RE:USDA 502D - Direct Home Loan Program - NavajojoeJeff:
What is the benchmark(might not be correct term) for the USDA rate? I am sure it moves with prime or something similar.
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.
Per the website - a reduced rate is for low or very low income...Can you expand with what low or very low income means. 25K, 50K, 100K
nb