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Single Family Housing Direct Home Loans | US Department of Agriculture (USDA)

1400 Independence Ave SW, Washington, DC 20250

Low to moderate income home buyers who are interested in purchasing a home in a rural area. 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 programsProperties financed with direct loan funds must: - Generally be 1,800 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 activitiesBorrowers 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.
Call or visit website for information
https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans

Interested applicants must contact their local Service Center or Rural Development office for application instructions. Visit the website for complete application details and a listing of Rural Development offices in the area.

No down payments are required. Loans will be repaid at a low interest rate (3.25%). Loans are repayable on a 33 to 38 year repayment plan.

United States
NJ

Description

Awards loans to low to moderate income homebuyers who wish to purchase a home in an eligible rural area.

Providing organization

US Department of Agriculture (USDA)

Provide leadership on food, agriculture, natural resources, rural development, nutrition, and related issues based on public policy, the best available science, and effective management.