Yesterday I found out the facts, so now I share with you. Single Family Housing Guaranteed Loan Program, Important Servicing Notice for Current USDA Guaranteed Loan Holders, Agree to personally occupy the dwelling as their primary residence, Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien, New or existing residential property to be used as a permanent residence. 115 percent of area median income as defined by USDA. The program offers assistance to low- and moderate-income rural residents whose income is equal to or less than 115% of the area median income. Repairs and rehabilitation when associated with the purchase of an existing dwelling, Refinancing of eligible loans – for existing USDA borrowers only, Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating, and cooling equipment if the equipment is conveyed with the dwelling, Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways. The .gov means it’s official. Other RD Programs and Services: 4 0 obj BACKGROUND AND PURPOSE . Loans are made directly by RHS (7 CFR 3550) or by private lenders with a USDA guarantee (7 CFR 1980). PROGRAM BASICS The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. • Manufactured Housing (3555.102 and 3555.208) o Singlewide & Multi-wide o See Pilot Program section below for Existing Manufactured Housing Units Reminder: Purchase of an existing manufactured home is not permitted, unless it is a refinance of an existing RD Section 502 Direct Loan or Guarantee. What are the terms? USDA Direct Home Loans (also known as Section 502 Loans) Rural Repair and Rehabilitation Loan. Borrower, property and loan characteristics for all active Section 502 Guaranteed Loans, aggregated by county. These approved lenders are also your point of contact for any questions or scenarios you wish to have reviewed for possible eligibility. These loans enable low- and moderate-income rural residents to acquire modestly priced housing for their own use as a The Guaranteed Loan Program is just one of several housing programs Rural Development offers to strengthen rural communities. There are several variations of the basic Section 502 direct loan program. The Section 502 direct loan program is the only federal program targeting homeownership opportunities exclusively to low- and very-low income rural households. If you qualify for a traditional mortgage, the USDA can provide a loan guarantee to the lender. <> endobj This list of active lenders is searchable by state and every effort is made by the SFHGLP team to keep this up to date. Interest rates vary and are determined by individual lenders. USDA Section 502 Guaranteed Loan funds may be used for: What are the credit requirements? It is the only federal homeownership program that is exclusively targeted to very low- and low-income rural families. This site is also protected by an SSL (Secure Sockets Layer) certificate that’s been signed by the U.S. government. The https:// means all transmitted data is encrypted — in other words, any information or browsing history that you provide is transmitted securely. By law, at least 40 percent of Section 502 funds must be used to assist families earning less than 50 percent … How may funds be used? The guarantee amount has been increased to 3.5%. USDA Section 502 Guaranteed Loans are offered at a 30year fixed rate only. Guidance USDA Rural Development/Special Loan Servicing Eligibility – Lender (Loan Holder/Loan Servicer) The Lender must be a Section 502 Single Family Housing Guaranteed Loan Program approved Lender. Over 60 years, the Section 502 Direct Loan Program has helped more than 2.1 million families realize the American Dream and build their wealth by more than $40 billion.
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