Rural Housing loans remain one of the most powerful home loan options available for buyers looking to purchase a home with zero down or if they do not have a 20% down payment. They are only for borrowers that meet certain income criteria (which can be into the $60,000 to $100,000 annual income range) and properties located in eligible areas. These loans require no down payment, have no monthly PMI, no pre-payment penalties and are a 30 year fixed rate. The seller can pay up to six percent of the buyers closing costs and pre paid items. A buyer can purchase their new home with $0 cash due at closing!

Rural Housing loans do not require a credit score. A buyer can have a completely blank credit report and still qualify! However, if you have a 620 or better score, there are several perks when it comes to bad credit history, including ignoring bankruptcies, collections and even foreclosures!

O.K. so what is the catch? There are a few qualification requirements of the Rural Housing loan:

1. The home you want to purchase needs to be in a qualifying area. You can view the Michigan eligibility maps and click on RHS Home Loans
2. You cannot make too much money. You can view the income limits for Michigan counties by visiting and click on RHS Home Loans.
3. You cannot purchase a home with an in-ground swimming pool.

As you can see the qualification requirements are not that difficult. After the buyers have closed on their new home, they do not need to worry about the above qualifications, they are only for the time of the home purchase.

So why do we not hear more about this fantastic home loan option? The answer is quite simple, there are not many lenders or brokers that offer it.

Please visit our website at http://www.FastResultsMortgage.com and click on "RHS Home Loans" for more information regarding Rural Housing loans.

Fast Results Mortgage.com is powered by Holly Financial, Inc., a Michigan mortgage broker. Holly Financial, Inc. is fully licensed as mortgage broker and lender and as an approved FHA broker and lender in the state of Michigan.

We have specialized in Rural Housing loans since our inception. We have partnerships with some of the Nations leading mortgage lenders to ensure that you get the very best loan options and loan rates. Before you get your next home loan, check out our Rural Housing loans and other government loans.

Source: www.articlecity.com