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USDA Rural Development

Program Overview

USDA Rural Development is a program that provides loans with no down payment, to low and very-low income applicants in rural communities to build, purchase, or repair a home. Rate and terms are subject to change. Loan amortized for 33 years. Applicants may be eligible for payment assistance (subsidy) on the loan. Unincorporated rural areas in Colorado, cities and towns with popluations of 10,000 or less. Certain areas with populations of 10,000 to 20,000 may also be eligible.

Who is eligible for this program?

Low and very low income applicants who do not currently own a home and cannot get conventional financing. Applicants should have good credit and the ability to repay the loan. For income limits see their website at: www.rurdev.usda.gov Funds can be used to buy, build, improve, repair, or rehabilitate homes as the applicant's permanent residence. Is this program for first time buyers only? No

Property Eligibility Requirements

Unincorporated rural areas within the State of Colorado are eligible providing they meet population restrictions.

Benefit Details

This program is administered through Rural Development Local Offices. There are currently 7 locations in Colorado administering this program. See their website for a list of offices near you. www.rurdev.usda.gov/co Typical amount of assistance is up to 100% of market value or cost, whichever is less. Maximum loan amount varies by county. Benefit: The benefit is to low and very low income families and their need for housing. Owner Occupancy Required: Yes

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