Guaranteed Home Ownership Loans
Objective
Assist eligible applicants in buying
their homes by guaranteeing private lenders' loans.
Applicant
Families and individuals apply to
an intermediary
Uses
Loans may be made to purchase new
or existing homes that are modest in cost.
Population
Rural areas and populations of
10,000 or less.
Loan/Grant
Loan guarantee
Terms/Conditions
Loan is for 30 year, fixed rate interest
negotiated between lender and borrower. Loan up to 100 percent of market
value. Fee is 2% of loan.