Advantages of USDA Rural Development Loans
If you are a moderate or low-income homebuyer, then a USDA rural development loan may be just what you need to buy the home you’ve always wanted. The RD Loan works hard to improve the quality of life in rural America, so if you are looking for a rural home, they want to help.
Many people commonly think that you need to be a farmer to get a USDA home loan. On the contrary, your profession does not matter, and the USDA offers several loans for suburban areas as well.
If you are unable to make a down payment on a home — then this may be your best option for home ownership. USDA home loans require a 15 to 30 year term with a low fixed rate and no down payment.
Because USDA rural development home loans have a very low mortgage insurance requirement, you can save hundreds of dollars a month depending on the size of your loan.
In order for you to be eligible for financing, your home must be owner-occupied and cannot be a manufactured or mobile home.
If you have additional questions about USDA rural development loans, please contact our West Michigan office today or give us a call at 616.974.9710.