There are many types of mortgages out there and figuring out which one is right for you can be a daunting task. One mortgage product that isn’t very well known but is perfect for many prospective home buyers is the USDA Rural Development Loan. The ‘RD’ loan as it is nicknamed, is a product offered by many lenders on behalf of the United States Department of Agriculture. The RD mortgage program allows buyers (including first time home buyers) to purchase a home in “rural” areas with zero down payment.
The best part is that the term “rural” is not as limiting as most people think. In the West Michigan area for example, many cities such as Rockford, Lowell, Belding, Middleville, Hudsonville, Caledonia, and even Cedar Springs have homes that qualify for this zero down loan.
Other than location specifications the program does have a few guidelines including income restrictions. The income restrictions are based on total household income and the number of people living in the household.
To see whether you qualify to purchase a home with zero down payment with the USDA Rural Development loan call us today at 616-774-9160 or click the apply now button below.
Related: If you are a United States Veteran, a similar program, the VA loan also allows vets the ability to purchase a home with zero down payment.
Related: Treadstone also offers multiple loans with down payments starting from 3.5% down.