USDA Section 502 Guaranteed Loan Program (Wyoming)

What is USDA Section 502 Guaranteed Loan Program (Wyoming)?

USDA Section 502 Guaranteed Loan Program (Wyoming) is a first mortgage for homebuyers in Statewide, Wyoming, administered by USDA Rural Development, Rural Housing Service (via approved lenders).

• The Section 502 Guaranteed Loan Program helps approved lenders provide low- and moderate-income households the opportunity to own a modest primary residence in eligible rural Wyoming areas with up to 100% financing (no down payment). USDA provides a 90% loan note guarantee to lenders. Distinct from the Section 502 Direct program.
• 100% financing (zero down payment).
• No credit score minimum.
• 30-year fixed.
• Closing costs may be financed.
• This is a federal program, so it is available beyond a single state or city.

Do you have to pay it back?

USDA Section 502 Guaranteed Loan Program (Wyoming) is a first mortgage and is repaid under the terms set by USDA Rural Development, Rural Housing Service (via approved lenders).

• The assistance is recorded in First position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

USDA Section 502 Guaranteed Loan Program (Wyoming) is open to buyers who will live in the home as their primary residence.

What are the income limits?

USDA Section 502 Guaranteed Loan Program (Wyoming) limits household income to 115% of the area median income, which varies by county and household size.

• Household income cannot exceed 115% of area median income (USDA limits by county/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.

What kind of home can it be used for?

USDA Section 502 Guaranteed Loan Program (Wyoming) can be used for Single Family, Condo, PUD, Modular, and Manufactured.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

USDA Section 502 Guaranteed Loan Program (Wyoming) is a federal program, so it is not limited to Wyoming.

• The program targets specific areas: Property must be in a USDA-eligible rural area (verify on USDA eligibility site).

How do you apply?

Applications for USDA Section 502 Guaranteed Loan Program (Wyoming) go through USDA Rural Development, Rural Housing Service (via approved lenders), which publishes the current terms and the application steps on its own site.

1. 1

   Contact USDA Rural Development, Rural Housing Service (via approved lenders) to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.