section 502 land loans

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Homeownership Direct loans (section 502) january 2004 The Rural Housing Service (RHS) is a part of Rural Development (RD) in the U.S. Department. condominium housing, commu nity land trusts, manufactured housing, and the rural housing disaster loan program. A separate section 502 guaranteed loan

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Section 502 loans are a rural housing loan program, administered by the Rural Housing Service (RHS), authorized under Section 502 of the Housing Act of 1949. Borrowers may obtain loans for purchasing or repairing new or existing single-family housing. loans are made directly by RHS (7 CFR 3550) or by private lenders with a USDA guarantee (7 CFR 1980).

The section 502 direct loan program offers mortgages for low-income. There is also a separate Section 502 loan. condominium housing, community land.

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. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.

Home buyers often ask us "What’s the difference between the USDA 502 Guaranteed or Direct loan? " Most buyers are unaware that USDA Rural Housing offers two different home loan programs for home buyers. What program is right for you all depends on your household income.

Section 502 loans The Section 502 Direct Loan Program is offered by the U.S. Department of Agriculture (USDA). It is intended to help low-income borrowers purchase a home or a land in a rural area.

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.

The most popular USDA loan program, Section 502 guaranteed loans’, contains maximum income limits equal to 115% median household income for a particular area. If you are eligible for the United States Department of Agriculture’s Single Family housing direct home loan , also known as the Section 502 Direct Loan Program, you don’t need to provide a down.

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