USDA Loans
USDA Section 502 Guaranteed Loan Program: Affordable Rural Housing and Development Support
The USDA Section 502 Guaranteed Loan Program is a U.S. Department of Agriculture (USDA) initiative to support rural housing, repairs, construction, and community development for low- and moderate-income households.
Program Details
The USDA Section 502 Guaranteed Loan Program provides affordable financing options and support to residents in eligible rural areas. These programs are aimed at improving access to housing, repairing or upgrading homes, and fostering economic growth in underserved communities.
The USDA Section 502 Guaranteed Loan Program is backed by the USDA and includes features such as low-interest loans, grant opportunities, flexible eligibility standards, and a focus on long-term community resilience.
The USDA Section 502 Guaranteed Loan Program is backed by the USDA and includes features such as low-interest loans, grant opportunities, flexible eligibility standards, and a focus on long-term community resilience.
Eligibility Requirements
- Must be a U.S. citizen or qualified non-citizen
- Must meet USDA income and location requirements
- Property must be located in an eligible rural area
- Must demonstrate repayment ability
- Some programs require ownership and occupancy
- Must meet USDA income and location requirements
- Property must be located in an eligible rural area
- Must demonstrate repayment ability
- Some programs require ownership and occupancy
Program Benefits
- Low or no down payment required
- Below-market interest rates and favorable terms
- Opportunities for both individuals and developers
- Grants available for home repairs and preservation
- Promotes rural economic and housing sustainability
- Below-market interest rates and favorable terms
- Opportunities for both individuals and developers
- Grants available for home repairs and preservation
- Promotes rural economic and housing sustainability
How to Apply
1. Confirm property is in an eligible rural area
2. Review income and credit requirements
3. Contact USDA Rural Development or approved lender
4. Complete and submit required application forms
5. Underwriting, approval, and closing process
2. Review income and credit requirements
3. Contact USDA Rural Development or approved lender
4. Complete and submit required application forms
5. Underwriting, approval, and closing process
Program Overview
Category
USDA Loans
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.