BUY OR BUILD YOUR HOME
The Best Option for Low-Income Borrowers
100% Financing | Flexible Credit | Payment Subsidy
What is the USDA 502 Direct Loan Program for Low Income Borrowers?
The Section 502 Direct Loan Program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt.
HOW DO I QUALIFY?
What is an eligible area?
Generally, rural areas with a population less than 35,000 are eligible. Visit the USDA Property Eligibility website for complete details.
Why apply with Blossom?
Blossom has hired a full-time certified USDA Loan Packager to assist our clients in applying for this unique loan. The USDA 502 Direct Loan is by far one of the best loan options available in the market. Yet so many people shy away form the advantages of this loan due to the lengthy application process. When working with a certified packager, not only is your approval process shortened, but we ensure that you loan application is complete before submitting it to the lender increasing the buyer’s chances of approval.