USDA Rural Development’s Section 502 Direct Loan Program provides a path to homeownership for low and very low income families living in rural areas, and families who truly have no other way to make affordable homeownership a reality. Also known as the Section 502 Direct Loan Program, this program assists low and very low income applicants obtain decent, safe, and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property transfers or the borrower is no longer living in the dwelling. Loan funds may be used to help low income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.The maximum loan amount an applicant may qualify for will depend on the applicant’s repayment ability.
1101 S. Main
Temple, 76501, TX
Building Name or Description: Federal Building, Suite 102
Accessible Location: Yes
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