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USDA Home Loans

USDA Home Loans – Part 2

This is the second part of the USDA Home Loans for Single Family Dwellings Article. To read the first part <click here>. You can see an example of the income levels permitted for both types of loans in the displayed screen at the end of previous post. If you are eligible for a direct housing loan or a guaranteed housing loan, here is a summary of how each type works: Section 502 Direct Rural Housing Loans Purpose: Section 502 Direct Rural Housing Loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage […]

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USDA Home Loans – Part 1

In fact, not only do they guarantee homeowner loans like the VA and the FHA. Unlike those other two agencies, USDA actually issues mortgage loans to lower income individuals in rural areas. My assumption here is that they are providing a very valuable service to individuals whose income is so low that commercial lending institutions won’t touch them… A very good thing in my option.

As long as you have income sufficient to make the payments on your loan and your credit history meets their criteria (which I have the impression is less strict than it might be), you may be eligible for a USDA-related property loan.

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