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USDA Rural Development Section 502 Rural Housing Direct Loans
U.S. Department of Agriculture
http://www.rurdev.usda.gov/nc/

Program Overview


USDA Rural Development Section 502 Rural Housing Direct Loans is a program that provides mortgage loans for very low or low income homebuyers who cannot obtain financing elsewhere. Property must be located in a qualfying rural area.


Who is eligible for this program?


Borrowers must be without adequate housing, but able to afford the mortgage payments, including taxes and insurance, (typically within 22 to 26% of an applicant's income). Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories Borrowers must be low or very low income. Funds may be used for the purchase of a new or existing home, purchase of a building site and construction of a home.

Maximum % of Sales Price: 100%
Is this program for first time buyers only? No


Property Eligibility Requirements


Property must be located in an eligible rural area.
The sales price cannot exceed $ 171300 (Mecklenburg County), $169300 (Gaston County), $162800 (Iredell County), $159300 (Cabarrus County), $156300 (Union County), $145300 (Anson County).
Allowable property types: Single-family homes, manufactured homes, building sites.


Benefit Details


Direct government loan to purchase or construct a home. Repayment term is 33 years, or 38 years for borrowers is less than 60 percent of the area median and who cannot afford 33-year terms.

Benefit: Direct government loan to purchase or construct a home.
Loan Term:33 years
Owner Occupancy Required:Yes
Other Program Comments:Homes must meet local building codes. Homes with certain features are excluded. Application is made through the USDA Regional Office (see http://www.rurdev.usda.gov/nc/do-list.htm for locations).

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.



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