This funding ends March 27th. You must apply by February 27th in order to complete your loan application!
Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build or to purchase a home. The Section 502 loan is processed by Neighborhood Nonprofit Housing Corporation and loan funds are provided through the USDA Rural Housing Service.
- No down payment required!
- Closing costs can be rolled into the loan up to the appraised value. Ask us about closing cost assistance programs.
- Interest rate currently 3.125% (varies daily), but can be as low as 1% based on income and family size.
- Less stringent credit requirements.
- Subsidized mortgage payments based on income and household size. Follow the link to see the income guidelines. Cache County Box Elder County Requirements are calculated based on gross income.
- No Private Mortgage Insurance (savings up to $150 a month!)
- Not limited to first-time homebuyers.