GRAND RAPIDS MI USDA HOME LOANS AND MORTGAGES

HomeTown Lenders Is Your Mortgage Lending Source for Grand Rapids MI USDA Home Loans And Mortgages

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*Approximately 3 -5 Minutes to Complete The form.

Ready to buy your home?

Let's Get Started


*Approximately 3 -5 Minutes to Complete The Form.

WHAT IS A USDA HOME LOAN AND WHO QUALIFIES?

We are Highly Trusted By Clients In 14 States For Their Nationwide & Grand Rapids MI USDA Home Loans & Mortgages

HomeTown Lenders Grand Rapids, operated by our Ridgeland Branch, is A Leading Grand Rapids MI USDA Home Loan Mortgage Lender, and for good reason. We have helped many families and individuals in Michigan, Alabama, Arkansas, California, Florida, Louisiana, Maryland, Missouri, Mississippi, New Mexico, Tennessee, Texas, and Virginia achieve their dream of home ownership through high quality mortgage lending

The USDA Rural Development’s Single Family Housing Guaranteed Loan Program is designed to help borrowers purchase homes in rural areas. USDA Home Purchase Loans are an excellent benefit for first time home buyers as well as growing families looking to obtain the American dream of home ownership. Borrowers that qualify can purchase a home with no money down, which makes buying a home extremely affordable. In addition, USDA purchase loans also offer very flexible underwriting guidelines, the ability to finance in closing costs and a competitive a 30 year fixed rate option.

Contact our Grand Rapids, Michigan USDA Mortgage Loan Officers to get pre-qualified and start your mortgage loan process. 

Why is a USDA Home Purchase Loan A Great Deal?

The United States Department of Agriculture (USDA) has developed several loans to help low- to moderate-income borrowers to purchase or refinance a home in a designated rural area. The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist rural homebuyers across the country including Tennessee achieve their dream of homeownership. 

For those who qualify, 100% financing is available, bringing the dream of home ownership within reach. With low interest rates and flexible guidelines a USDA home loan could help you achieve your financial goals. Many homeowners are surprised to find out how many properties just outside major cities qualify for a USDA loan even though they are anything but “rural

WHY USDA RURAL LOANS ARE A GREAT CHOICE

USDA loans are a very attractive option for borrowers who want to purchase a home or refinance their current USDA mortgage. USDA loans are for rural areas but rural does not necessarily mean remote. Do not assume that the eligible properties are all located miles and miles from civilization. A quick eligibility check will allow you to track down homes that meet the USDA guidelines. Guess what? Many eligible homes are in close proximity to some of the nation’s fastest growing metro areas

USDA financing is one of the only mortgages available other than those for members of the US military that offer zero money down. It is an excellent option for those with low to moderate incomes or less than perfect credit. Payments are kept affordable, thanks to the fact that the loans are 30-year fixed rate mortgages.

WHAT ARE THE ADVANTAGES OF USDA HOME LOANS?

  • No down payment
  • Credit scores down to 580 (Special Restrictions Apply)
  • No maximum purchase price
  • Up to 50% debt to income ratio
  • Easy to use gifts for closing costs
  • Allows for 6% seller paid closing costs

What are The Requirements For A VA Purchase

  • 3 Years from Foreclosure or Short Sale
  • 2 Years from Discharge of Chapter 7 Bankruptcy
  • 3 Years from Discharge of Chapter 13 Bankruptcy

WHAT ARE THE ELIGIBILITY REQUIREMENTS FOR Grand Rapids MI USDA HOME LOANS?

As part of the American Recovery and Reinvestment Act that came about in 2009, the requirements for USDA home loans have become more streamlined and opened the door for higher eligibility rates. Borrowers must still meet certain income requirements and provide a credit report; however, the guidelines are not as strict as they were previously. Below are the top eligibility requirements to get familiar with before you consider a USDA loan.

  • Geographic Area The home you are buying must be in one of the geographically qualifying areas which are designated as Rural for USDA Loans
  • Property Type. The home you are buying must be a single family residence. It must also be your primary residence.
  • Credit. All USDA Loans require a credit score of a least 600 or higher to qualify.
  • Debt Ratio. Typically with a full approval your total debt to income ratio can be as high as 50% in some cases.
  • Income Limit. USDA Loans have a maximum income limits for the median income in your area. If you make more money than the limit, you will not qualify. There are different brackets for determining the maximum income allowed. Those are determined by your geographic area and the number of people living in the household

WHAT ARE SOME POPULAR USDA LOAN PROGRAMS?

  • Up to 102% LTV
  • 30 year fixed only
  • No maximum purchase price
  • Closing costs can be financed
  • No appraisal needed
  • No income verification
  • Reduced documentation
  • Must lower your rate by 1%

Be sure to take a close look at USDA and their programs to find out which one is right for you. Contact Our National USDA Rural Home Loan Officers today to get more information about USDA Home Loans and start your pre-qualification or loan process. 

Hometown Lenders Offers USDA Home Loans Down To A 580 Credit Score

FHA LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

Jumbo
Loans

Down to a 620 Credit Score

VA HOME LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

FHA
203K Loans

Down to a 620 Credit Score

USDA LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

FHA/VA/USDA
Conventional

Manufactured Home
Loans Available

CONVENTIONAL

Down to a 620 Credit Score

Down Payment
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By sending this form to your email you are agreeing to allow us to contact you by email to follow up with you. Call us today to see what programs you may qualify for and today’s interest rates

Hometown Lenders Helping You Achieve Your Dreams

Contact Us Today To Get Pre-qualified for Nationwide And Grand Rapids MI USDA Home Loans

We pride ourselves in making your home financing experience as easy and affordable as possible. Our service is second to none.
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FHA, VA, USDA Loans SPECIAL RESTRICTIONS

Special restrictions and guidelines for bad or poor credit.

All loans FHA, VA, USDA:

  1. FHA –  Minimum loan amount 200K
  2. Alternant trade lines ( utility bill, child care, insurance etc) 12 month history no late payments
  3. BK 7 Discharge over 2 years.  BK CH 13 3 years from file date
  4. Foreclosures over 3 years  
  5. Verifiable Rental history 12 months no lates (Cancel checks, money orders or by management company)
  6. 3 Months of reserves ( 3 months payments in reserves . example in bank, 401k etc)
  7. No excessive late payments in the past 12 months
  8. No Mortgage lates

On FHA with Credit scores less than 580

  • 90% LTV(Loan to Value) with 10% Down payment .

On VA with Credit scores less than 580  

  • 3.  100% LTV(Loan to Value) NO Down Payment

 On USDA with Credit scores  of 580-619

  • 100% LTV(Loan to Value) NO Down Payment

Guidelines