USDA Section 502 Direct Single Family Housing Loan (South Dakota)

USDA Section 502 Direct Single Family Housing Loan (South Dakota) is a first mortgage for homebuyers in Huron, South Dakota, administered by USDA Rural Development - South Dakota State Office. The USDA Section 502 Direct Loan Program assists low- and very-low-income applicants in obtaining decent, safe, and sanitary housing in eligible rural areas of South Dakota by providing up to 100% financing (typically no down payment) plus a 'payment assistance' subsidy that temporarily reduces the mortgage payment based on adjusted family income. South Dakota participates in the Section 502 manufactured-housing and self-help pilots. Up to 100% financing, typically no down payment. Payment-assistance subsidy reduces the effective rate to as low as 1%. Loan terms up to 33 years (38 in some very-low-income cases).

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

USDA Section 502 Direct Single Family Housing Loan (South Dakota) is open to homebuyers who will live in the home as their primary residence. Loan term: Up to 33 years (up to 38 years for some very-low-income borrowers).. Adjusted income at/below the area low-income limit; property in an eligible rural area and modest in size; primary residence; willingness/ability to repay; generally unable to obtain a loan elsewhere. Payment subsidy subject to recapture.

USDA Section 502 Direct Single Family Housing Loan (South Dakota) sets its income limit as follows: Adjusted household income at/below the applicable area low-income limit (limits vary by SD county and household size per USDA income-limit tables). 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 Direct Single Family Housing Loan (South Dakota) caps the purchase price as follows: Property must be modest in size for the area and within USDA loan limits; no single statewide purchase-price cap. Eligible property types include Single Family. New construction is eligible. Manufactured homes are eligible.

USDA Section 502 Direct Single Family Housing Loan (South Dakota) serves homebuyers purchasing in Huron, South Dakota.

Applications for USDA Section 502 Direct Single Family Housing Loan (South Dakota) go through USDA Rural Development - South Dakota 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.