USDA Section 502 Guaranteed Loan Program (New Hampshire)

USDA Section 502 Guaranteed Loan Program (New Hampshire) is a first mortgage for homebuyers in Statewide, New Hampshire, administered by USDA Rural Development, Rural Housing Service. The USDA Section 502 Guaranteed Loan Program helps approved private lenders offer low- and moderate-income rural households 100% financing (no money down) to buy, build, or rehabilitate a modest primary residence in an eligible rural area of New Hampshire. USDA provides a 90% loan note guarantee to the lender, reducing risk and enabling no-down-payment loans. Loans are 30-year fixed-rate, have no minimum credit score, and require household income at or below 115% of area median income. 100% financing with no down payment. 30-year fixed rate. No minimum credit score. Closing costs may be financed. Manufactured, modular, condo, and site-built homes eligible. Funding comes from USDA Rural Development provides a 90% loan note guarantee to approved lenders under Section 502(h) of the Housing Act of 1949.

USDA Section 502 Guaranteed Loan Program (New Hampshire) is a first mortgage and is repaid under the terms set by USDA Rural Development, Rural Housing Service. 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 (New Hampshire) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: No minimum credit score requirement; applicants must demonstrate willingness and ability to manage debt. Residency requirement: Property must be located in a USDA-designated eligible rural area. Citizenship or immigration status: Must be a U.S. citizen, U.S. non-citizen national, or qualified alien. Property must be in a USDA-designated eligible rural area and household income at or below 115% AMI; both confirmed on USDA's eligibility tool. Interest rate set by the lender. This is the Guaranteed program (lender-originated, USDA-backed), distinct from the Section 502 Direct program already in the catalog.

USDA Section 502 Guaranteed Loan Program (New Hampshire) 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 median household income for the area; varies by county and household size (verify on USDA income eligibility tool). 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 (New Hampshire) caps the purchase price as follows: No set purchase price limit; loan amount governed by income limits and repayment ability. Eligible property types include Single Family, Condo, Townhouse, and Manufactured. New construction is eligible. Manufactured homes are eligible.

USDA Section 502 Guaranteed Loan Program (New Hampshire) serves homebuyers purchasing in Statewide, New Hampshire. The program targets specific areas: Eligibility limited to USDA-designated rural areas; address-specific eligibility determined via USDA's eligibility website.

Applications for USDA Section 502 Guaranteed Loan Program (New Hampshire) go through USDA Rural Development, Rural Housing Service, which publishes the current terms and the application steps on its own site. Funds are reserved through Applications accepted from approved lenders on an ongoing basis Oct 1 - Sep 30. 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.