The USDA Rural Development Loan program is designed by the USDA to help middle income borrowers to purchase
rural housing. Many Michigan homes qualify for this program, including those in Northwestern
Oakland County and all of Livingston County. Unlike other mortgage programs, the USDA Rural Development Loan program allows 100% financing up to the appraised value with no monthly mortgage insurance (PMI). Also
unlike other mortgage programs, a USDA Rural Development Loan allows you to roll your closing costs and escrows into the mortgage.
You can use a USDA Rural Development Loan to buy new construction or existing homes, modular homes, PUD’s, condos, and new manufactured homes. You can also borrow the full amount of the house leaving the funds you would otherwise have used on a down payment free to do repairs. The USDA allows sellers concessions, gift funds, and a multitude of other forms of fund assistance. And with the alternative credit qualification options, many potential homebuyers who thought they could not qualify now can with a USDA Rural Development Loan.
With competitive interest rates, no monthly mortgage insurance, and a zero down payment,
the USDA Rural Development Loan is extremely popular for those who do not have a lot of reserves but who have a good work history.
For more information on the USDA Rural Development Loan call Marc Edelstein NOW! 248-658-2643