Skip navigation barsUSDA Rural Development        Committed to the future of rural communities 

COLORADO


Home     Contact Us     Programs     News 
 

 

 Rural Development
Single Family Housing - Guaranteed Loans

blue line

 

Purpose:  What is the Program's Goal?  To assist eligible applicants in buying their homes by guaranteeing private lenders' loans.

Program Type:  How does it work?  USDA Rural Development guarantees loans made by approved mortgage lenders.

Eligible Applicants:  Who can apply? Families/individuals of moderate income or less apply directly to an approved mortgage lender.  Applicant's adjusted annual family income must not exceed 115% of median income for their area.  Find your family income limit.

Eligible Areas:  Unincorporated rural areas in Colorado, cities and towns with populations of 10,000 or less.  Certain areas with populations of 10,000 to 20,000 may also be eligible.

Authorized Purposes:  What can funds be used for?  To purchase new or existing homes which are modest in cost.  There is no mortgage limit or down payment required. 

Typical Amount of Assistance:   Up to 100% of market value of home.

Rates & Terms (rates subject to change):  Mortgage lender's interest rate is negotiated, but is a fixed 30 year loan.  The guarantee fee is 2%.  PITI must not exceed 29% of gross monthly income and Total Debt must not exceed 41% of gross monthly income.

Key to Success:  Applicant should have good credit and ability to repay loan.

When to Apply: Year-round.  Government funding is on a fiscal year basis, October to September.

Who to Contact:  Participating mortgage lenders or your local Rural Development Office.  Locate your nearest USDA-Rural Development Office.

 

blue line


egov logo with link to websiteeAuthentication Online Registration
 

5-Star Commitment to Expand Rural Minority Homeownership5-Star Commitment to Expand Rural Minority Homeownership
 

FirstGov Logo: Link to firstgov.gov

USDA Links:   | USDA Home  | USDA RD Home  | Freedom of Information |
                        | Non-Discrimination | Accessibility Statement |

Last Revised 04/10/2009 - Contact the webmaster