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Find Homeownership Incentives

Single Family Housing Guaranteed Loan Program

First Time Homebuyers Returning Home Buyer Low to Moderate Income (LMI) Rehab Project

Type Of Program

Tax Credit

Program distribution

Forgiveable Second Mortgage

Program Originator

U.S. Department of Agriculture

Amount

$30,000.00

Contact

Blocks

Location
Nationwide
Description

Section 502 Guaranteed Loan Program

The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.

  • Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing.
  • The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify!
AMI Limit

No

AMI

Employer Participation Required

No

Must Earn Counseling Certificate

No

Eligibility Limitations

Cash Sale Permitted

No

Cosigner Permitted

No

Owner Financing Permitted

No

Must be Primary Residence

No

Program Provider's Contact Name

Program Provider's Address

Program Provider's Phone

Program Provider's Email