The USDA Section 502 Direct Loan Program offers low- and very-low-income families loans up to $324,700 to buy, build, repair, or renovate homes in eligible rural areas with no down payment. Interest rates start at 5.75% but can drop to 1% with income-based subsidies. Loans last up to 33 or 38 years. Applicants must meet income limits, live in the home, and the property must be in a rural area. Applications are accepted year-round.
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