The U.S. Dept. of Agriculture Rural Development is currently accepting loan applications from low-income families to purchase or repair homes in rural Michigan communities
“The low interest rate, extended loan term, and the possibility of reduced payment allows the applicant to qualify for a higher loan amount needed to purchase a decent, safe, and sanitary housing for them or their family,” said Mason Area Office Director Bruce Miles. “In addition, our area loan limits have recently been increased to accommodate the modest housing market in southeast part of Michigan.”
The loans provide 100 percent financing, require no down payment or private mortgage insurance, no points, and no origination fees. The loans have a fixed interest rate for a term of 33 or 38 years. Low-income applicants may qualify for subsidized payments and effective interest rate as low as 1.0 percent. Loan funds may also be used to assist current eligible homeowners with repairs at reasonable rates and terms.
Applicants must have an acceptable credit history, meet income guidelines, have repayment ability to service the new loan and any existing obligations, be a United States citizen or legally admitted for permanent residence, and own and personally occupy the home on a permanent basis.
To learn more, contact the USDA Rural Development Mason Office at 517-676-4644 Ext. 4 or visit www.rd.usda.gov/mi.