If you are shopping for a home in a rural part of Michigan, Florida, or anywhere in the US, a USDA mortgage makes it easy and affordable.
What is a USDA Mortgage?
As USDA mortgage is a type of home loan backed by the US Department of Agriculture. It is income-based, and allows qualifying applicants to move into homes in USDA-designated “rural” zones with zero down.
Benefits of USDA Mortgages in Florida and Michigan
- You can purchase a home without perfect credit using this lending product and still pay affordable rates.
- There is no down payment requirement for a USDA mortgage.
- You can move into your rural dream home immediately rather than waiting to save for the down payment. That can mean getting the home you really want instead of than missing out.
- How much you can borrow is based on your qualifications. Since there is no universal loan limit, a competitive borrower profile can go a long ways toward helping you buy the home of your dreams. Contrast that with a product like a conventional conforming loan, which has a strict loan limit.
- The USDA loan guarantee fee costs less than you would pay for mortgage insurance premiums for an FHA home loan.
Do You Qualify for a Florida or Michigan USDA Mortgage?
Here are the basic requirements to qualify for a USDA loan. We can go over the detailed requirements with you during your consultation.
- Your earnings must not exceed 115% of the median household income for your area.
- Your credit score and other financial metrics will be assessed to determine your risk profile as a borrower.
- You can only use a USDA mortgage to buy a home in a “rural” location.
Thankfully, the way the USDA defines “rural” is pretty broad. Areas you might assume are not rural could fall under that definition, so a USDA mortgage is worth looking into.
Apply for a USDA Mortgage Nationwide
We can help you figure out whether you are shopping for a home in a USDA rural zone when we discuss your plans during your consultation. You also can find out whether you meet the income requirements.
If you are ready to purchase a home with affordable rates and zero down, please give us a call today at (248) 775-1275 to schedule your consultation. We work with homebuyers in the states of Florida and Michigan where our offices are located and throughout the entire country.