Posted: Fri Mar 12, 2010 7:25 pm Post subject: USDA Rural Housing Funds to Run Dry by April
from mortgage news daily
Quote:
USDA Section 502 loans are primarily 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. There is no required down payment. The lender must determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.
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