Direct SFH Loan Program

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Direct Single Family Housing Loans

Description:

This program is designed to assist low income families in obtaining decent, safe, and sanitary housing. Low income families are households whose income does not exceed 80 percent of the median income (adjusted for household size) for the county where the property is located or will be located.

Loan Purposes:

Funds may be used to acquire, build, rehabilitate, or refinance a debt for an applicant that is in danger of losing their property due to circumstances beyond their control.

Loan Terms:

Loan amounts cannot exceed the Section 203(b) limit established by HUD. Depending on the county in which you wish to live, maximum loan amounts can go from $86,000 to $180,000. The present interest rate is 5.75% (effective May 1, 2007). The standard term for a Section 502 loan is 33 years. However, in some cases, loans may be financed for 38 years.

Who Is Eligible?

Loans are made available to individuals, single parents, and families who are within the low income limits for the county in which you wish to live.
Please go to this page for the SFH Income limits.

Other Criteria:

In addition to the income requirement, the following guidelines must also be met:

Not own a decent, safe, and sanitary home

Be unable to obtain a loan from another lending source at reasonable rates and terms

Have sufficient income to pay the house payment, taxes, insurance, and other debts. Repayment ratios are used to determine the amount of loan that you may qualify for.

Possess the legal capacity to incur the loan obligation.

Have a credit history that indicates a reasonable attempt to honor your obligations.

FY 2007 Allocation

Limited funding for FY '07 is still available.

In FY '06, Rural Development had loaned over $36,473,000 to 356 families across Georgia to assist them in the purchase of their home.

In FY '05, Rural Development had loaned over $33,175,000 to 342 families across Georgia to assist them in the purchase of their home.

In FY '04, a total of $43,819,031 was invested in Georgia. These loans assisted 506 families.

In FY '03, a total of $29,276,000 was obligated in Georgia. These loans assisted 404 families in purchasing a home.

In FY '02, loans in excess of $29,800,000 were made to 432 families across the state.

Please send any comments or suggestions to: craig.scroggs@ga.usda.gov

Last Updated : August 15, 2007