SINGLE FAMILY HOME OWNERSHIP DIRECT LOANS (SECTION 502)

Program Purpose

Assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas.

Deadline to Apply

None.

Eligibility Description

Families/individuals apply to Rural Development. Loan applications are processed on an individual basis for each participating family. At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt.

Special Conditions

Rural communities with populations of 10,000 or less.

Funding Availability

Funding Potential for Award–Varies

Range of Awards–Up to $200,000 depending on the location of the home

Funding Cycle – Duration–Ongoing

Source of Funds–Federal

Application Process

Deadline–None

How to Apply–Apply with your local Rural Development Office.

Selection Criteria & Decision Authority–Individual families receive a direct home loan from Rural Development.

Authorization

Federal

Related Programs

USDA Rural Development 502 Direct Loan

Frequently Asked Questions:

Please contact your local USDA Rural Development Office with questions.