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Program Single Family Housing Direct Home Loans:

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Single Family Housing Direct Home Loans

  • Description:

    Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

    Loan funds may be 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 facilities.

    Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property transfers or the borrower is no longer living in the dwelling.

    Provider:USDA - Rural Development
    Provider Address:2530 NY Route 40, Greenwich, NY, 12834
    Areas Served:Washington
    Hours of Service:Monday-Friday 08:00 AM-04:30 PM
    Transport Available:No
    Telephone:

    (518)692-9940
    Type:VoiceToll Free:No

    Website:https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans/ny
    Eligiblity:Applicants must: Be without decent, safe and sanitary housing Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet Agree to occupy the property as your primary residence Have the legal capacity to incur a loan obligation Meet citizenship or eligible noncitizen requirements Not be suspended or debarred from participation in federal programs Properties financed with direct loan funds must: Generally be 2,000 square feet or less Not have market value in excess of the applicable area loan limit Not have in-ground swimming pools Not be designed for income producing activities
    43.08
    -73.49
    Last Update:4/16/2024 10:56 AM
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