If you are considering buying a home in Olivet, Michigan, you probably are aware that this is a college town. Olivet College, founded in 1859, in Eaton County is located 30 miles south of Lansing and 125 miles west of Detroit. It sits on a rolling hilltop shaded by huge maple and oak trees in the city of Olivet, a community of about 1,700 people.
Buying a home in Olivet, Michigan can be a fun adventure, as some of the homes have been cobbled up to serve as multi-units the closer you get to the college, so if you are going to use it as a single family home they can require some renovation. This is a common occurrence in college towns.
One of the great benefits of buying a home in Olivet, Michigan is that the area qualifies as a rural area on U.S. Department of Agriculture maps, due to low population, and is eligible for the USDA Rural Development loan program.
So if you are a first time home buyer, and do not own any other property, and meet the lending requirements for this program, you can purchase a home with 100% financing. That means no down payment will be required.
Now, in order to write an offer on a home, you will still need an earnest deposit, but that is typically just $500 to $1000, based on home values in the Olivet area, in most cases. However, most all of this will come back to you at closing if you have negotiated for the seller to pay for closing costs. So the rural development loan is a great advantage for buying a home in Olivet, Michigan.
If you want to find out about available homes or the rural development program, give me a call. I have helped many first time home buyers with this program. I can be reached directly at: 269-441-8182 if you are considering buying a home in Olivet, Michigan (or anywhere else in the area). You can also reach me through my website at: www.michaeldelaware.com.
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