Welcome to our USDA Mortgage Products Page!
Unlock the Door to Rural Homeownership
**What’s This Program All About?**
Our Section 502 Guaranteed Loan Program partners with approved lenders to extend homeownership opportunities to low- and moderate-income families. Our aim? To help you secure an affordable, decent, and safe dwelling in eligible rural areas, all as your primary residence. With financing that covers 100% of your home’s value, this program is designed to empower you to make the leap to homeownership with ease.
**Who Can Apply?**
Are you eager to embrace rural homeownership? Here’s what you need:
– Income Eligibility: Your household income can’t exceed 115% of the median household income for your area.
– Commitment to Reside: You’ll pledge to personally live in the dwelling as your primary residence.
– Citizenship: You must be a U.S. Citizen, U.S. non-citizen national, or Qualified Alien.
**Uncover Eligible Rural Areas**
Wondering if your desired location qualifies as an eligible rural area? Our USDA’s Eligibility Site is your map to finding out. Whether you input a specific address or explore the map, this tool will give you the answers you’re looking for.
**Why Does Rural Development Care?**
We’re committed to nurturing rural communities. By facilitating affordable homeownership opportunities, we’re not only helping individuals and families achieve their dreams, but also creating thriving communities and improving the quality of life in rural areas.
– **7 CFR, Part 3555:** This is the policy compass for the Single-Family Housing Guaranteed Loan Program (SFHGLP). It outlines the ins and outs of originating, servicing, holding, and liquidating SFHGLP loans.
– **HB-1-3555:** This Technical Handbook is your go-to guide for efficiently managing the Single-Family Housing Guaranteed Loan Program. It equips both Agency staff and lenders with the tools to make the loan process seamless.
**How Can You Use the Funds?**
Funds from our USDA Section 502 Guaranteed Loan Program can be used for a variety of purposes, including:
– Purchasing new or existing residential property to be used as your permanent residence. This encompasses detached, attached, condo, PUD, modular, or manufactured homes.
– Site and dwelling purchases with no set acreage limits.
– Repairs and rehabilitation tied to the purchase of an existing dwelling.
– Refinancing for eligible loans (existing USDA borrowers).
– Essential household equipment like appliances, heating, and cooling equipment that are part of the dwelling.
– Site preparation expenses such as grading, landscaping, walks, driveways, and more.
**What About Credit Requirements?**
We don’t have strict credit score mandates. What we look for is your capacity and willingness to manage and handle your debt responsibly.
**Explore Rates and Terms**
Interest rates vary based on the lender you choose, so we encourage you to shop around for the best deal. Our USDA Section 502 Guaranteed Loans come with a 30-year fixed rate, ensuring stability throughout your homeownership journey.
Are you ready to embark on your rural homeownership adventure? We’re here to guide you through the process, answer your questions, and help you make the best financial decision for your future. Get in touch today!