Rural Housing Site Loans

Rural Housing Site Loans are short term loans to finance development costs of subdivisions located in communities with a population of 10,000 or less (selected communities with a population between 10,000 and 20,000 are also eligible). Developed lots are to be sold to families with low to moderate household income (up to 115% of the county median income) using either Section 502 financing or credit from other sources. Section 523 Site Loans are restricted to buyers for housing to be built under the Self-Help method of home construction. Section 524 Site Loans are not limited to self-help program buyers.

Topics on this page include:

Program Details
More Information and How to Apply

Program Details

Eligibility:

Loans can be made to public or private local non-profit organizations with legal authority to buy, develop, and sell homesites to eligible applicants.

Funding:

Funding is held at the National level and the State Office must request an allocation for each loan.

Terms:

Two years.

Interest:

Section 523 loans have a 3% interest rate. Section 524 loans are based upon market conditions.

Credit:

No down-payment required. Applicants should have resources available to put together a formal proposal with the final application.

Collateral:

Each loan will be adequately secured to protect the Government's interests.

Fees:

None.

More Information and How to Apply

Applying:

Contact our State Office for more information.