United States Department of Agriculture
USDA RURAL DEVELOPEMENT
USDA loans are available through the SINGLE FAMILY HOUSING GUARANTEED LOAN PROGRAM. This program is for low to moderate income families purchasing homes in rural areas.
Locally on Florida’s Sun Coast, typically the coastal property is not eligible for this type of loan. As the map below shows, property along Tampa Bay from Palmetto to Apollo Beach are eligible for USDA loans as well as most property east of Interstate 75.
Contact Multiline Mortgage Services to talk about your eligibility or click on the link below.
Single Family Housing Guaranteed Loan Program
What does this program do?
This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.
Who may apply for this program?
- Meet income-eligibility
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
- Have the legal capacity to incur the loan obligation
- Have not been suspended or debarred from participation in federal programs
- Demonstrate the willingness to meet credit obligations in a timely manner
- Purchase a property that meets all program criteria
How may funds be used?
Funds backed by loan guarantees can be used for:
- New or existing residential property to be used as a permanent residence. Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction
- A site with a new or existing dwelling
- Refinancing of eligible loans
- Special design features or permanently installed equipment to accommodate a household member who has a physical disability
- Site preparation costs, including grading, foundation plantings, seeding or sod installation, trees, walks, fences and driveways
Why does USDA Rural Development do this?
This program helps lenders work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.