Single Family Housing Loans and Grants
Single Family Housing Programs provide homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. The programs also make funding available to individuals to finance vital improvements necessary to make their homes decent, safe, and sanitary. Visit the following site for a complete overview: Single Family Housing Programs.
Section 502 Guaranteed Loans - Loans are made by mortgage lenders and guaranteed by USDA Rural Development to low and moderate income applicants to buy or build homes (30 year fixed interest rate) in rural areas of Maine. [Fact Sheet]
Section 502 Direct Loan Program - Low interest loans are made directly by Rural Development to applicants whose incomes are less than 80 percent of the median income for the area. This program is focused towards purchasing modest housing, constructing new homes, or repairing pre-owned dwellings, located in rural areas of Maine. [Fact Sheet]
Section 504 Direct Loan Program - Loans are made at 1 percent interest rate to repair, improve, or modernize modest single family homes in rural areas, making homes safer or more sanitary, or to remove health and safety hazards. Applicants' incomes must be less than 50 percent of the median household income. [Fact Sheet]
Section 504 Grant Program - For homeowners 62 years old or older who cannot repay a loan, grant funds are available to remove health or safety hazards, or remodel dwellings to make them accessible to household members with disabilities. [Fact Sheet]
Mutual Self-Help Housing Program - Low interest loans are made directly by Rural Development to applicants whose incomes are less than 80 percent median income for the area. This program is focused towards constructing modest new homes, through a group effort, in rural areas of Maine. [Fact Sheet]
Upcoming Foreclosure Sales - Information on upcoming foreclosure sales for properties in the State of Maine.
Multi-Family Housing Loans and Grants
Section 515 Direct Loans - Loans made by USDA Rural Development to build or repair elderly or family apartment style housing in rural areas for very-low, low and moderate income residents. Up to 102 percent of the appraised value or development costs, whichever is less, can be borrowed by non-profits and up to 97 percent can be borrowed by limited profits.
Section 521 Rental Assistance - Tenant subsidy that provides assistance for very-low and low-income residents of Section 515 Rural Rental Housing apartments. Tenants are required to pay 30 percent of their adjusted monthly income for shelter costs. Rental subsidy can also be provided for Section 514 Labor Housing residents in some instances.
Section 538 Guaranteed Loans - Loans made by mortgage lenders and guaranteed by USDA Rural Development covering up to 90 percent of development cost of apartment style housing in rural areas. Guaranteed housing residents' income can be up to 115 percent of median income.
Section 533 Housing Preservation Grants - Grants made by USDA Rural Development to not-for-profit entities to operate a program which finances repair and rehabilitation activities to individual housing and rental properties for very-low and low-income property owners.
Section 514 and 516 Farm Labor Housing Loans and Grants - Loans and Grants made by USDA Rural Development to public bodies, not-for-profit entities or individuals to finance living units for domestic seasonal or year-round resident farm labor.
Helpful Housing Links
Single Family Housing Program: Links and Resources
Multi Family Housing Program: Links and Resources