Usda Section 502

Section 502 direct is operated by the u s.

Usda section 502. Department of agriculture s rural development housing and community facilities programs office rd. Rhs both provides direct loans made and. Department of agriculture usda guarantees home loans to households if they cannot obtain loans through.

Section 502 october 2003 the rural housing service rhs is a part of rural development rd in the u s. Single family housing income eligibility. The section 502 loan guarantee program administered by the u s.

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. It operates a broad range of programs that were formerly administered by the farmers home administration to support affordable housing and community development in rural areas. The section 502 direct loan program offers mortgages for low income homebuyers in rural areas.

There is also a separate section 502 loan guarantee program. The lender for the direct program is the rural housing service. Rural development handles the servicing.