 Overview of Rural Development Qualifying
The following was a general overview of the Rural Development Loan Program and a guide to figure out if this is the loan program for you.
Availability: Available outside of high-density urban areas. For a more detailed area of qualification, contact your lender or view our Property Eligibility Maps
Type of Homes they finance: Most property types. Single Family Properties, Site Condos, Multi-Family Properties, Modular, Stick-Built, BOCA-Code, large parcels, and some unique properties will qualify. Attached Condominium Properties are acceptable if they are approved condominium projects. You can contact your lender to check on approved condominiums. Manufactured properties will NOT qualify unless they are newly built and permanently attached to a property. *Properties with in-ground pools will come under added scrutiny.
Down Payment Required: No down payment is required. Any down payment can be a gift from family, friend or employer.
Mortgage Insurance: 3.5% financed into your loan, no monthly mortgage insurance is required.
Interest Rates: Little variance between lenders, though some shopping may still be required.
Maximum Loan Amount: No maximum loan amount.
Income Limits: Income limits vary by County. You can view income limits for Michigan Counties here:.
Credit Requirement: 620 FICO with no minimum credit requirements, though this may vary by lender. 24 months from Bankruptcy or Foreclosure with 3 reestablished lines of credit (no late payments allowed since the bankruptcy.)
Reserves: No reserves required.
Repair Escrow: Available on all properties with contingency plan.
General Overview: For moderate income borrowers, easy qualifying with 620 FICO score, $0 down, Repairs can be included.
For more in-depth information on Rural Development Loans follow these links:
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