We sincerely believe that the Rural Housing Guaranteed Loan Program is one of the best programs out there for home owners that want to minimize the cost to get into a new home. This loan allows you to combine great rates with the ability to include any or, in some cases, all closing costs into the actual loan. These "costs" can sometimes include remodeling costs and appliances. Definitely a program you need to look into!

This website will go into some of the basics about the program, but like most government programs, there is allot more to it than can be easily put on a website. Review the information here, but you should definitely give us a call or shoot us an email. We look forward to talking with you soon about this program!

Under the Guaranteed Loan Program, the USDA office of Rural Development (RD) guarantees loans made by approved lenders. A loan guarantee through RD means that should the individual borrower default on the loan, RD will pay the approved lender for the loan. This guarantee provides additional security to the lender and enables borrowers to buy a home with no money down.

Over three-quarters of the United States and most of Michigan are eligible for the Rural Development guarantee, whether you are in town or in the country. Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home eliminating the need for a down payment and possibly all closing costs. Since a common barrier to owning a home for many potential borrowers is the lack of funds to make a down payment, the availability of a loan guarantee from RD makes the dream of homeownership a reality for many Americans.

Guaranteed Rural Housing Loans - AMERA Mortgage Corporation is proud to offer these fantastic loans. Our branch specializes in no down payment Guaranteed Rural Housing loans. You benefit because by specializing we are well versed on this unique loan program. No down payment. Provides 100% loan-to-value financing for existing homes based on appraised value. Homes must meet MINIMUM HOME REQUIREMENTS.

• Closing Costs may be financed into the loan amount or if paid by the seller up to a maximum of 6% of the property's purchase price.
• No monthly mortgage insurance required. One time guarantee fee of 3.5% of the amount financed, payable to Rural Development (RD) at closing, is less cost than FHA’s Mortgage Insurance Premium and its TAX DEDUCTABLE.
• Fully amortized 30-year fixed rate loan.
• Less up-front cash -to-close requirements for this program than for conventionally insured or FHA loans.
• No pre-payment penalty for paying off your mortgage early.
• Taxes and homeowners insurance included in your monthly payment.

BORROWER ELIGIBILITY REQUIREMENTS

• Do not own an adequate dwelling.
• Borrowers' adjusted household income cannot exceed the maximum allowable income limit per County. **Click here for Michigan Income Limits
• Have the legal capacity to incur the loan obligation.
• Will be the owner occupant.
• Have acceptable credit history or middle credit score over 640.
  • Allowed one 30 day late payment within the last 12 months credit history or within the last 36 months rental history.
  • A bankruptcy must be discharged at least 36 months.
  • Collections or judgments must be paid in full.
• Have adequate and dependable available income.
• PITI (Principal, Interest, Taxes, Insurance) not to exceed 29% of gross monthly income.
• Total debt payments not to exceed 41% of gross monthly income

ELIGIBLE AREAS

Homes must be located in rural areas which include open country or communities having a population not in excess of 10,000 or not in excess of 25,000 provided it is not part of a Metropolitan Statistical Area. Click link to check to see if property is in an eligible area. Eligible Areas

Give us a call today at (517) 927-8110 to see if this great program will work for YOU.

In a matter of seconds we can check out exact property and income eligibility.