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Single Family Housing Direct Home Loans | United States Department of Agriculture and Rural Development

Single Family Housing Direct Home Loans

300 W. Commerce Blvd., Suite D, Hope, AR 71802

s. At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt.Applicants must:-Be without decent, safe and sanitary housing-Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet-Agree to occupy the property as your primary residence-Have the legal capacity to incur a loan obligation-Meet citizenship or eligible noncitizen requirements-Not be suspended or debarred from participation in federal programsProperties financed with direct loan funds must:-Generally be 2,000 square feet or less-Not have market value in excess of the applicable area loan limit-Not have in-ground swimming pools-Not be designed for income producing activities
https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans/ar
[email protected]

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Call local office for more information.

-Fixed interest rate based on current market rates at loan approval or loan closing, whichever is lower-Interest rate when modified by payment assistance, can be as low as 1%-Up to 33 year payback period - 38 year payback period for very low income applicants who can't afford the 33 year loan term

AR

Description

Program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant's repayment ability.

Providing organization

United States Department of Agriculture and Rural Development

Agency offers loans, grants and loan guarantees to help create jobs and support economic development and essential services such as housing, health care, first responder services and equipment, and water, electric and communications infrastructure.