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USDA Rural Development - Home Loans

Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. You may be surprised to learn that there are areas not far from the city that are considered to be in a rural area. Many suburban areas are considered "rural" for the purposes of obtaining a USDA rural housing loan.

Eligibility

In order to qualify, there are limits on income which differ by area of the country. Please see the link below to determine the limits for your area. If there are more members in the household, the limits may be higher. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

Terms

Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

Standards

Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.

Approval

Rural Development officials have the authority to approve most Section 502 loan guarantee requests.

For more information:

USDA - Single Family Housing Loans



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