10.789: Very Low to Moderate Income Housing Loans - Guaranteed
Alternate Name: Section 502 Rural Housing Loans
Overview
Program Number
10.789
Status
Inactive
Last Modified
May 30, 2012
Date Posted
April 17, 2012
Objective
To assist very low, low-income, and moderate-income households to obtain modest, decent, safe, and sanitary housing for use as a permanent residence in rural areas.
Type of Assistance
F - Guaranteed/Insured Loans
Applicant Eligibility
Applicants must have very low-, low-or moderate incomes. Very low-income is defined as below 50 percent of the area median income (AMI); low-incomes between 50 and 80 percent of AMI; moderate income is below 115 percent of AMI. Families must be without adequate housing, but abel to afford the housing payments, including principle, interest, taxes, and insurance (PITI). Qualifying repayment ratios are 20 percent for PITI to 41 percent for total debt. In addition, applicants must be unable to obtain credit elsewhere, yet have an acceptable credit history.
Beneficiary Eligibility
Applicants must meet eligibility requirements.
Grant Awards
Very Low to Moderate Income Housing Loans - Guaranteed direct grants
Grant Opportunities