Rural Housing Loans

Program Description

Direct and guaranteed loans may be used to buy, build, or improve the applicant's permanent residence. New manufactured homes may be financed when they are on a permanent site, purchased from an approved dealer or contractor, and meet certain other requirements

Eligibility

· In order to qualify for this benefit program, applicants must have very low-, low- or moderate incomes. Very low-income is defined as below 50 percent of the area median income (AMI); low-income is between 50 and 80 percent of AMI; moderate income is below 115 percent of AMI.

· Families must be without adequate housing, but able to afford the housing payments, including principal, interest, taxes, and insurance (PITI). Qualifying repayment ratios are 29 percent for PITI to 41 percent for total debt.

· Applicants must be unable to obtain credit elsewhere, yet have an acceptable credit history.

· You must also be a US citizen or permanent resident.

For More Information:

For more information you may visit Housing Assistance Network