USDA Section 502 Direct Single Family Housing Home Loan (Wyoming)

USDA Section 502 Direct Single Family Housing Home Loan (Wyoming) is a first mortgage for homebuyers in Casper, Wyoming, administered by USDA Rural Development, Rural Housing Service - Wyoming State Office. The Section 502 Direct Loan Program (USDA Rural Development) provides direct, 100%-financing home loans to low- and very-low-income applicants buying decent, safe, and sanitary housing in eligible rural areas of Wyoming. No down payment is typically required, and payment assistance (a subsidy that can lower the effective rate to as low as 1%) increases repayment ability. Applications are accepted year-round through the Wyoming State Office in Casper. No down payment typically required (up to 100% financing). Effective rate as low as 1% via payment assistance. Long terms (up to 33-38 years). Year-round applications. Funding comes from USDA Rural Development (federal; Housing Act of 1949 as amended; 7 CFR Part 3550; HB-1-3550).

USDA Section 502 Direct Single Family Housing Home Loan (Wyoming) is a first mortgage and is repaid under the terms set by USDA Rural Development, Rural Housing Service - Wyoming State Office. Repayment is triggered by Payment-subsidy recapture: borrowers repay all or a portion of the payment subsidy received over the life of the loan when title transfers or the borrower no longer occupies the dwelling. The assistance is recorded in First mortgage position. 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 Home Loan (Wyoming) is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Applicant orientation required (Form RD 3550-23). Adjusted income at or below the area low-income limit; must lack adequate housing and be unable to obtain credit elsewhere; U.S. citizen or eligible noncitizen; property in an eligible rural area within the area loan limit. Subject to payment-subsidy recapture.

USDA Section 502 Direct Single Family Housing Home Loan (Wyoming) limits household income to 80% of the area median income, which varies by county and household size. Adjusted income at or below the applicable low-income limit for the area (low/very-low income); varies by county and household size - see USDA Direct income limit map. 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 Direct Single Family Housing Home Loan (Wyoming) caps the purchase price as follows: Property market value may not exceed the applicable USDA area loan limit for the county. Eligible property types include Single Family. New construction is eligible.

USDA Section 502 Direct Single Family Housing Home Loan (Wyoming) serves homebuyers purchasing in Casper, Wyoming.

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