FHA Outlying Area Program

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FHA Outlying Area Program 203(i), What are the Requirements?

FHA Outlying Area Program for Single Families

If the home you are interested in is located in a rural area, then the FHA Outlying Area Program may the best one for you. Section 203(i) provides

mortgage insurance for a person to purchase a principal residence in a rural area. A lending institution, such as a mortgage company, bank, savings and loan association, funds the mortgage loan and HUD insures the mortgage.

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.

If you have more questions about the FHA Outlying Areas Program 203(i) be sure to contact me. I will be happy to answer any questions you may have.

FHA has so many specialized programs for first time homebuyer that if this program is not the right fit for you, there is another one. I highly recommend FHA. It is the best way with the lowest amount of upfront money to buy a home.

A lot of loan officers shy away from FHA and I don�t know why, because it is a good program to start off with. So don�t hesitate to contact me to see what you qualify for. It doesn�t cost anything to find that out.

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