They must have good credit and meet reasonable underwriting criteria. Loans are for home ownership opportunities and assistance to low-income households to purchase, construct, and repair a home. Qualified individuals may be eligible to receive payment assistance which may reduce their payment from the established note rate of interest. This program has been designed to assist moderate income families who otherwise would be eligible for conventional financing but unable to obtain loans due to the down payment requirements.
Applicants apply and work with participating lenders .
There is no limit on the seller's contribution to closing costs. Grants are available to elderly applicants, age 62 years and older. The sites must be in a rural areas and sold on a non-profit basis. Rural Housing site loans are often made in conjunction with Self-Help Housing.