Usda rural housing single family housing guaranteed loan

Link

https://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program

Table of Contents Show

Additional Links
Sponsoring Organization
Amount of Funding
Who Can Apply
Geographic Coverage
What This Program Funds
Application Process
Topics This Program Addresses
Loan Status
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SFHGLP Integrated Unit – How to Contact Us:

Additional Links

Fact Sheet

Deadline

Applications accepted on an ongoing basis

Sponsoring Organization

USDA Rural Development (USDA RD)

Purpose

Offers loan guarantees to approved lenders providing financing to individuals and families with low or moderate income to obtain safe, clean, modest, affordable homes in rural areas. Reduces the risk to lenders, allowing them to extend 100% financing to eligible homebuyers who are unable to secure credit from other sources. Loan funds may be used to:

Purchase new or existing residential property, including detached, attached, condos, planned unit developments (PUDs), modular, and manufactured dwellings
Build a home
Make renovations or repairs associated with the purchase of an existing home
Refinance an eligible loan, for existing USDA borrowers only
Prepare a site for a home, including grading, foundation plantings, seeding or sod installation, trees, walks, fences, and driveways
Purchase essential household equipment, such as wall-to-wall carpeting, ovens, ranges, refrigerators, washers, dryers, heating and cooling equipment

Amount of Funding

Loan amounts are determined by the market value, purchase price and acquisition costs of the property, including closing costs and reasonable/customary expenses associated with the purchase.

Interest rates vary and are determined by individual lenders. The program offers 30-year fixed rate loans only, and there is no down payment or minimum credit score required to receive a loan.

Who Can Apply

Applicants must meet the following requirements:

Agree to occupy the property as their primary residence
Meet the income eligibility, which cannot exceed 115% of median household income
Be a U.S. citizen, non-citizen national, or qualified alien

Geographic Coverage

Nationwide

What This Program Funds

Buildings and Facilities • Capacity Building

Application Process

Contact the Single Family Housing Guaranteed Loan Program nationally approved lender of your choice to discuss specific loan terms and start the application process. The list does not include all lenders that currently participate in the program.

Applicants are encouraged to contact their preferred private or state-based lender to learn if they are an approved lender with USDA Rural Development. Applicants are also encouraged to compare lenders in order to find the best available service and financial options for their loan.

Contact

For program questions:
Contact your preferred Single Family Housing Guaranteed Loan Program nationally approved lender.

Topics This Program Addresses

Housing and Homelessness

Loan Status

We are currently reviewing new loan applications and conditions received on or before 10/27/2022

Critical program information such as policy updates, funding status, and automation changes are sent by email through GovDelivery Sign Up to Receive Critical Updates

Overview

On February 16, 2020 we integrated the Guaranteed Loan Program into a single integrated national team! For more information, please reference our Integration Information sheet.

USDA Rural Development’s Guaranteed Loan Program assists approved lenders in providing up to 100% financing for eligible borrowers (households that do not exceed 115% of the Median Household Income ) purchasing homes in eligible rural areas. Automated underwriting assistance through GUS (Guaranteed Underwriting System) allows for expanded ratios and flexible credit. Download the Guaranteed Rural Housing Lender fact sheet.

We now have Single Close Construction-to-Permanent Financing! A single-close loan combines the features of a construction loan and a long-term permanent mortgage. Since there is only one closing, which can save considerable closing costs, the loan is considered a purchase transaction by the agency. The loan note guarantee may be issued once the interim construction loan is closed without waiting for the completion of the property.

SFHGLP Integrated Unit – How to Contact Us:

**Very Important ** Effective February 16th, 2020, all states were aligned to one of four production teams. Each production team has their own email inbox as shown below.

Download the Full GRH Contact Sheet

Production Teams	States
Production Team One	AK, AL, AZ, CA, CO, GU, HI, IA, ID, KS, MT, NM, NV, OR, SD, TX, UT, WA, WI, WP, WY
Production Team Two	AR, KY, LA, MN, MO, MS, ND, NE, NJ, NY, OK
Production Team Three	CT, DE, GA, IL, MA, MD, ME, MI, NC, NH, RI, SC, VT, WV
Production Team Four	FL, IN, OH, PA, PR, TN, VA, VI

File-specific questions should be emailed to the production team responsible for the state. For example, if you had a question regarding a guaranteed loan application in Nebraska, you would email to contact Team Two.

In most cases, our staff can provide a response within 24 hours during normal business days. We can answer faster if you:

Identify the state the application is located; if applicable;
Provide applicant’s name, if applicable;
Include contact information; and
Indicate if you would like a call back (otherwise you will receive an email reply)