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Housing
Housing
Direct Homeownership Loan Program
Provides loans in rural areas that assist very-low and low-income applicants
to purchase, construct, repair or rehabilitate, or relocate a single family
home. For manufactured housing, only new construction is permitted.
Eligibility:
- Eligible applicants include individuals or families, who do not
presently own adequate housing.
- Applicants must have an income that is below the
low income limit for
the area.
- Applicants must be unable to obtain a loan from other conventional
lenders.
- Must have a credit history that indicates a willingness to meet
obligations as they become due.
- Eligible areas are rural communities with a population of 20,000 or less, and the communities of
Columbus and Norfolk.
Are you eligible?
Loan Terms and Conditions:
- Payment assistance (subsidy) is available to lower the required monthly
mortgage payment of the borrower. Payment assistance is reviewed
annually and is subject to recapture.
- The term of the loan is 33 years (38 years in some cases).
Manufactured housing carries a 30 year term.
- No down payment is required, the loan may include typical closing costs
up to the appraised value of the property.
- The maximum cost/loan limits are revised annually (see below) or contact
your local USDA Rural Development office for current figures.
- The loans must be adequately secured by note and deed of trust..
- Applicants who are first time homebuyers must complete a homebuyer
education course.
Click Here
to Pre-Qualify for
a Single Family Housing Direct Loan
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