Want to buy a home in the country, but don’t think you can afford it? Think again. Rural Housing Service provides financing for individuals and families who cannot obtain credit from other sources to purchase homes in rural areas. Applications are received at USDA offices. Funds may be used to purchase suitable existing homes, new site build homes, approved modular units, and new manufactured units from an approved dealer/contractor. Funds may also be used to repair or remodel homes, or to make the home accessible and usable for persons who are developmentally disabled. Loans may be made for up to 100% of the appraised value of the site and the home. Maximum repayment period is 33 years, or under certain conditions, 38 years. Down payment is not required if your net assets do not exceed $7,500. Certain fees must be paid and you cannot currently own a home. Applicants for direct loans from RHS must have very low or low incomes. Very low-income is defined as below 50 percent of the area median income (AMI) ; low-income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Form required: Uniform Residential Loan Application. Over 17,000 homes were purchased through this program. The budget for the program is $1,076,998,750. (Section 502 Direct Loan Program-10.410 Very Low to Moderate Income Housing Loans) . For more information contact your state, area or local Rural Development office or contact Single Family Housing, Direct Loan Division, U.S. Department of Agriculture, Washington, DC 20250; 202-720-1474; http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
Income Eligibility: Family of 4 – $20,000, although this varies county to county. Check with your local office to learn requirements.
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