Highlights of the USDA Program

• No down payment required
• Must have income below 115% of the area Median - Area income limits for this program are here.
• Must have reasonable credit and the abilty to repay the loan
• Loans are for 30 years.
• Must be in a designated area- Eligibilty can be determined here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

General guidelines: Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.

Section 502 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.