USDA 502D - Direct Home Loan Program - NavajojoeNavajojoe ...
Your are incorrect.
The program for Sage Ranch is the USDA 502D "Direct" loan program where the USDA is the actual lender, not a backstop for a regular lender.
Here are the highlights to the USDA 502D direct loan program:
- USDA is the actual lender
- Purpose is to provide safe, sanitary and decent housing and create prosperity for people in Exurbs or rural areas.
- Maximum home price is $548,000
- Maximum income of $103,500 with 1 to 4 people, up to $136,600 with 5+ people.
- USDA loans with banks have a 640 credit score minimum, HOWEVER the USDA 502D program does not have a minimum credit score
- As of September 30th, 2022, the interest rate is 3.5% HOWEVER the USDA 502D will subsidize you down to 1% annual interest for a 33 to 38 year amortization.
- No down payment
- USDA covers 2 years of auto, mortgage and tax payments if loss of job.
- Owner cannot then rent out his house to another person
- Owner must provide proof of income and citizenship or residency status.
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