How to Apply & Get Approved for The Kentucky USDA Direct Home Loan 502 Program Video
Who can apply for this program? A number of factors are considered when determining eligibility for Single Family Direct Home Loans. At a minimum, applicants must have an adjusted income that is at or below the applicable low-income limit for the area in which they wish to buy a house (an income limit map is available at this link: https://go.usa.gov/xzcfb). They must also demonstrate a willingness and ability to repay debt. Applicants must: • Be without decent, safe, and sanitary housing • Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to be met • Agree to occupy the property as their principal residence • Have the legal capacity to incur a loan obligation • Meet citizenship or eligible noncitizen requirements • Not be suspended or debarred from participation in federal programs Properties financed with direct loan funds must: • Be modest in size for the area • Not have market value in excess of the applicable area loan limit • ...
