Saving for a down payment and escalating home prices are two reasons that make it difficult for low income homebuyers to purchase a home. Did you know that the USDA 502-Direct loan program solves these issues and more for homebuyers? Designed for low income families purchasing homes in rural areas, this loan offers a 0% down payment, 33 or 38 year terms, and a possible subsidy reducing the interest. In addition, USDA 502 Direct does not charge for mortgage insurance further increasing the monthly savings! This allows buyers to borrow considerably more than with other loan programs, so they can purchase a safe and quality home. These amazing terms result in successful homeownership.
In 2016 NeighborWorks Southern New Hampshire began accepting applications for this loan as a USDA Loan Packager. Interested buyers are required to complete Home Buyer Education and Counseling through HOMEteam or a comparable entity. If you or someone you know could benefit from this program please contact Debbie Wheeler or Ryan Tufts at NeighborWorks Southern New Hampshire at (603) 626-4663.
Ryan Tufts is a HomeOwnership Counselor at HOMEteam. Whether his clients are three months or three years from purchasing their home, Ryan assists clients in developing customized plans leading to home ownership. Ryan also conducts HOMEteam’s Home Buyer Seminars and Financial Capabilities Workshops, guiding clients towards mortgage affordability. He also conducts the Financial Capabilities Seminars and consults Individual Development Account (IDA) clients.