(Cannot be an income-producing property). Structures can be detached, attached, Condos, PUDs, Modular, or Manufactured. New or existing residential property to be used as a permanent residence.USDA Section 502 Guaranteed Loan funds may be used for: Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.

This program helps lenders work with low- and moderate-income households living in rural areas to make homeownership a reality. Utilizing this USDA's Eligibility Site you can enter a specific address for determination or just search the map to review general eligible areas. Agree to personally occupy the dwelling as their primary residence.Meet income-eligibility (cannot exceed 115% of median household income).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 – so no money down for those who qualify! Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The Section 502 Guaranteed Loan 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. National Homeownership Month: Annual Lender Rankings.CARES Act: Important Servicing Notice for Current USDA Guaranteed Loan Holders.Lender Information: SFH Guaranteed Lender Page.

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