USDA Rural Development Loan - Minimum 0% Down
Looking for a way to buy your first home with no money down? Michigan Mortgage Solutions has the perfect solution – the USDA Rural Development Loan. This program offers low interest rates and low monthly mortgage insurance, making it easier than ever to own your own home. There are a few limiting restrictions for USDA Rural Development loans that you need to be aware of.
First, the program is based on the property being located in an area that is considered rural. In Michigan that means just outside any major city. There is an interactive map that allows you to enter an address to see if the property would be eligible. You can find that map by clicking the following link: USDA Eligibility MAP
The second restriction has to do with household income. The USDA has established income limits by county as well as number of members within the household. In order to qualify for the program, your household income cannot exceed these limits. The USDA Rural Development Loan income limits can be found by visiting the following link: USDA Income Eligibility
It’s also important to know that this program requires both an upfront mortgage insurance and a monthly mortgage insurance. The upfront mortgage insurance is one percent of the loan amount and it gets financed as part of the loan. The monthly mortgage insurance is 0.35% of the loan amount divided by twelve. The monthly mortgage insurance does not cancel and is paid until the loan is refinanced to a Conventional loan or paid off.
USDA Rural Development Loan Highlights
If the home you’re interested in is eligible for the USDA RD loan and your household income falls within the limit, this is a great opportunity for anyone who wants to become a homeowner. Give us a call today to learn more about the USDA Rural Development Loan – we can’t wait to help you take the next step in your life! Contact Michigan mortgage Solutions at 248-963-1894 or click the Purchase Button below to get your low rate USDA Rural Development Loan Today!