Rural Development Loans Michigan, USDA Rural Development Michigan

Michigan Rural Development Loans

Rural Development loans allow first time home buyers or previous home owners to purchase their new home with 0% down payment and allows the seller to pay up to 6% of the sale price towards your closing costs keeping your out of pocket expenses low!



Rural Development Loan Features

 

General Requirements

  • Credit score minimum of 620.  No scores are acceptable with a blank credit report (nothing good or bad).  However, 3 non-traditional credit references will be required.

  • No previous mortgage loan late payment in the past 24 months.

  • No foreclosure in the past 36 months.  Possible within 18 months with extenuating circumstances.  Must have rebuilt credit.

  • No bankruptcies in the past 24 months.  Possible within 18 months with extenuating circumstances.  Must have rebuilt credit.

  • All court ordered judgments MUST be satisfied or have a satisfactory payment history.

 

GET PRE-APPROVED FOR YOUR MICHIGAN RURAL DEVELOPMENT LOAN NOW!