Michigan USDA Loans

USDA Loan Mortgages in Michigan

USDA loans are available from the United States Department of Agriculture (USDA) for borrowers interested in purchasing a property located in an eligible Rural Housing zone in Southeast Michigan. These loans allow a borrower to purchase a home with no money down and additional help with closing costs, as long as borrowers meet certain income guidelines. Homebuyers may actually be able to purchase a home with zero money down, and actually receive closing costs. In fact, USDA loans allow up to 102% of the appraised value or sale price.

If you’re looking to buy a home or property in Macomb County or Oakland County, you may be able to purchase it with zero money down. We will help you determine if you meet the low-to-moderate income requirements and if the property falls into an area defined by the USDA as rural. USDA loans are for first-time homebuyers and repeat home buyers in Michigan .

USDA Loan Features

• No down payments
• Loans up to 102% of appraised value or sale price
• Must be within household income limits
• Home must be located in designated Rural Housing zones
• Fixed rate mortgages
• No private mortgage insurance (PMI) requirement
• No pre-payment penalty
• Credit scores as low as 600