The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing.
The Section 502 direct loan program offers mortgages for low-income homebuyers in rural areas. Section 502 direct is operated by the U.S. Department of Agriculture’s Rural Development Housing.
Program Status: Open Program Factsheet: PDF. What does this program do? 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.
The Section 502 Guaranteed Rural Housing Loan Program helps make the dream of home ownership a reality for tens of thousands of low-income rural Americans each year. If you have a steady income, live in the country or a small town with a population of less than 20,000, and cannot obtain a mortgage through traditional.
Over 60 years, the Section 502 Direct Loan Program has helped more than 2.1 million families realize the American Dream and build their wealth by more than $40 billion. It is the only federal homeownership program that is exclusively targeted to very low- and low-income rural families. By law, at least 40 percent of Section 502 funds must be used to assist families earning less than 50 percent of the area median income.
Single Family Housing Direct; Multi-Family Housing; rural business; water and Environmental; Community Facilities Guaranteed;. Income Limits; Loan Basics; Single Family Housing Income Eligibility. property location. state: Reset. USDA.gov; Farm Service Agency.
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Rural Development Single Family Housing Direct Loan Program Select a state to see the income limits for the counties in that state. WV OH PA ME VT NH MA NY MD DC DE NJ CT RI VA NC SC WA CA NV ID MT WY ND SD NE KS OK MN IA MO AR MS AL WI MI IL IN KY TN GA FL LA TX UT AZ AK HI WP PR VI NM CO OR
Section 502 direct loans from the federal Rural Housing Service are not as well-known as Sec. 502 guaranteed loans, but for lower-income home buyers in rural areas the loans could make home.