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USDA Direct Home Loans Still Available for Rural Low Income Homebuyers

Name
Kelly K. Clark
Email
kelly.clark2@nv.usda.gov
Phone
(775) 887-1222 x130
City
Carson City
Release Date

USDA Rural Development still has about $2.8 million in Direct Home Loan funding available for rural low-income homebuyers. Those who are interested need to act quickly before the fiscal year ends.

"If you were wondering whether you can afford to buy a home, check with us and see if you qualify, it cannot hurt to check it out," says Jeff Glass, the Housing Program Director for USDA Rural Development in Nevada.

The Direct 502 Home Loan Program is available in all areas of the state except Carson City and metropolitan Clark and Washoe Counties.

You will work directly with a loan specialist at a regional office who will ask you to fill out a prequalification form, and if you are eligible, provide you with an eligibility certificate that prequalifies you with a set loan amount and interest rate.
 
The prequalification is a simple two-page form available from the agency's rural office staff in Elko, Fallon and Las Vegas. In NE Nevada, call Brad Gallimore at (775) 748-8468 Ext. 104, in central Nevada call Betty Percifield at (775) 423-5124 Ext. 100, and in southern Nevada call Elias Askins at (702) 407-1400 Ext. 113.

What does USDA look for?

  • Income: below 80% Median Household Income for the county where the homebuyer lives. Dependable and steady income from employment, a pension or social security is required. Visit the Nevada website to see if your family is eligible: https://www.rd.usda.gov/files/RD-DirectLimitMap.pdf
  • Credit History: Although USDA does not specifically review your credit score, poor credit will affect overall eligibility. You might need to pay off some debts to be eligible.
  • Homeownership Education: USDA will require you to take a homeownership education course.

 
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; homeownership; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/nv.