Description:This 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 build, rehabilitate, improve or relocate a dwelling in an eligible rural area. 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.
Funds backed by loan guarantees be used for:
New or existing residential property to be used as a permanent residence. Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
A site with a new or existing dwelling
Repairs and rehabilitation when associated with the purchase of an existing dwelling
Refinancing of eligible loans
Special design features or permanently installed equipment to accommodate a household member who has a physical disability
Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity and gas for which the buyer is liable
A pro rata share of real estate taxes that is due and payable on the property at the time of loan closing. Funds can be allowed for the establishment of escrow accounts for real estate taxes and/or hazard and flood insurance premiums
Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling
Purchasing and installing measures to promote energy efficiency (e.g. insulation, double-paned glass and solar panels)
Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling
Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways.
Provider:USDA - Rural Development
Provider Address:2530 NY Route 40, Greenwich, NY, 12834
Areas Served:Albany, Allegany, Bronx, Brooklyn, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Cortland, Delaware, Dutchess, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Kings, Lewis, Livingston, Madison, Manhattan, Monroe, Montgomery, Nassau, New York, Niagara, Oneida, Onondaga, Ontario, Orange, Orleans, Oswego, Otsego, Outside NYS, Putnam, Queens, Rensselaer, Richmond, Rockland, Saratoga, Schenectady, Schoharie, Schuyler, Seneca, Seneca Nation of Indians, St. Lawrence, St. Regis Mohawk Reservation, Staten Island, Steuben, Suffolk, Sullivan, Tioga, Tompkins, Ulster, Warren, Washington, Wayne, Westchester, Wyoming, Yates
Hours of Service:Monday-Friday 08:00 AM-04:30 PM
Transport Available:No
Telephone:(518)692-9940
Type:VoiceToll Free:No
Eligiblity:Applicants must:
Meet income-eligibility
Agree to personally 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 in a timely manner
Purchase a property that meets all program criteria
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Last Update:4/16/2024 10:57 AM