USDA Loan Packaging The H.I.T Foundation (Home Is The Foundation) is now offering USDA Rural Development mortgage application packaging for low income families wanting to purchase a home. To inquire about the program call (937) 472-0500 or go to www.hitfoundation.org. Home Is The Foundation will provide potential applicants with an application, assist with completion (if needed), and ensure that all required documentation is included. The complete mortgage package will then be presented to the appropriate USDA Rural Development office for processing. All applicants must meet eligibility guidelines. Funds may be used to purchase suitable existing homes, new site built homes, approved modular homes, and new manufactured units from an approved dealer/contractor. Funds may also be used to repair or remodel homes, or to make the home accessible and usable for persons who are disabled. Loans made be made for up to 100 percent of the appraised value of the site and the home. The maximum repayment period is 33-38 years. Payment asssitance can reduce the mortgage payment based on housing income.

Program Guidelines * United States citizenship, or non-citizens who qualify as a legal alien * Borrower must occupy the dwelling * Must not currently own decent, safe, and sanitary housing * Legal capacity to incur the loan obligation * Demonstrate adequate repayment ability based on payment ratios * Acceptable credit (examples: rent paid on time, no unpaid collections or late payments, no bankruptcy or foreclosures within the last 36 months) * Homes must be in eligible area * Home and site costs may not exceed the maximum loan limit for the county in which the home is located. * Existing dwelling must be structurally sound; functionally adequate; in good repair, or to be placed in good repair with loan funds * May not be used for income producing purposes * The value of the site must not exceed 30% of the "as approved" market value of the entire property * No in-ground pool * Accessible by a public road How much will it cost? You will pay a non-refundable credit report fee with your completed application. Additional expenses include: * $425 appraisal fee (subject to change) * $122 tax service fee (subject to change) * Loan packaging fee * All closing costs ($2,000-$3,000 range) are expected to be paid by the applicant. Closing cost maybe included in the purchase contract and/or loan depending on appraisal and affordability * One year of Homeowners' Insurance and Dwelling Inspections must be paid to closing by borrower * Home ownership course required for first time buyers