AMEC is an approved USDA Rural Development lender and had the 2nd highest volume of Minnesota USDA Loans during USDA’s 2015 fiscal year!
Term: 30-Year Fixed
Down payment: $0 Down
Seller Concessions: No maximum. Appraiser must address if greater than 6%
Gifts: 100% Gifting permitted. Donor must be disinterested 3rd party
Max Household Income: $81,200 – $94,600 (Total income for 1-4 person household)
Max Loan Amount: $216,840 – $257,600 (Depends on County)
Minimum Fico Score: 640
Derogatory Credit: No Foreclosure, Short sale or Bankruptcy allowed within 3 years
- Must be located in a rural designated eligible area, check here for availability.
- Primary Residence only
- Single family or RD eligible condo/PUD (No manufactured homes in MN)
- Well/ Septic Inspections required (Well test must be completed by state certified lab)
- Property must not include any tillable acreage or income producing buildings