What is a USDA Rural Development Loan?
It is designed to enable borrowers favorable financing in rural areas in order to help further develop the area with housing which in turn promotes prosperity and improves the quality of life in the rural areas.
In Michigan there are income restrictions as well as credit score minimums. There are restrictions as to where you can use these types of loans. You can check eligible addresses here USDA RURAL
You must occupy the dwelling as your primary home. Eligible residency are U.S. Citizen, U.S. non-citizen national or Qualified Alien.
If the home appraises for enough the closing costs can be rolled into the loan, Refinancing of eligible RD loans also qualify for the loan guarantee.
Essential household equipment such as, wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling.
MSHDA Down Payment assistance may be used with the USDA Rural Development loan for qualified borrowers.
Some examples of cities you may qualify for a rural Development loan are below. Some cities are eligible outside the city proper but still in the city mailing.
USDA Loans in Macomb County
Richmond Armada Lenox Twp
Romeo Ray Center Memphis Almont
Bruce Twp Washington Twp Leonard
USDA Loans in St Clair County
Columbus Twp Casco Twp Ira Twp China Twp
Algonac St Clair Marysville Kimball
Fort Gratiot East China Clay Twp Yale
Capac Memphis Wales Twp Brockway Twp
Greenwood Twp Berlin Twp Riley Twp
USDA Loans in Oakland County
Highland Twp Springfield Twp Oxford
Mortgage One is one of the top lenders every year for zero down USDA loans in Michigan.
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