What Can 502 Do For You?
Through a new partnership with USDA Rural Development, Northern Homes CDC is now offering this special mortgage product exclusively to eligible homebuyers in our service area.
Getting a 502 loan provides an opportunity to own your home and build equity for the future. We offer financing options for customers with fixed incomes, those who are self-employed, and other local employees.
Rural Housing 502 Direct Loans are loans that are directly funded by the Federal Government. Mortgage payments are based on the household’s adjusted income.
Family Size |
1-4 |
5-8 |
Antrim |
$49,300 |
$65,100 |
Charlevoix |
$52,300 |
$69,050 |
Cheboygan |
$48,900 |
$64,550 |
Crawford |
$48,900 |
$64,550 |
Emmet |
$54,400 |
$71,800 |
Kalkaska |
$48,900 |
$64,550 |
Ogemaw |
$48,900 |
$64,550 |
Oscoda |
$48,900 |
$64,500 |
Otsego |
$49,300 |
$65,100 |
Presque Isle |
$48,900 |
$64,550 |
Roscommon |
$48,900 |
$64,550 |
Other restrictions and fees may apply.
For other county income guidelines, please call Northern Homes CDC at (231) 582-6436
Property requirements include, but are not limited to the following guidelines:
Property Requirements
Maximum Property Market Value
Antrim |
$285,000 |
Charlevoix |
$285,000 |
Cheboygan |
$285,000 |
Crawford |
$285,000 |
Emmet |
$285,000 |
Kalkaska |
$285,000 |
Ogemaw |
$285,000 |
Oscoda |
$285,000 |
Otsego |
$285,000 |
Presque Isle |
$285,000 |
Roscommon |
$285,000 |
Other restrictions and fees may apply.
For other county property guidelines, please call Northern Homes CDC at (231) 582-6436
Typical fees applicants are responsible for include: application fee, inspection fee, required repairs (major repairs may be included in loan contingent upon appraisal), first year homeowners insurance and closing fees. Gift money and Sellers Concessions are acceptable and may be used towards closing costs. Other fees and restrictions may apply.
K. Korson and the entire OCCOA Staff