The Single Family Housing Guaranteed Loan Program (SFHGLP) aims to facilitate homeownership in rural areas in the United States.
Administered by the U.S. Department of Agriculture (USDA), the program provides a government guarantee to approved lenders, encouraging them to offer favorable terms to eligible low- and moderate-income families.
USDA guaranteed loan program targets rural areas with lower population densities, promoting stable homeownership and contributing to the growth of rural housing markets.
Eligibility criteria include income limits, U.S. citizenship or legal residency, primary residence occupancy, and property location in an eligible rural area defined by the USDA.
USDA guaranteed loan funds can be used for various purposes, including purchasing a permanent residence, repairs, rehabilitation, refinancing, and essential home appliances.
To apply for Section 502 Guaranteed Loan individuals can find an approved lender, complete the loan application, check property eligibility, undergo the underwriting process, and submit the application to the USDA for a guarantee.