Rural Deveopment Loan

Asked by Felicia, Canton, MI Wed Dec 10, 2008

Are there any plans to raise the income levels for the rural development loan in Washtenaw County. I guess that my husband and I make too much money, which is surprising because I saw the property limit was $345,000. That doesn't seem to go together with an income of $70,700. Is there anyone that is familiar with this program?

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4
Felicia, Home Buyer, Canton, MI
Wed Dec 10, 2008
thank you for the quick responses. It looks like we will not qualify for this loan based on the income limits online. We were approved for an FHA, but this program was attractive because of no down payment and no mortgage insurance.
0 votes
Ed & Cindy K…, Agent, Shelby Township, MI
Wed Dec 10, 2008
Hi Felicia you are right that the two do not go together but the loan amount goes by number in family. So if you have a large family you would quaify for more then say two in the family. It also changes from county to county.

Here's a grid that may help with the amounts for your specific area - http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%2…

To answer your other questions we have need heard of any income changes. Hope this helps.
0 votes
Michael Scho…, Agent, Brighton, MI
Wed Dec 10, 2008
Yes, I am very familiar with rural housing as well as all the FHA programs. I am a real estate broker as well as a mortgage broker. I have been in this business since 1971. I am sure I can help you! Please call me or email me. My phone number is 810-599-8008 and my email is michael@scholtz.com
0 votes
Marcia Geise, , Brighton, MI
Wed Dec 10, 2008
Yes, I work with a lot of people who use Rural Development. I live in LIvingston County and Rural Development is big in our county! Call me at 517 861 7064 and I can give you a contact person who can help you.
Mary Novak
Web Reference:  http://www.MarvelousMary.com
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