USDA Section 502 Guaranteed Loan Program (Idaho)

USDA Section 502 Guaranteed Loan Program (Idaho) is a first mortgage for homebuyers in Statewide, Idaho, administered by USDA Rural Development - Rural Housing Service (Idaho State Office), through approved lenders. The USDA Section 502 Guaranteed Loan Program assists USDA-approved lenders in providing low- and moderate-income households in eligible rural areas of Idaho the opportunity to buy, build, rehabilitate, improve, or relocate a primary residence with 100% financing and no money down for those who qualify. USDA provides a 90% loan note guarantee to the lender. The program is currently open with applications accepted year-round through approved lenders, and loans are offered as 30-year fixed-rate mortgages. 100% financing / no down payment for qualified buyers. Income limit up to 115% AMI. No minimum credit score set by program. 30-year fixed rate. Manufactured and modular homes eligible. Funding comes from USDA Rural Development loan guarantee (Housing Act of 1949, Section 502(h); 7 CFR Part 3555).

USDA Section 502 Guaranteed Loan Program (Idaho) is a first mortgage and is repaid under the terms set by USDA Rural Development - Rural Housing Service (Idaho State Office), through approved lenders. Repayment is triggered by Standard mortgage repayment; no subsidy recapture (guaranteed, not subsidized, loan). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

USDA Section 502 Guaranteed Loan Program (Idaho) is open to homebuyers who will live in the home as their primary residence. Citizenship or immigration status: U.S. citizen, U.S. non-citizen national, or qualified alien. Property must be in a USDA-eligible rural area; household income cannot exceed 115% AMI. Applied for through USDA-approved lenders, not directly through USDA. No program credit score minimum. Interest rate set by the individual lender.

USDA Section 502 Guaranteed Loan Program (Idaho) limits household income to 115% of the area median income, which varies by county and household size. Applicant household income cannot exceed 115% of the area median household income; varies by county and household size per USDA Guaranteed income eligibility tables. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

USDA Section 502 Guaranteed Loan Program (Idaho) can be used for Single Family, Condo, Townhouse, and Manufactured. New construction is eligible. Manufactured homes are eligible.

USDA Section 502 Guaranteed Loan Program (Idaho) serves homebuyers purchasing in Statewide, Idaho. The program targets specific areas: Property must be in a USDA-designated eligible rural area (verify via the USDA Eligibility site).

Applications for USDA Section 502 Guaranteed Loan Program (Idaho) go through USDA Rural Development - Rural Housing Service (Idaho State Office), through approved lenders, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.