The Rural Housing program is dedicated to the preservation of rural communities. We partner with Rural Development, a division of the US Department of Agriculture, to help home buyers throughout the state realize the American dream of home ownership. This program, administered through the US Department of Agriculture, features ZERO down payment for qualified moderate-income families looking to purchase single-family homes.
Guaranteed Rural Development loans are offered by mortgage brokers and lenders and insured by the USDA. If you are looking for a zero down mortgage in Michigan, the RD loan is a great option for first time home buyers and previous homeowners.
- Credit score minimum of 640.
- No previous mortgage loan late payment in the past 24 months.
- No foreclosure/short sales within the past 36 months. Must have rebuilt credit.
- No bankruptcies in the past 36 months. Must have rebuilt credit.
- Must have 3 tradelines of credit. Can be a combination of traditional (reporting to credit bureaus) and non-traditional (ie, rent, utilities, etc).
- All court ordered judgments MUST be satisfied or have a satisfactory payment history for a minimum of 3 months.