.007173 ---- NMLS CO.142066/LO.250013
6363 York Road #300, Parma Heights, Ohio 44130

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