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. It has not only helped to bring up hospitals, schools, community centres for people but has also given financial help through rural home loans to families who would wish to settle in the rural houses by making new homes or upgrading old ones. Rural housing loan from USDA has helped to give flight to the dreams of a lot of people who always wished to have a beautiful family life in rural America that has visually and aesthetically pleasing stretches of pastures. USDA offers three types of loan programs for willing candidates. They are: - Direct loans- The direct loans issued by USDA are meant for the low and very low-income families and to help them obtain safe and decent housing in rural areas. Section 502 has this direct rural housing loan program where low-income families can apply for direct loans and payment assistance to get access to decent housing. Payment assistance is a subsidy that lowers the mortgage payment for a short period in an attempt to provide financial help to the family.
- The applicant for this direct loan must have an income which is equal to or below the low-income limit for the area he or she is applying for.
- The applicant must also be without safe and sanitary housing at the present.
- The applicant must show previous records of not getting loan from other traditional sources and have the willingness to repay this debt.
- He or she must be a citizen of America and have the property being applied for as the primary residence.
- The property being financed under the direct loan must also be less than 2,000 square feet and its market value should be less than the applicable loan limit for the area.
- The applicant for the loan must be the owner of the house and presently living in it.
- He or she must be unable to obtain home repair loan elsewhere from other sources.
- The income of the family must be 50% below the median income of the area.
- Grants shall be given only to elderly applicants above the age of 62.
- Grants will have to be repaid if the repaired property is sold off within a span of 3 years.
- The amount of loans and grants can be combined together to get assistance up to $ 27,500 in total. Otherwise, the maximum loan amount is $20,000 and the maximum grant amount is fixed at $7,500.