Lathrup Village, 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 Lathrup Village, MI. making it easier for low-to-moderate-income individuals and families to own a home. Lathrup Village, MI USDA loans come with several benefits, including no down payment, lower mortgage insurance, and competitive interest rates.

Eligibility Criteria Lathrup Village, 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 Lathrup Village, 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 Lathrup Village, MI USDA standards.
  • Condition of Property: The home must be in good livable condition, adhering to USDA health and safety standards.

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Application Process

  1. Prequalification: Start by getting prequalified with our Lathrup Village, MI USDA lending team. This gives you an idea of what you might be eligible to borrow.
  2. Find a Lathrup Village, 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.

Lathrup Village, 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 Lathrup Village, MI USDA professionals.

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    USDA Benefits Lathrup Village, 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 Lathrup Village, IL

    The City of Lathrup Village (/ˈleɪθrəp/ LAY-thrəp) is a city in Oakland County in the U.S. state of Michigan. An inner-ring suburb of Detroit, Lathrup Village lies roughly 17 miles (27.4 km) north of downtown Detroit, and is completely surrounded by the larger city of Southfield. As of the 2020 census, the city had a population of 4,088.[4]

    The city of Lathrup Village is an outgrowth of the development known as Lathrup Townsite, the dream of its developer Louise Lathrup Kelley. In 1923 she purchased a tract of 1,000 acres (4 km2) in Southfield Township, in southern Oakland County, and proceeded to plant a residential neighborhood that encompasses the city of 1.5 square miles (3.9 km2). Lathrup Townsite was conceived as a controlled community with rigorous standards, including houses built only of masonry construction; early integration of attached garages; as well as established minimums for construction cost to ensure quality. The community also had housing covenants to prevent the sale of homes to African American families, part of a larger trend in the mid-20th century of racist white Detroiters fleeing to the suburbs to avoid living near black residents (see white flight). As the community developed, Mrs. Kelley implemented numerous innovative directives, including operating a shuttle service to local shopping areas, and allowing the financing of automobiles as part of the financing of houses, which created a stronger connection between the relatively isolated townsite and more established suburbs, as well as the city of Detroit. Mr. Charles Kelley, who had been a real estate writer for the Detroit News, assisted his wife in bringing talented architects to the community to design many of the custom homes that are features of the community.[5]
    The City of Lathrup Village was incorporated in 1953 as the first incorporated community in Southfield Township.[6] The residents thwarted an attempt by township residents to include Lathrup Townsite in their planned incorporation of the city of Southfield, resulting in Southfield’s incorporation being delayed until 1958. Louise Lathrup Kelley played an active role in the new city until her death in 1963, after which her remaining real estate holdings in the city were sold and developed.[7]

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