TAILIEUCHUNG - Rural Development “RD” LoansObjectiveTo provide safe

The Rural Development Home Loan is a 30 year fixed rate loan available for low to moderate income families who are looking to buy, build, improve, repair, or rehabilitate homes in rural areas. If a buyer has had ownership of a primary residence in the last three years, they are not eligible for the program. To qualify for a Rural Development loan buyers must meet the MSHDA (Michigan State Housing Development Authority) sales price, income limit, and first time home buyer eligibility guidelines. All adult members of the new home must apply jointly for the loan. The Rural Development loan. | 1 Rural Development RD Loans Objective To provide safe well-built affordable beautiful homes in rural areas for Americans. Summary The Rural Development Home Loan is a 30 year fixed rate loan available for low to moderate income families who are looking to buy build improve repair or rehabilitate homes in rural areas. If a buyer has had ownership of a primary residence in the last three years they are not eligible for the program. To qualify for a Rural Development loan buyers must meet the MSHDA Michigan State Housing Development Authority sales price income limit and first time home buyer eligibility guidelines. All adult members of the new home must apply jointly for the loan. The Rural Development loan is known as the no money down home loan. This is because applicants can borrow 100 of the home s cost The Rural Development Loan is the only zero down loan offered to those who have not served in the military. The maximum amount guaranteed by Rural Development can include closing costs prepaid escrow items and the RD guarantee fee. Most Rural Development Loan applicants receive almost all of their earnest also known as good-faith deposit back after closing. However the maximum loan amount cannot include repairs and or improvements to the property. Treadstone Funding 2 Who applies for a Rural Development Loan Those wanting to stop renting and buy a home with zero down. Families and individuals looking for their first home. People in rural areas. What areas are considered Rural Development Areas Rural Development Loans are offered in areas with a population of 20 000 or less people. Find maps of Non-Rural Development areas in Michigan starting on page 8 What Properties are eligible New homes or builders models that have not been previously occupied New condominiums approved by the FNMA or FHLMC Existing homes that have been previously occupied Existing Condominiums that have been previously occupied. New manufactured homes approved by RD. All must be .

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