USDA

Single Family Housing Guaranteed Loan Program

Purpose—Financing for construction of a single family residence, or purchase
of an existing single family residence.

Eligible Area—Nonmetropolitan areas of 25,000 or less.

Eligible Borrowers—Individuals and families.

Type of Assistance— Guaranteed loans up to 102% of appraised value.
 

Eligible Income—Applicants cannot exceed the moderate income level
(115% of the median income) for county.
 

Term—30 years for guaranteed loans. Fixed rate determined by approved
lender. No down payment required. No Private Mortgage Insurance (PMI)
is required. No maximum loan amount.

What can the Program do for You?

-Provides financing for income eligible individuals and families who otherwise
would not be able to purchase a home, bridging the affordability gap
for homeownership
-Utilizes locally approved lenders
-Reduces borrower’s monthly mortgage payments because of lower costs
associated with the loan.