Rural Housing loans in Michigan, minimum home requirements.

MINIMUM HOME REQUIREMENTS

	Dwellings financed must be structurally sound, functionally adequate, and placed in good repair prior to loan closing. An existing home inspection must be completed by an appraiser or a home inspector to show the home meets RD's minimum home requirements. The thermal requirements are no longer required on RD loans.

Dwellings must be free of termites and other wood-infesting insects. The inspection must be done by a licensed inspector. Treatment is required to eliminate any infestation found, and any structural damage must be corrected. A report by the County Health Department for private water and water/waste disposal systems to assure there is an adequate supply of safe water, and the sewage disposal system is functional and poses no apparent health hazard. Any deficiencies found must be corrected. --- Other Requirements --- Electrical Outlets must be grounded around water areas. Roof must have at least 2 years remaining economical life. House can not have any major exterior peeling paint. Property may not have an in-ground pool- possible waiver allowed Home may not be a manufactured home. (doublewide, singlewide) but the can be a modular. Manufactured NEW homes possibly allowed Today's Foreclosure Market presents many challenges. The "Repair Escrow" is a handy tool that can overcome SOME property short falls. In some cases we can overcome deficient homes, other times it is not possible. It depends on the type of repairs that are needed. This is NOT a loan to purchase that "fixer upper". Check out my BLOG for more info or call for more guidance.

32053 E Red Arrow Hwy Paw Paw, MI 49079-8610
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