There are a lot of different types of home loans in Birmingham, Michigan. Gem Home Loans offers ones you’ve probably heard of, such as conventional, FHA and VA loans. We also offer other programs as well, ones you’re not as familiar with. Here’s a look at one of those programs – loans available through the United States Department of Agriculture (USDA). Take a look and see if you think it might be right for you.
The USDA provides loans for people who are interested in purchasing homes in suburban or rural areas. The U.S. government backs USDA loans, just like VA and FHA loans. USDA loans have something else in common with those other loans as well – they’re designed for people who don’t have the money to purchase a home through a conventional loan.
USDA loans make it possible for people to buy a home without a down payment, and they also offer low interest rates. But it’s important to note that even though interest rates through this type of loan can be as low as 1 percent, and they often don’t require a down payment, people will still have to purchase mortgage insurance.
The USDA also provides loans to people wanting to either renovate their homes or make needed repairs. There are even packages that combine loans and grants – you could get as much as $27,500. Get in touch with a Gem Home Loans representative to learn more.
There are a few conditions that prospective homebuyers need to meet in order to qualify for a USDA loan. For example, there are income limits that can vary depending on the size of your household as well as the location. We can let you know what those specific limits are when you get in touch.
Here are some of the other requirements associated with USDA loans.
Home loans in Birmingham, Michigan, whether they’re USDA loans or anything else, can be difficult to understand. You won’t have to worry about any complexities when you work with Gem Home Loans. Contact us online or call (248) 780-1030 and we’ll be more than happy to answer all of your questions.