Rural loans 0% downpayment – 100% financing
USDA Rural Development’s Section 502 Direct Loan Program provides a path to homeownership for low- and very-low-income families living in rural areas, and families who truly have no other way to make affordable homeownership a reality.
DA Home Loan Program in Houston could be Your Solution.
Families who truly have no other way to make affordable homeownership a reality.
Eligible applicants may build, rehabilitate, or improve a dwelling in a suitable rural area. Borrowers seeking a USDA Home loan program in Houston have to meet the following criteria:
• Meet income-eligibility • Agree to occupy the dwelling as their primary residence • Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien • Have the legal capacity to incur the loan obligation • Have not been suspended or debarred from participation in federal programs • Demonstrate the willingness to meet credit obligations on time • Purchase a property within an eligible area.
Upon loan approval borrower may use funds for:
• New or existing residential property to be used as a permanent residence. T he transaction may include c losing costs and reasonable/customary expenses associated with the purchase.
• A site with a new or existing dwelling. • Repairs and rehabilitation when coupled with the purchase of an existing home. • Refinancing of eligible loans. • Special design features or permanently installed equipment to accommodate a household member who has a physical disability. • Reasonable and customary connection fees, assessments or the pro rata installment cost for utilities such as water, sewer, electricity, and gas for which the buyer is liable • A pro-rata share of real estate taxes that is due and payable on the property at the time of loan closing. Funds can be allowed for the establishment of escrow accounts for real estate taxes and hazard and flood insurance premiums • Essential household equipment such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment as long as the equipment is conveyed with the dwelling • Purchasing and installing measures to promote energy efficiency (e.g., insulation, double-paned glass, and solar panels) • Installing fixed broadband service to the household as long as the equipment is conveyed with the dwelling • Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walls, fences, and driveways.بیشتر بخوانید 0