USDA Rural Development Mortgage 

Wolverine State Credit Union extends opportunity to you with USDA Rural Development mortgages. USDA Rural Development loans are ideal if you have little or zero funds for a down payment. These mortgages are only offered in a 30 – year term for your primary residence with a loan-to-value up to 101.01%! Contact a Mortgage Officer for a rate quote or pre-approval today.

Benefits of Rural Development Mortgages:

  • Pre-qualifications and Pre-approvals available
  • Secure and convenient online application
  • Experienced mortgage team
  • Escrow accounts for taxes and insurance
  • Pay at local area branches or through shared branching

Rural Development Mortgage FAQ’s

Do I need to have a down payment?

No! Most often rural development loans do not require any funds to be paid by the borrower.

Can I buy a Modular Home with a Rural Development Loan?

Yes, for property eligibility purposes, modular homes are treated the same as traditional stick-built homes.

What is the difference between Manufactured Homes and Modular Homes?

Manufactured Homes are completely built units that come in 1 or 2 parts, usually of lower quality materials. Modular Homes are built to the construction codes/laws in your state and delivered in multiple parts to be finished on site, which allows them to be considered traditional stick-built homes.

Do I have to be a first-time home buyer to get a Rural Development loan?

No! The home must be your primary residence and cannot have been financed with Rural Development previously.

Does Rural Development have purchase price limits?

No, there are no purchase price limits! The home just needs to be your primary residence and cannot be financed through Rural Development currently.   

Do USDA Rural Development mortgages have an income limit?

Rural Development loans have an income limit of $103,500 for households with one to four adults and $136,600 for households with five to eight adults in Alpena County. Contact a member of our mortgage team to make sure your household income qualifies you for a Rural Development mortgage.  

Can I refinance my mortgage to Rural Development?

Only if the home is currently financed through USDA Rural Development. You cannot receive any cash back apart from funds already paid out of pocket.