The Department of Agriculture, through its Rural Housing Service (RHS), offers low-interest loans with no down payments on its Section 502 programs for families buying a home in rural areas. RHS loans. Check out RHS loans and income limits for your area on www.rurdev .usda.gov.
To be eligible for these programs, your income may not exceed 115 percent of the median income for the area, and you must not be able to qualify for a mortgage from other sources. RHS has two basic home buying programs. One is a guarantee program similar to FHA and VA loans in that RHS does not loan directly but guarantees the loan written by other lenders. The other, aimed at very low-income buyers in the 50 to 100 percent of the area median income, is a direct loan program.
The interest rates for these loans are set by RHS, with a subsidy that insures a family does not pay more than 26 percent of its income for the total house payment.
To be eligible for these programs, your income may not exceed 115 percent of the median income for the area, and you must not be able to qualify for a mortgage from other sources. RHS has two basic home buying programs. One is a guarantee program similar to FHA and VA loans in that RHS does not loan directly but guarantees the loan written by other lenders. The other, aimed at very low-income buyers in the 50 to 100 percent of the area median income, is a direct loan program.
The interest rates for these loans are set by RHS, with a subsidy that insures a family does not pay more than 26 percent of its income for the total house payment.
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