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St. Clair County MI home buyers and the USDA rural loan

March 26th, 2012 · No Comments · tips for home buyers, tips for home sellers

stclaircountyI had a lovely drive yesterday in to St. Clair County showing homes to a couple that are ready to purchase.

One of the things I like most about St. Clair county for home buyers is the USDA rural home loan that can be used for their home purchase.

Unlike most Macomb County buyers, those that are purchasing in the outlying “rural” areas of the state can purchase their homes with this low down payment home loan.  (Think “north of 26 mile” and you’ll have an idea of what areas qualify.  Some of Macomb County would qualify if you use the north of 26 mile road parameter).

Here is a great link to the map of the homes in St. Clair County (and northern Macomb County) that would qualify as a designated area for the USDA rural home loan program.  (The shaded areas of the map are ineligible.)  Give the map a moment to load, at first it comes up with the whole US showing.

One other nice thing about this home loan is that the borrower can borrow up to 102% of the purchase price , with the extra being used towards their closing costs, pre-paid items and tax prorations, as long as the home appraises at the higher price.   I don’t know of another loan program that offers this much financial help to a home buyer.

If you’d like more general info on the USDA home loan / assistance program you can visit their main site here.   One of the mortgage lenders in our area that is very familiar with this program and has assisted buyers with it is Michelle Cyplik of University Lending Group.  You can reach Michelle at 586-484-0646 or email her with your questions.

Kris Wales – a partner for your real estate needs in Macomb & St. Clair County MI
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Contact Kris 586-536-5453

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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.