Guaranteed Homeownership Loan Program
Provides loans in rural areas that assist moderate to low income applicants
to purchase, construct, repair or rehabilitate, or relocate a single family
home. Loans are made by approved lenders with USDA Rural Development
issuing a guarantee on the loan. Funds for repairs can only be included
with the purchase of an existing home.
- Eligible applicants include individuals or families, who do not
presently own adequate housing.
- Applicants must have an income that is below the moderate-income limit for
- Applicants must be unable to obtain conventional credit at reasonable
rates and terms, must have adequate repayment ability and must have an
acceptable credit history.
- Credit scores of 680 or greater are typically considered as acceptable.
Credit scores below 680 may also be considered but may require additional
Loan Terms and Conditions:
- Loans carry a 30 year term at a fixed interest rate.
- The loan amount may be up to 100 percent of the market value of the home
and can include typical closing costs (not to exceed the appraised value).
- There are no cost or loan limitations for this program.
- Eligible areas are rural communities with a population of 20,000 or less, and the communities of
Columbus and Norfolk.
Are you eligible?
Guaranteed Homeownership Loan Fact Sheet
Rural Development Guaranteed Housing Information
Apply with Approved Mortgage Lenders