Posted on July 25, 2014 by - Local Michigan

USDA Rural Development Home Loans

A USDA Rural Development Mortgage is a no down payment mortgage that is offered to rural property purchasers.  There are many benefits of this mortgage including no down payment needed, a minimum 580 credit score and low interest rates! This home loan options is growing in popularity among first time home buyers and repeat home buyers that are looking to upgrade to a new home.

For more information on rates and benefits visit USDA Rural Housing Mortgage.

So the question arises:

Is the home I want to purchase eligible for the USDA Rural Development Mortgage?

Eligibility for this loan is based on income and the population of the location based on the 2000 Census data.  The intention of this mortgage is to lend to purchasers within rural communities.  Areas that are highly populated are not eligible for this mortgage. Alternatives for properties that do no qualify for the Rural Development loan would be FHA loans or Conventional loans.

*Note: The National USDA will be updating the USDA Rural Development program eligibility maps.  On October 1st, 2014 the 2010 Census data will be used to determine eligibility, rather than the 2000 Census data.  For more information go to 2014 Rural Development Loan Eligibility Updates.

To tell if your income and selected area are eligible for this loan go to USDA Rural Development and follow this step-by-step process to determine if you are eligible based on population and income:

Step-By-Step Process to Determine Eligibility:

USDA Property Eligibility

From the Eligibility panel on the right hand side of the USDA Rural Development page select the Property Eligibility Program that fits your situation followed by the Accept button for the Property Eligibility Disclaimer.  From there you will need to enter your address into the search box in the top left hand corner of the map.  Once this is done you will be immediately notified if your area is eligible or ineligible for this mortgage.

USDA Income Eligibility

From the Eligibility panel on the right hand side of the page select the Income Eligibility Programs for a Single Family Household.  From there, use the drop box and select your state; do the same for your country.  You will then be asked to fill out the “Housing Members Information.”  Once this is filled out click the next button.  Fill out the “Expenses and Deductions” and “Gross Monthly Income” and select finish.  The following page will inform you if you are eligible or ineligible based on the information you have provided.

*Note: Home purchasers that are eligible based on the USDA still need to go through the actual application process in order to be accepted for this mortgage.

To apply for a USDA Rural Development Mortgage contact a licensed loan officers at 800-555-2098 or request information below:

    Request Information Now!


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