United States Department of Agriculture (USDA) USDA/Rural Development’s mission is to improve the lives of rural Americans. Their 502 Direct Loan Program helps accomplish this mission by offering low income applicants obtain decent, safe and sanitary housing in rural areas.
502 Direct Mortgages can be made to purchase existing, new and manufactured dwellings that are program eligible. A significant benefit of this program is that no down payment is required, repayment terms can be extended up to 38 years for income eligible applicants (manufactured homes, 30 years) and a subsidy can be provided based on the Household’s income, thus reducing the families repayment schedule.
To be eligible for the program, applicants must:
- Meet citizen or eligible non-citizen requirements;
- Have the legal capacity to incur the obligation;
- Be unable to obtain a loan from another source;
- Be Income and credit eligible;
- Not be suspended or debarred from participation in Federal Programs;
- Occupy the dwelling as their primary residence;
- Demonstrate they can repay their debt.
Contact Information
Victoria Martinez:
Victoria.martinez@usda.gov
Go to the USDA website for additional information and comple the assessment tool for which program you would possibly be eligible for: https://www.rd.usda.gov/