Owning a Home
Own Your Dream Home with the USDA 502 Direct Loan Program
Ready to buy your first home but worried about a down payment? The USDA 502 Direct Loan Program from Northern Homes Community Development Corporation can help! This fantastic program is designed specifically for low- and very-low-income families living in rural areas who want to achieve homeownership.
Here's why the USDA 502 loan program might be perfect for you:
Low to No Down Payment: Unlike traditional mortgages, you may not need a down payment to qualify for a USDA 502 loan. This significantly reduces the upfront cost of buying a home.
Affordable Interest Rates: Enjoy lower interest rates compared to conventional mortgages, making your monthly payments more manageable.
Flexible Payment Options: In some cases, payment assistance is available to ease the financial burden of homeownership further.
Focus on Fixed Costs: Benefit from the stability of fixed interest rates for the entire loan term (typically 33 or 38 years).
If necessary…. Tables with adjusted income and market value
See if You Qualify!
To be eligible for a USDA 502 loan, you'll need to meet some basic requirements, including:
Income Limits: Your household income must fall within the established low-income limits for your area (see the income limits chart below).
Rural Location: The property you wish to purchase must be located in a USDA-designated rural area.
Occupancy: The property must be your primary residence.
Repayment Ability: To ensure your ability to repay the loan, you'll need to demonstrate a stable income and a good credit history.
USDA 502 Loan Information Sheet
Ready to Take the Next Step?
Northern Homes is here to guide you through the entire USDA 502 loan application process. We can help you determine your eligibility, answer your questions, and connect you with the resources you need.
Download our free USDA 502 Loan Program Information Sheet.
Contact a Northern Homes Loan Officer today at (231) 582-6436 to discuss your eligibility and get pre-qualified!
Visit our Homeownership Buying Guide to learn more about navigating the home-buying process, including tips on budgeting and finding the right mortgage option.