Rural Development Loan

Property Acquisition Types

RD loan may be made for different types of acquisitions.  RD allows for the purchase of new dwelling, manufactured, stick built, modular or condominiums.  Consumers can also use the RD loan to purchase existing dwellings, stick built, modular and condominiums.  The difference between existing and new is you cannot purchase an existing manufactured housing unit.  [...]

Income Requirements for Qualifying Eligibility

Income used to approve the borrower for an RD loan may not exceed the moderate income level issued by RD.  To determine if your income meets the moderate income you can reference the RD website:  http://www.rurdev.usda.gov/mi/sfh/MI%20GRH%20(2).pdf Income calculation must be based on the income received by borrower, co-borrower and any adults within the household regardless [...]