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USDA Rural Development Program -Detail Verified 08/23/10 last update 08/04/10

Program Overview

USDA Rural Development Program -Detail Verified 08/23/10 last update 08/04/10 is a program that finances new or improved housing for low to moderate income families and individuals who wish to live in rural areas. Based on towns of no more than 20,000 people You must be unable to obtain a loan from a bank or other conventional source. Based on towns of no more than 20,000

Who is eligible for this program?

Must have reasonable credit. Families must be without adequate housing but be able to afford the mortgage payments, including taxes and insurance. Area income limits exist. Two types of loans are offered, guarantee and direct loans. Applicants whose income is too high can get a guarantee loan. Direct loans are based on income. 100% loan. No down payment required. Lender determines rate and repayment amount monthly. Is this program for first time buyers only? No

Property Eligibility Requirements

Check USDA Housing Program by state for income limits and population charts. Allowable property types: SFR, Multi-family, manufactured homes

Benefit Details

Builds economic stability over the long term. Creates equity to finance education, business startups and retirement. Assistance amount varies. Benefit: Ensures access to safe, well built affordable homes. Builds homeownership and communities. Owner Occupancy Required: Yes

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