Rural Home-Buyer programs

---

The USDA has three loan programs to help borrowers get a loan in a rural  area: the Guaranteed Loan Program, the Direct Loan Program, and home  improvement loans. We will help you select a program and match you with a lender. Don't worry I'll guide you through the whole process and address any questions or concerns you may have.

This loan program is designed specifically for families with low to  moderate income levels.  This program guarantees loans up to 90 percent  in eligible rural areas.  This program is for owner-occupied properties  only. Eligible applicants may purchase, build, rehabilitate, improve or  relocate a dwelling in an eligible rural area with 100% financing. The  program provides a 90% loan note guarantee to approved lenders in order  to reduce the risk of extending 100% loans to eligible rural homebuyers –  so no money down for those who qualify! 

Also  known as the Section 502 Direct Loan Program, this program assists low-  and very-low-income applicants obtain decent, safe and sanitary housing  in eligible rural areas by providing payment assistance to increase an  applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage  payment for a short time. The amount of assistance is determined by the  adjusted family income. Funds can be used to build, repair, renovate or relocate a home, or to  purchase and prepare sites, including providing water and sewage  facilities.

Not only does the USDA provide loan programs for purchasing a home in a  rural area there are also loans specifically for refinancing your home  to get out the money you need for home improvements through the Home Improvement Loan programs.  Money obtained through this loan program can be used for  repairs, improvements, modernization, or to add health and safety  features.

1. Credit Score can range from 500 - 640
2. Little or no down payment
3. Extended financing available up to 38 yrs
4. For homes less than 2000 sq ft

The two major factors in qualifying for a USDA loan are dependent upon your income and where the property is located.

These loans are specifically designed for rural towns that have a population of 35,000 or less.  I will assist you in determining by address or map as to whether that home qualifies as rural.  Or visit USDA website and utilize their interactive map.

The  USDA has three income brackets for its housing programs: very low  income, low income, and moderate income. The income limits vary by  state, county, the age of the applicant, and the number of people living  in the household.

Generally, rural areas with a population less than 35,000 are eligible.

WANT TO GET STARTED WITH YOUR NEW HOME PURCHASE? CLICK BELOW