Durand, MI USDA Loan Eligibility

Introduction to USDA Home Loans

The United States Department of Agriculture (USDA) home loan program offers unique opportunities for homeownership in rural and suburban areas. These loans are designed to promote prosperity in and around Durand, MI. making it easier for low-to-moderate-income individuals and families to own a home. Durand, MI USDA loans come with several benefits, including no down payment, lower mortgage insurance, and competitive interest rates.

Eligibility Criteria Durand, MI USDA Home Loans

1. Location Eligibility

  • Rural and Suburban Areas: The property must be located in an area that is designated as rural by the USDA. This often includes suburban and rural areas like Durand, MI.
  • USDA Property Information: Use our USDA help line 888-767-0554 to check if a specific address or area is eligible.

2. Income Eligibility

  • Income Limits: Your household income must not exceed 115% of the median income of the area.
  • Adjusted Income: Consideration of certain deductions might lower your adjusted income, potentially qualifying you for the program.

3. Credit Requirements

  • Credit Score: A credit score of 620 or higher is typically required, offering streamlined loan processing.
  • Credit History: Applicants with lower scores may still be eligible but must meet stricter underwriting standards.

4. Citizenship and Residency

  • Legal Status: Applicants must be U.S. citizens, non-citizen nationals, or qualified aliens.
  • Primary Residence: The home financed must be your primary residence.

5. Property Eligibility

  • Type of Property: Eligible properties include single-family homes, condos, and manufactured homes that meet specific Durand, MI USDA standards.
  • Condition of Property: The home must be in good livable condition, adhering to USDA health and safety standards.

Start your USDA Home Loan

Call Today (888)767-0554

Application Process

  1. Prequalification: Start by getting prequalified with our Durand, MI USDA lending team. This gives you an idea of what you might be eligible to borrow.
  2. Find a Durand, MI USDA-Eligible Home: We will help you look up eligible areas.
  3. Complete the Application: Provide all necessary documentation, including income verification, credit information, and details about the desired property. We will walk you through the process.
  4. Loan Processing and Underwriting: We will process your application and underwrite the loan.
  5. Approval and Closing: Once approved, you’ll proceed to closing and can then move into your new home.

Durand, Michigan USDA home loans are an excellent option for those looking to buy a home in rural or suburban areas. They offer several benefits over traditional mortgages, including no down payment and more lenient credit requirements. Understanding and meeting the eligibility criteria is crucial for a successful application. Prospective buyers are encouraged to start the process early and work closely with one of our Durand, MI USDA professionals.

Get on the Path to Home Ownership. We got your Back!
Buy a Home with No Money Down
Get Pre-Qualified Now

    Once this form is completed you will have the option to start your USDA mortgage application.

    Thank you for choosing USDAruralmortgage.com

    USDA Benefits Durand, IL

    • No Down Payment
    • Reduced Mortgage Insurance
    • Competitive Interest Rates
    • Flexible Credit Guidelines
    • 100% Financing:
    • Not Limited to First-Time Homebuyers
    • Fixed-Rate Mortgages
    • 30 Year Loan Term Options
    • Geographical Flexibility
    • Potential for Financing Extra Improvements

    Learn More About Durand, IL

    Durand is a city in Shiawassee County in the U.S. state of Michigan. The population was 3,507 at the 2020 census. Nicknamed “Railroad City, USA”, it is best known for its large train station which was a major hub for the Grand Trunk Western and Ann Arbor railroads during most of the 20th century, and is currently served by Amtrak. Additionally, three freight carriers use a rail yard in the city, which is accessible from all directions.

    Durand was originally called Vernon Center, and under the latter name was platted in 1836 and named from its location in Vernon Township.[4] The present name is for congressman George H. Durand of Flint, Michigan.[5][6] Durand was incorporated as a village in 1887 and as a city in 1932.[7]

    Get the Latest USDA Mortgage News!

    Check Durand, MI Property Eligibility 888-767-0554.

    Translate »