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| Direct Home Ownership |
| Loan Program |
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Overview |
Home Financed By USDA Rural Development
Seward, Nebraska
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The Purpose Of The Direct Home Ownership Loan Program Is... To provide loans in rural areas that assist very-low and low-income applicants to purchase, construct, repair or rehabilitate, or relocate a single family home. For manufactured housing, only new construction is permitted. |
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| Eligible Applicants Include...Individuals or families, who do not presently own adequate housing. Applicant's must have an income that is below the low income limit for the area. Additionally, 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 640 or greater are typically considered as acceptable, however credit scores below 640 may also be considered if there are mitigating circumstances. Click on the fact sheet link below for additional applicant criteria. | |
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Are You Eligible? Visit http://eligibility.sc.egov.usda.gov to see if you are within the eligible low income limits for a Direct Home Ownership Loan and to determine if the property is located in an eligible rural area. |
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Terms And Conditions... |
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Loans are closed at the agency's current full note interest rate. |
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Payment assistance (subsidy) is available to lower the required monthly mortgage payment of the borrower. Payment assistance is reviewed annually and is subject to recapture. |
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Term of the loan is 33 years (38 years in some cases). Manufactured housing carries a 30 year term. |
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No down payment is required, the loan may include typical closing costs up to the appraised value of the property. |
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The maximum cost/loan limits are revised annually. Click on the Fact Sheet link below or contact your local USDA Rural Development office for current figures. |
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The loans must be adequately secured by note and deed of trust. |
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Applicants who are first time homebuyers must complete homebuyer education course. |
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View...The detailed Direct Home Ownership Loan Fact Sheet.
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View...The Real Estate Professionals Guide to Rural Development Financing. |
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Locate And Contact...Your nearest USDA Rural Development Office. |
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