USDA Rural Development loan is great!

Real Estate Agent with Edward Surovell Realtors

USDA Rural Development

I am doing my second deal with buyers who are obtaining USDA Rural Development Guaranteed Rural Housing Loan and I just have to sing the praises of this fabulous program!

This program is an alternative to FHA as it requires a 0% down payment!  There are no purchase price limits and the cost of repairs can be rolled into the mortgage.  The deal I am currently doing has allowed my clients to wrap in almost $10,000 of repairs into their mortgage amount for a new furnace, appliances, kitchen countertops and carpeting for a great deal on a foreclosure.  We used this as an alternative for a FHA 203K loan.

The only catch is that not all areas are eligible for this program, including the city of Ann Arbor.  The USDA Website is great as it has a map of eligible an ineligible areas.  Here is the area eligibility information for Michigan.


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