Rural Development Loan

 

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Guaranteed Rural Development loans are offered by mortgage brokers and lenders and insured by the USDA.  If you are looking for a zero down mortgage in Michigan, the RD loan is a great option for first time home buyers and previous homeowners.  RD does charge an upfront amount of mortgage insurance as well as monthly, however it is one of the lowest in the industry with zero down payment.

Features


  • $0 down payment.

  • Seller can pay up to 6% of the sale price towards your closing costs.

  • Low monthly mortgage insurance (PMI).

  • No loan limits.

  • Geographic restrictions vary by County (click here for eligibility maps).

  • Income limits vary by County (click here for income limits).

  • Gifts from immediate family members to cover closing costs is acceptable.

 

General Requirements

  • Credit score minimum of 640.

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

  • No foreclosure/short sales within the past 36 months.  Must have rebuilt credit.

  • No bankruptcies in the past 36 months.  Must have rebuilt credit.

  • Must have 3 tradelines of credit.  Can be a combination of traditional (reporting to credit bureaus) and non-traditional (ie, rent, utilities, etc).

  • All court ordered judgments MUST be satisfied or have a satisfactory payment history for a minimum of 3 months.

 

Pre-Qualify for your Rural Development Loan Now!‚Äč