U.S. Department of Agriculture figures show that AmeriFirst is now the ninth largest rural development (RD) mortgage lender in the U.S. and the No. 1 rural development lender in Michigan.
The company financed more than 1,200 RD mortgages in Michigan in 2012 and more than 500 so far in 2013, bringing it into the top 1% of RD lenders in the nation, according to a press release. Out of 2,492 lenders in the U.S., AmeriFirst was the 12th largest RD mortgage lender by units in 2012, the company reports.
USDA RD helps people in designated rural areas across the country buy a home with no down payment. The 100% financing option is backed by the USDA.
Under the Guaranteed Loan program, USDA Rural Development guarantees loans made by private sector lenders like AmeriFirst Home Mortgage. Under this program, should a borrower default, RD will cover the loan.
More than 150,000 families across the country used an RD loan to buy a home in 2012.
AmeriFirst Home Mortgage is a division of AmeriFirst Financial Corp.