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USDA loans are part of a national program created by the U.S. Department of Agriculture to help create loans for first-time homebuyers or people who don’t meet conventional mortgage requirements.
USDA Home Loans have Maximum Household Income Limits which vary by the county in which you purchase a home; the income limits change annually. The Maximum Household Income Limits are based upon everyone in the home who is a wage earner, even if their income is not going to be used to qualify for the USDA Loan. For instance, Social Security ...
Section 502 loans are a rural housing loan program, administered by the Rural Housing Service (RHS), authorized under Section 502 of the Housing Act of 1949. Borrowers may obtain loans for purchasing or repairing new or existing single-family housing. Loans are made directly by RHS (7 CFR 3550) or by private lenders with a USDA guarantee (7 CFR ...
Low-down payment conventional loans: Conventional loan programs that require just 3 percent down Down payment assistance (DPA) programs: Loans, grants and matching programs to help you with your ...
Section 504 loans and grants are a USDA rural housing repair program authorized under Section 504 of the Housing Act of 1949. Under current regulations, rural homeowners with incomes of 50% or less of the area median may qualify for the Rural Housing Service (RHS) direct loans to repair their homes. Loans are limited to $20,000 and have a 20 ...
FHA loans: Insured through the Federal Housing Administration, FHA loans have more lenient credit score and DTI ratio requirements than conventional mortgages. The minimum down payment is 3.5 percent.