Translation
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From their site...
"What does this program do? The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify!
Who may apply for this program?
Applicants must:
- Meet income-eligibility (cannot exceed 115% of median household income)
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
Follow this up with a Section 504 grant to fix up the house.
This is from the loan lender's worksheet to determine eligibility:
"Lender Instructions: Determine eligible household income for the Single-Family Housing Guaranteed Loan Program (SFHGLP) by
documenting all sources/types of income for all household members. Qualify the loan by documenting all sources/types of income that is
stable and dependable, utilized to repay the loan."
So, if you are on a fixed income from the government, etc, no matter how small, you have stable and dependable income that qualifies you.
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