Buy a House with Low Income! USDA 502 Direct Loan Program

Ever thought owning a home was out of reach because your income isn't sky-high? Well, we've got some great news for you. The federal government has got your back with a special program that's like a helping hand to make your homeownership dreams come true, especially if your budget is tight. It's all about the USDA's 502 Direct loan, a gem that might just be your ticket to a place you can call your own.

We're going to dive into what the 502 Direct loan is all about, breaking it down so it's super easy to understand. No need to wade through government speak or financial jargon. We'll walk you through the essentials, like what the program is, who it's for, and most importantly, how you can apply. So, if you're in the 'low to median' income bracket and think homeownership is beyond your grasp, stick around. This info could be a game-changer for you!

Check out our resources below for important links!

 

In this episode, you’ll learn:

• What is USDA's 502 Direct Loan program
• Eligibility criteria for the USDA 502 Direct Loan
• Benefits offered by the USDA 502 Direct Loan program
• Guidance on how to apply for the USDA 502 Direct Loan
• Credit and income verification processes for the USDA 502 Direct Loan program

Must-listen moments: 

[00:00:45] Who can benefit from the USDA 502 Direct Loan program.

[00:01:00] Zero percent down payment feature of the program.

[00:01:15] Details on the potential subsidy money to assist with monthly payments.

[00:01:30] Minimum income guidelines and their variance by county.

[00:01:45] Property eligibility requirements related to rural areas.

[00:02:00] Proving lack of access to safe and affordable housing.

[00:02:15] Requirement of the loan being for the primary residence only.

[00:02:30] Citizenship or eligible non-citizen status requirement details.

[00:02:45] Limitations on the property size and land associated with the program.

[00:03:00] Clarification on the inability to own another home while receiving this loan.

[00:03:15] Benefits of the program regarding interest rates and loan repayment terms.

[00:03:45] Yearly income verification process for continued subsidy eligibility.

RESOURCES:

Resources:

🔎 → Search Eligible Areas: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

🔎 → Check Income Limits in Your Area, just click on your state: https://www.rd.usda.gov/sites/default/files/rd-grhlimitmap.pdf

🔎 → Your USDA Texas Office: https://www.rd.usda.gov/tx

🔎 → Info on the USDA Website: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans-6

🔎 → Certified Packagers: https://www.rd.usda.gov/programs-services/services/direct-loan-application-packagers

 

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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497 

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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo

To contact us visit www.loanwithjen.com

 
Equal Housing Opportunity Lender NMLS# 514497

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