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| ![](media/i          | New Jersey Newsletter                         |
| mage1.jpeg){width="2 |                                               |
| .0277777777777777in" | Guaranteed Rural Housing Program              |
| height="0.           |                                               |
| 9173611111111111in"} | Committed to the future of rural communities  |
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Volume Number 5,

Sring 2008

***RURAL DEVELOPMENT ANNOUNCES REVISED INCOME LIMITS***.

Effective March 19, 2008, revised moderate adjusted income limits were
issued by the Rural Development National Office and are posted below:

**New Jersey GUARANTEED HOUSING PROGRAM Moderate Adjusted Income
Limits**

**1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON 7 PERSON 8
PERSON\***

**Atlantic County 64100 73250 82400 91550 98850 106200 113500 120850**

**Burlington County 59800 68350 76900 85450 92300 99100 105950 112800**

**Camden County 59800 68350 76900 85450 92300 99100 105950 112800**

**Cape May County 64100 73250 82400 91550 98850 106200 113500 120850**

**Cumberland County 64100 73250 82400 91550 98850 106200 113500 120850**

**Gloucester County 59800 68350 76900 85450 92300 99100 105950 112800**

**Hunterdon County 62900 71900 80850 89850 97050 104250 111400 118600**

**Mercer County 64100 73250 82400 91550 98850 106200 113500 120850**

**Middlesex County 62900 71900 80850 89850 97050 104250 111400 118600**

**Monmouth County 61900 70700 79550 88400 95450 102550 109600 116700**

**Morris County 61900 70700 79550 88400 95450 102550 109600 116700**

**Ocean County 61900 70700 79550 88400 95450 102550 109600 116700**

**Passaic County 61900 70700 79550 88400 95450 102550 109600 116700**

**Salem County 59800 68350 76900 85450 92300 99100 105950 112800**

**Somerset County 62900 71900 80850 89850 97050 104250 111400 118600**

**Sussex County 61900 70700 79550 88400 95450 102550 109600 116700**

**Warren County 61900 70700 79550 88400 95450 102550 109600 116700**

-   **Contact the State Office for Incomes Exceeding 8 person
    households. 03/19/2008 SPECIAL PN**

***[GUARANTEED RURAL HOUSING FUNDING UPDATE:]{.underline}***

***Plentiful funding is available for Fiscal Year 2008.***

**[Keep those quality GRH loan reservations coming !!]{.underline}**

***[AUTOMATED UNDERWRITING UPDATE:]{.underline}***

The automated Guaranteed Underwriting System, known as ***GUS***, is
available to Approved - GRH lenders. This major enhancement to the GRH
program provides Approved- GRH lenders with "state-of-the-art" loan
underwriting capabilities currently available with Fannie Mae, and HUD
transactions.

We encourage lenders to sign-up to use the GUS system. Contact the State
Office for additional information and submission requirements.

***[WHY USE THE PROGRAM ???]{.underline}***

You should use the GRH program to assist low and moderate income
families own a piece of the American Dream,

namely; "Home Ownership".

The GRH program is administered through a network of approved GRH
lenders who control the loan origination, underwriting and closing
sequences, in accordance with GRH program requirements. This provides
speed of service and fast approval time. The GRH program offers
prospective clients flexibility in qualifying ratios, asset
contributions and expeditious underwriting reviews. These program
attributes enable low and moderate income families to purchase a fee
simple new or existing single family home in eligible rural areas. Also,
the purchase of existing condominiums is acceptable, provided the condo
complex is either approved or accepted by Fannie Mae, Freddie Mac, VA
and/or HUD/FHA.

LTV is 102% with a conventional fixed rate 30 year amortized loan term,
with no prepayment penalty. In addition, this product is not federally
subsidized.

The GRH program does not require mortgage insurance. **NO PMI / MIP**. A
one time loan guarantee fee, currently 2 %, is paid at loan closing and
can be included in the GRH loan up to the LTV limitation of 102%.

> ***[NEW JERSEY GRH PROGRAM HOT LINE: 856-787-7732]{.underline}***

♦