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Rural Home Loans
Mortgage Sources Corp Agricultural Division has loans available to finance your rural home property. If you own or are purchasing a country home with acreage in a rural community, we have the product for you. Long-term fixed and adjustable rate loan products are available. Manufactured housing (doublewide or larger on a permanent foundation) and construction/permanent financing is also available. We offer competitive rates and a variety of loan products to meet your financing needs.
Key Criteria for Eligible Loans
• Single-family, owner-occupied, detached primary residence located on the property
• Must be located in a rural area or municipality of 2,500 population or less
• Loan-to-value up to 95% with a maximum loan amount of $417,000 (we offer the Flex o97 Program)
• Maximum combined loan-to-value 95%
• Dwelling value may not exceed $269,807
• Private mortgage insurance required with loan-to-value greater than 80%
• Typical contributory value of the dwelling should represent a minimum of 35% of the 11loan amount
• Minimal farm income generated from the property allowed (no more than 25% of gross income) No Farm income required.
• As-is Value of the outbuildings must not exceed 20% of the appraised value
• Acreage must be typical as supported by comps and property must be residential in nature
Customer Qualifications
• Two years established employment and/or stable income
• Minimum credit score of 620 with no mortgage lates in the past 12 months
• Minimum net worth of $50,000
• Monthly Housing Expense to Gross Income ratio of 28% or less
• Monthly Debt to Gross Income ratio of 36% or less
• Minimum cash reserves equal to two month’s PITI
• Flexibility in the above ratios with compensating factors such as excellent credit, substantial cash reserves or low loan-to-value
Product Loans
• Fixed rates: 10-year, 15-year, 20-year and 30-year
• Adjustable rates: 1-year, 3/1 and 5/1 with 5-year to 30-year term
• Adjustable rates: 10/1 and 15/1 with 15-year or 30-year term
