The U.S. Department of Agriculture (USDA) Rural Development in Oregon has expanded its homeownership assistance through a pilot program to help low-income rural residents purchase manufactured homes.
Rural Development's Single Family Housing Direct Home Loan Program provides affordable home loans to low-income rural residents. Through the Single Family Housing Guaranteed Loan Program, USDA helps lenders provide low- and moderate-income households with the opportunity to own their own home. Up until now, only traditional homes and newly constructed manufactured houses have been eligible for these programs. Under the new pilot program, USDA direct and guaranteed loans can now be used to purchase an existing manufactured home in Oregon.
To qualify for the pilot program, the manufactured home must have been constructed on or after January 1, 2006, in order to meet the Federal Manufactured Home Construction and Safety Standards. The house must have had no alterations since its construction. Additionally, an inspection by a qualified party will be required.
Prior to this pilot, only the Single Family Housing Repair Program could be used for existing manufactured homes. To qualify, the applicant must own both the home and the land on which it is located. Additionally, the home must either be on a permanent foundation or the applicant must plan to use the program's financing to place it on a permanent foundation.
For questions, or to learn more about USDA financing options for manufactured homes, potential applicants and lenders should contact a local Single Family Housing Specialist.
June is National Homeownership Month!
Join USDA in celebrating National Homeownership Month this June. Homeownership is one of the best ways for American families to enter the middle class. It provides a strong foundation for building household wealth through increased equity. Overall, homeownership means long-term financial stability for many rural families.
Through its suite of Single Family Housing Programs, USDA Rural Development helps residents of rural communities in Oregon and across the country achieve the dream of homeownership. In 2017 alone, Rural Development provided $403 million in loans and loan guarantees and $1.3 million in grants to help more than 2,160 low-income rural Oregonians purchase, build, or repair their homes.
For more information about options for buying or repairing a home in a rural area with USDA assistance, visit us online or contact you local USDA Rural Development office.