Incentives Directory

RD Rural Housing Insured Loan Program - Section 502

AGENCY: US Department of Agriculture (USDA) Rural Development (RD), Rural Housing Service (RHS)
DESCRIPTION: Program provides loans for very low- and low-income families who are without adequate housing and live in rural areas.
ELIGIBLE USES:
• Home acquisition, construction, improvement and relocation. Also the acquisition of adequate building sites, home refinancing, and the purchase of new manufactured homes through an approved dealer/contractor.
PROGRAM/LOAN STRUCTURE:
• Term: 30 years.
• Rates: The promissory note interest rate is set by the lender.
• Applicants for loans may have an income of up to 115% of the median income for the area. ?
QUALIFICATION CRITERIA/COMMENTS:
• The program assists very low- and low-income families who are without adequate housing and related facilities and cannot obtain credit from other sources; and will become the owner occupants.
• Housing must be located in rural areas (i.e., any place which is not part of or associated with a non- rural area, is rural in character and has a population not in excess of 10,000, or 25,000 under certain ?conditions.)
• For more information, visit http://www.rurdev.usda.gov/ or call (202) 690-1522.
 

Category: Federal Incentives, Grants & Loans

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