I get frequent inquiries on Rural Development Loan programs in Michigan, and I like to write about this program a lot because it is such a great first time home buyer program.
One of the big questions I get asked is “What are the status of Rural Development funding as of November 2010?” The answer to that is that USDA Rural Development is financing is funded through next year. This question about Rural Development Loan programs in Michigan is a common one, as the program did run out of funds a few times earlier this year, but the program was adjusted to help it become more of a self-funded program by raising some of the fees for the program.
Rural Development Loan programs in Michigan offer the buyer a chance to get into a home with 100% financing, requiring no down payment. There are closing costs, but these can be negotiated with the seller. If the seller agrees to cover closing costs, the program allows them to cover as much as 6% of the purchase price. Rural Development Loan programs in Michigan are popular because of the declining population levels in rural areas in recent years across the State.
The USDA has many other programs to help rural areas, and this loan program I am referring to is the single family housing program for first time home buyers. The property has to qualify as being in a rural area according to the USDA maps, and the buyer may not own any other property.
To find out more about this program, and how to get qualified, visit my website at: www.michaeldelaware.com or call me direct at: 269-441-8182. I am a local Battle Creek Realtor, and I have helped many families into their first home using rural development loans. I look forward to working with you.