Download Section 502 Direct Loans Gif. See more of section 502 direct loans on facebook. I just got approved for $203,00 through the usda section 502 direct loan program.
(3) the loan is a present section 502 direct or guaranteed loan, authorized under the housing act of 1949 subject to the following additional requirements: 13 section 502 direct loan program at a glance rural development provides direct, as well as guaranteed loans, in rural areas. Section 502 direct loans are made by the usda directly and are open only to borrowers with limited incomes who are buying properties in rural areas.
Subsection (i) answers the nonrecourse loan problem and gives the creditor an unsecured claim for the difference between the value of the collateral and.
The interest rate will be subsidized to 1% because i meet the very low income criteria. Section 502 loans are a rural housing loan program, administered by the rural housing service (rhs), authorized under section 502 of the housing act of 1949. Section 502 direct loans come directly from the usda rather than banks or credit unions and those with extremely low incomes finance the cost of a house. My name is , we located in.