RHS (USDA Rural Housing Services)
Who We Are
A maximum mortgage is 100 percent of the sales price or appraised value, whichever is less. The RHS guarantee fee may be financed in the loan, provided the final loan amount doesn't exceed the appraised value or Virginia Housing's maximum allowable sales price. The maximum mortgage amount is based on the lesser of the VHDA sales price or RHS published mortgage limits. Maximum income limits are based on the lesser of the VHDA or RHS published limits. RHS guidelines are used for monthly obligation to income ratio of 41 percent and principal, internet, taxes, insurance to income of 29 percent, credit analysis and property guidelines.
Automated approvals using Loan Prospector or Desktop Underwriter are accepted for conventional loan-to-values up to 97 percent and FHA/VA loans with some limitations, with a minimum 620 credit score.
For more information about any of these loans, contact your local Virginia Housing-originating lender or Virginia Housing's originations department.
For more information on Income and Sales Price / Loan Limits click here.