cropped-Screen-Shot-2014-08-30-at-2.45.19-PMWhat First Independence Bank wants you to know about USDA Rural Development Programs  

Detroit is a bustling city that features many amenities expected in an urban setting.  There’s bright lights, tall buildings, paved roadways, multiple sports stadiums, museums and other cultural facilities, and a lot more that city dwellers have come to love.  The city is also home to thousands of businesses eager to grow and prosper, as well as a metropolitan population of more than a million people.

Yet, what about businesses, agricultural producers, farming cooperatives and individuals who want to, and do, dwell in rural areas?  For these individuals/businesses, there’s growth assistance available through the United States Department of Agriculture (USDA) Rural Development Programs. Such programs run under the federal guidelines established by the USDA, and are created to improve and help promote the economy and improve the quality of life for rural America.

In other words, through USDA Rural Development Programs, there’s help for rural businesses, agricultural producers, and farming cooperatives to get started, or improve the effectiveness of their respective operations.  There’s also help for rural residents, or individuals thinking about becoming rural residents, to either buy an affordable rural home or implement needed repairs, thanks to available low interest loans.

For those wanting to repair rural homes, but can’t qualify for regular loans, they may be eligible for414f15bd-5691-4f8c-85f4-a132a89837f8 the USDA Rural Development’s Single Family Housing Repair Loans and Grants Program.  To qualify, low-income homeowners must own their home, and fall within Rural Development’s income guidelines, which is below 50% of the area’s median income.  Homeowners must also have been unable to obtain an affordable loan or credit elsewhere for the repairs.

The really great news is that borrowers for a rural business or rural home can borrow 100% of the appraised value of one’s property.  Simply put, there’s no down payment needed.  In some instances, one can borrow 2% more than the appraised property value.

A main criterion for becoming eligible to participate in a USDA Rural Development Program is that the property must be located in certain geographical areas “outside the city limits” of a major municipality. However, this doesn’t mean the property has to be “way out in the country, in the sticks, or super far from the city.”  While it can mean this, there are also areas defined by the USDA Rural Development Program’s guidelines that could be located in some suburban sectors closer to the city than you think.

First Independence is available to answer your questions about USDA Rural Development Programs, or get you started with the application process.  First Independence is a USDA lender, offers a 30-year fixed rate mortgage, allows 100% money-gifts, allow seller concessions, and can use appraised value plus the guarantee fee.  There are 460d0f18-e5c5-49ad-a0dd-c1fbf99442casome income limitations, along with geographical simulations that potential borrowers must meet.

At First Independence, we have the products and services that borrowers need to make financing their next home simple and straight forward.   For more information on First Independence’s USDA Rural Development Programs, contact Jess Monticello, President-Mortgage Division, (NMLS 213465) at 586-416-5750, ext, 1218 or via email at

First Independence Bank believes that consumers should be knowledgeable in all banking and financial matters, including mortgage loans and refinancing programs.  Established in 1970 as a community development financial institution, First Independence continues to make dreams become realities for its community, citizens and businesses.  First Independence Bank is an equal opportunity lender and member of the Federal Deposit Insurance Corporation.

For more information on all banking and financial products and services offered by First Independence Bank at its three area branches, call 313.256.8400, or log on to


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