Rural Developement Loans - ZERO DOWN

Get them while you can. An official from the USDA told me they may soon eliminate or greatly curtail the ZERO down - NO monthly MI mortgage program. The Rural Development (RD) program is ZERO down. This is a great program with no sales price limits and generous income limits. The program currently offers NO MONTHLY mortgage Insurance as required with other programs. This program works in Rural areas. What is a "rural area"? You would be surprised. Allendale and Rockford are considered rural. As well as parts of Cascade, Lowell and Byron Center. Hudsonville and Zeeland are NOT considered rural. 80% of Kent County is NOT considered Rural and 80% of Ottawa county IS considered rural. All of Allegan and Barry County qualifies. Need a map? Let me know. I am the expert in RD loans.

Here are the the top 10 reasons to use or recommend the RD program.

10. Customer may borrow up to 102% of the appraised value of the home
9. Generous income limits
8. Large rural area for loan availability
7. No max sales price limit
6. Low fixed rates
5. Seller can pay all closing costs and pre-paids
4. No monthly mortgage insurance
3. as low as a 640 Credit Score allowed
2. NO RESERVES REQUIRED
1. and NO pre-payment penalty

This program allows the NEW state MCC (Mortgage Credit Certificate) program, This program is made available only through approved Lenders and is available for a limited time. It is available to eligible borrowers on a first-come, first-served basis throughout the State of Michigan. Eligible borrowers must meet MSHDA income and sales price limits and in some cases, prior homeownership restrictions.

Homebuyers taking advantage of the MCC Program may qualify for 20% of their annual mortgage interest paid to be credited against their year-end tax liability. This is not a one time tax credit, but can be taken advantage of each year until the original mortgage is paid in full as long as the property remains the home-buyer’s primary residence. The home-buyer must apply for the MCC through a participating lender.

The RD program along with the MCC program is a GREAT 1 -2 punch. With today's LOW interest rates, LOW home prices AND the LOW interest rates available this is the PERFECT time to buy, For more information on these and other great programs feel free to contact me.