HOME            CONTACT             LOG IN             CALCULATOR USDA Loan Program Getting a loan that is right for you has never been this easy before whether you are buying or refinancing a home. We can help you even if you have less than 600 Fico score. Get a quote now. No obligation, no social security needed!! USDA Loan Programs Down Payment None is required. Borrowers are permitted to pay a down payment. If down payment is included, the down payment must be from the borrower's own saved assets or gift. Down Payment Assistance (DPA), borrowers that pay a down payment are permitted to use a government or municipality Down Payment Assistance Program (DPA), as long as borrowers provide full details. Direct Housing Loans This loans are primarily 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. Eligibility Applicants for direct loans from Housing and Community Facilities Program (HCFP) must have very low or low incomes. Very low income is defined as below 50 percent of the Area Median Income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically 24 percent of an applicant's income. However, payment subsidy is available to applicants to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories. Terms Loans are for up to 33 years (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). The term is 30 years for manufactured homes. The promissory note interest rate is set by HCFP based on the Government's cost of money. However, that interest rate is modified by payment assistance subsidy. Standards Under the Section 502 program, housing must be modest in size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable area loan limit, and does not have certain prohibited features. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. To get qualified for this program, please, you complete our form after you log in or sign up. Please, bear in mind that you are under no obligation to go with our lenders after we get you a great rate. Do it now! Mortgage rates have never been as great as it is right now for a long time, and no one knows when it might go up again.                                                                          Created by Allequities Funding Copyrighted (c) 2013 https://www.allequitiesfunding.com 3811 Florin Road, Suite 3 Sacramento, CA 95823