The U.S. Dept. of Agriculture Rural Development is currently accepting loan applications from low income families to purchase homes in rural Michigan communities
Home purchases are supported through the Section 502 Direct Loan Program. Loans provide 100% financing, no down payment, no monthly Private Mortgage Insurance, no points, and no origination fees. Loan is has a fixed interest rate for a term of 33 or 38 years. In some cases, if income is low enough, applicants may qualify for subsidized payments to reduce their interest rate payment down to 1%. Loan funds can also assist current eligible homeowners with much needed repairs at reasonable rates and terms.
“The low interest rate, extended loan term, and the possibility of reduced payment allows the applicant to qualify for a higher loan amount to purchase a decent, safe, and sanitary housing for them or their family,” said Mason Area Office Director Bruce Miles. “In addition, our area loan limits have recently been increased to accommodate the modest housing market.”
Applicants must have an acceptable credit history, meet income guidelines, have repayment ability to service the new loan and any existing obligations, be a United States citizen or legally admitted for permanent residence, and own and personally occupy the home on a permanent basis.
To learn more, contact the USDA Rural Development Mason Office at 517-676-4644 Ext. 4 or visit www.rd.usda.gov/mi
A brochure is attached for each program. If you are interested in setting up a time to discuss these programs in more detail, please let me know!
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