USDA Rural Development provides a path to homeownership for low- and very-low-income families living in rural areas
Rural loans 0% downpayment – 100% financing
USDA Rural Development’s Section 502 Direct Loan Program provides a path to homeownership for low- and very-low-income families living in rural areas, and families who truly have no other way to make affordable homeownership a reality.
DA Home Loan Program in Houston could be Your Solution.
Families who truly have no other way to make affordable homeownership a reality.
Eligible applicants may build, rehabilitate, or improve a dwelling in a suitable rural area. Borrowers seeking a USDA Home loan program in Houston have to meet the following criteria:
• Meet income-eligibility • Agree to occupy the dwelling as their primary residence • Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien • Have the legal capacity to incur the loan obligation • Have not been suspended or debarred from participation in federal programs • Demonstrate the willingness to meet credit obligations on time • Purchase a property within an eligible area.
Upon loan approval borrower may use funds for:
• New or existing residential property to be used as a permanent residence. T he transaction may include c losing costs and reasonable/customary expenses associated with the purchase.
• A site with a new or existing dwelling. • Repairs and rehabilitation when coupled with the purchase of an existing home. • Refinancing of eligible loans. • Special design features or permanently installed equipment to accommodate a household member who has a physical disability. (more…)