The United States Department of Agriculture (USDA) has a special loan program put in place to allow single families to own their own home. Families in low- and moderate-income brackets are allowed to build, rehabilitate, improve or relocate their home in eligible rural areas throughout the country. This program gives families the opportunity to own modest, adequate, safe and sanitary rural homes. Being a homeowner is part of the American dream, and the USDA is doing their part to help provide this to all who qualify.
Who Can Apply?
- Must meet income eligibility
- Must agree to personally occupy the home
- US Citizen, US non-citizen national, or Qualified Alien
- Must be able to incur the loan obligation
- Have not been suspended or debarred from participation in federal programs
- Willingness to meet credit obligations in a timely manner
- Must purchase a property that meets all program criteria
Why does the USDA provide this Rural Development Program?
- A lot of families desire to be homeowners at some point in their lives, however, low and moderate income families may struggle to see it as a reality. This program works with approved lenders to provide an opportunity to promote prosperity for families, which in turn helps build thriving communities. Being a home homeowner brings a lot of pride and satisfaction to families and the USDA is proud to be able to offer a program that brings happiness and improved quality of life to rural area families.
This program provides a 90% loan guarantee to the qualifying lenders to help reduce the risk of offering 100% loans to eligible families. This replaces the need for a home equity line of credit loan (HELOC). For more information regarding this loan program or other loans available, contact the professionals at Nova Home Loans. To begin applying online today or to request a consultation, please visit our application page.