NEVADA

Single-Family Housing Participation Loan
(SFH 502 Participation)

Purpose: What is the Program's Goal?
Enhance the ability of mortgage lenders to make loans which allow low-income individuals to purchase modest homes.

Program Type: How does it work?
USDA Rural Development participates with a local mortgage lender in financing homes.

Eligible Applicants: Who can apply?
Low-income individuals.

Eligible Areas:
Unincorporated rural areas, cities, and towns with population of 20,000 or less.

Authorized Purposes: What can funds be used for?
Repairs on new or existing homes. 100% financing -- No down payment required.

Typical Amount of Assistance:
$80,000-$130,000. Up to 100% of the market value of the home.

Rates & Terms (rates subject to change):
Mortgage lender’s loan is fixed for 30 years.
USDA Rural Development's rate is 1-8% depending on family income for 33-38 years.

Key to Success:
Mortgage lender loans 50% or less of cost; USDA Rural Development loans the rest. Applicants must have good credit and stable income adequate to repay the loan.

When to Apply:
Year-round

Who to Contact:
A participating mortgage lender, or the USDA Rural Development Office nearest you.

Back to Home Ownership Loans

USDA Rural Development National Web Site