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You are here: Home/Pre Approval/ Zero Down Rural Development Loan Qualifications
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Are you looking for a way to buy a home with Zero down? That only means your actual down payment is Zero. You are still responsible for closing costs. Up to 6% closing costs can be paid by the seller. That would be something for your realtor to negotiate. Then a USDA Loan might be what you are in the market for. These are government backed loans that are meant to help people get into homes with no money down. Here are some the basic requirements:
Verification of Employment for past 2 years
12 months of “on time” rent or mortgage payments
$75,650 max income (2 people)
Full credit report, with a median score of 640 and at least 2 eligible trade-lines.
29:41 ratios (29% of your income before tax housing costs and not more than 41% total debt (including taxes)
Existing Manufactured homes are Not eligible under this program. However, New Manufactured homes on a permanent foundation do qualify. Most areas of Michigan are eligible for these loans. Please contact me to see if the area you are interested in is eligible and to see if you qualify today! Contact me here.
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