Pathways to Home Ownership | Serving Halifax and Charlotte counties

TCCAA USDA Family Housing Program

Direct Loans For Housing

Direct Loans For Housing

Rural Development (USDA) provides loans in rural areas to finance new and existing homes.  Homes must be modest in size (generally not more than 1800 sq.ft.), design and cost but adequate to meet family needs.  Homes may be located on individual lots or in subdivisions.  All homes must be on a road maintained by the State, City or County.
Am I Eligible?

Am I Eligible?

To be eligible for assistance, you must: (1) Have a dependable income that is no higher than the income limit set for your county; (2) Be able to show that you can make loan payments; (3) Have a good credit history; (4) Be a U.S. citizen or legal permanent resident.  Loans are only available for homes in rural areas;  loan limits apply.
What Are The Loan Terms?

What Are The Loan Terms?

The USDA program partners with lenders to provide the most affordable mortgage options. Loans may be made to buy an existing home, to build a new home, buy and prepare a lot for new construction or refinance an existing home.  Loans may be made for up to 100% of the appraised value.  The maximum repayment period is 33 years.

BUY, BUILD OR REFINANCE A HOME

Is It Your Dream To Own A Home In A Rural Area? Do You Need To Have Your Rural Home Repaired? USDA Rural Development May Be Able To Help When Conventional Lenders Can't.

100% Affordable Fixed Rate Financing
100% Affordable Fixed Rate Financing
No Prepayment Penalties
No Prepayment Penalties
No Down Payment
No Down Payment
ASSISTANCE IS AVAILABLE TO APPLICANTS IN RURAL AREAS

The Home Ownership Program Offers:

Closing Costs and Repairs May Be Included
Closing Costs and Repairs May Be Included
No Private Mortgage Insurance (PMI)
No Private Mortgage Insurance (PMI)
504 LOANS AND GRANTS

Rural Development Home Improvement Loans and Grants

For families and individuals with very low incomes, Rural Development makes loans for repairs, to improve or modernize a home, make it safer or more sanitary or to remove health hazards.  For seniors 62 and older who cannot afford a loan, grant funds may be available for these repairs.
Uses for 504 Loans
The most common types of repairs financed by the Section 504 program include fixing or replacing roofs, modernizing heating and wiring systems, and making houses accessible to people with disabilities. You may also apply for funds to install insulation and storm windows, put in a septic system, and install or repair a bathroom.
Borrowing Limits for 504 Loans
The maximum amount you can borrow under the Section 504 Home Repair Loan program is $20,000. The interest rate for these loans are 1 percent and is limited to very-low income, rural residents whose incomes fall below the very-low income for the family size and county.
504 Grants
Grants may be used only to remove health or safety hazards or to remove dwellings to make them accessible to household members with disabilities. This grant is available to very low-income homeowners, 62 years old and older, who cannot afford to borrow the full amount required to make the necessary repairs. Grants are limited to $7,500.