Apply for a Michigan USDA Loan
Home Point Financial is pleased to announce that we now have Michigan USDA financing. USDA Loans in Michigan are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Michigan residents in almost every MI county outside of major metropolitan areas (rural areas in Michigan including Alcona County, Clare County, Gogebic County and others). What are the Requirements? There are a number of requirements to qualify for Michigan USDA Loans:
- Monthly Michigan housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Michigan.
- Michigan borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Michigan property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Michigan families must be able to afford the mortgage payments, including taxes and insurance.
USDA Interest Rates
Michigan USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Michigan property being financed, etc. In general, MI USDA rates are better than average compared to other options for qualifying individuals.
Contact the Leading Michigan USDA Lender
Apply now or contact the Michigan USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Michigan, eligibility and more.
