Do you plan to buy a home in rural Michigan, or elsewhere in rural America? You might be able to do so with zero down if you apply for a USDA mortgage.
What is a USDA Loan?
A USDA mortgage is a home loan guaranteed by the US Department of Agriculture. As with other types of government-backed loans like FHA or VA, a USDA mortgage features easy credit qualifications and other exciting benefits.
What are the Benefits of a USDA Mortgage?
Here are some reasons to apply for a USDA home loan:
- Zero down payment is required to move into your new home.
- You can pay affordable interest rates even if you do not apply with a perfect credit score.
- While is program is income-based, those with lower incomes should be able to qualify assuming other criteria are met. In fact, many households with middle incomes will also be eligible.
Are You Eligible for a USDA Mortgage?
To be eligible for a USDA home loan, you need to meet these basic requirements:
- Your income must not exceed 115% of the median household income for your area.
- You must purchase a home that is in a USDA-defined “rural” zone.
One thing bowers may not realize is that certain areas they do not think of as rural count within the USDA guidelines.
If you are uncertain that you are shopping for a home in a rural zone, we can help you determine whether this is the case or if a different loan product might be more suitable for you.
Buy a Home in Rural America With Zero Down Now
We are licensed in Michigan, Alabama, Colorado, Connecticut, Florida, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island, and Tennessee. We can help you purchase a home in a rural area in any of those states.