USDA Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada

USDA Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada is a first mortgage for homebuyers in Statewide, Nevada, administered by USDA Rural Development - Nevada State Office. The USDA Section 502 Direct Home Loan provides 100% financing (no down payment) to low- and very-low-income buyers purchasing in eligible rural areas of Nevada. A payment-assistance subsidy temporarily reduces the monthly payment, lowering the effective interest rate to as little as 1% based on adjusted family income. Closing costs and eligible repairs can be financed into the loan. The subsidy is subject to recapture when the home is sold or no longer occupied. 100% financing, no down payment. Payment-assistance subsidy lowers effective rate to as low as 1%. Closing costs and repairs may be rolled into the loan. Funding comes from USDA Rural Development, Section 502 Direct Loan Program.

USDA Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada is a first mortgage and is repaid under the terms set by USDA Rural Development - Nevada State Office. Repayment is triggered by Payment-assistance subsidy subject to recapture: all or a portion repaid when title transfers or the borrower no longer occupies the home. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

USDA Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada is open to homebuyers who will live in the home as their primary residence. Adjusted income within area low/very-low limits; applicant must lack decent/safe/sanitary housing, be unable to obtain other financing on reasonable terms, and able to repay; property in a USDA-eligible rural area.

USDA Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada sets its income limit as follows: Adjusted household income at or below the applicable low/very-low income limit for the area (varies by county and household size). 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 Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada serves homebuyers purchasing in Statewide, Nevada.

Applications for USDA Single Family Housing Direct Home Loan (Section 502 Direct) - Nevada go through USDA Rural Development - Nevada State Office, 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.