502 Direct Loan
This program helps low- and very-low-income applicants buy decent, safe, and sanitary housing in eligible rural areas by providing payment assistance to increase their applicant’s repayment ability. Payment assistance reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. Borrowers are required to repay all or a portion of the payment assistance received over the life of the loan when the title to the property transfers, or the borrower is no longer living in the dwelling.
Program Income Limits (as of July 12, 2024)
502 Direct Loan
This program helps low- and very-low-income applicants buy decent, safe, and sanitary housing in eligible rural areas by providing payment assistance to increase their applicant’s repayment ability. Payment assistance reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. Borrowers are required to repay all or a portion of the payment assistance received over the life of the loan when the title to the property transfers, or the borrower is no longer living in the dwelling.
Program Income Limits (as of July 12, 2024)
502 Direct Loan
This program helps low- and very-low-income applicants buy decent, safe, and sanitary housing in eligible rural areas by providing payment assistance to increase their applicant’s repayment ability. Payment assistance reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. Borrowers are required to repay all or a portion of the payment assistance received over the life of the loan when the title to the property transfers, or the borrower is no longer living in the dwelling.
Program Income Limits (as of July 12, 2024)
Applicants must:
Be without decent, safe, and sanitary housing
Have the legal capacity to incur a loan obligation
Be unable to obtain a loan from other resources on terms
and conditions that can reasonably be expected to be met
Meet citizenship or eligible noncitizen requirements
Agree to occupy the property as their principal residence
Not be suspended or debarred from participation in federal programs
Applicants must:
Be without decent, safe, and sanitary housing
Have the legal capacity to incur a loan obligation
Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to be met
Meet citizenship or eligible noncitizen requirements
Agree to occupy the property as their principal residence
Not be suspended or debarred from participation in federal programs
Applicants must:
Be without decent, safe, and sanitary housing
Have the legal capacity to incur a loan obligation
Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to be met options for mortgage assistance and solutions to home retention
Meet citizenship or eligible noncitizen requirements
Agree to occupy the property as their principal residence
Not be suspended or debarred from participation in federal programs
STRENGTHENING COMMUNITIES, EMPOWERING PEOPLE
STRENGTHENING COMMUNITIES, EMPOWERING PEOPLE
STRENGTHENING COMMUNITIES,
EMPOWERING PEOPLE
Properties financed with direct loan funds must:
Be modest in size for the area.
Not have market value in excess of the applicable area loan limit.
Not be designed for income producing activities.
Properties financed with direct loan funds must:
Be modest in size for the area.
Not have market value in excess of the applicable area loan limit.
Not be designed for income producing activities.
Properties financed with direct loan funds must:
Be modest in size for the area.
Not have market value in excess of the applicable area loan limit.
Not be designed for income producing activities.
Eligible Areas
Properties must be located in an eligible rural area. Visit the USDA Income and Property Eligibility website at the link below.
Visit the USDA Income and Property Eligibility
Self-Assessment
This Self-Assessment tool is a calculator that allows a user to enter household income and other information to determine if the family is potentially eligible.
If you are ready to start your application, contact us at:
Eligible Areas
Properties must be located in an eligible rural area. Visit the USDA Income and Property Eligibility website at the link below.
Visit the USDA Income and Property Eligibility
Self-Assessment
This Self-Assessment tool is a calculator that allows a user to enter household income and other information to determine if the family is potentially eligible.
If you are ready to start your application, contact us at:
Eligible Areas
Properties must be located in an eligible rural area. Visit the USDA Income and Property Eligibility website at the link below.
Visit the USDA Income and Property Eligibility
Self-Assessment
This Self-Assessment tool is a calculator that allows a user to enter household income and other information to determine if the family is potentially eligible.
Ready to start your application? contact us at:
Change Your Community for the Better
Change Your Community for the Better
Change Your Community for the Better
