Rural Home LoanCredit Cards and LoansRural home loan...a loan on rural housing is just like any other type of home loan, except in cases where the applicant can qualify for one of the government sponsored programs that either lower the rates for these loans, or make it easier to qualify. Some of the most important such programs are supported through the US Department of Agriculture-Rural Housing Service (RHS for short). Here's a brief quote from their website explaining their services: The Rural Housing Service provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. RHS also makes financing available to elderly, disabled, or low-income rural residents of multi-unit housing buildings to ensure they are able to make rent payments. Government organizations are typically run according to a large document that results from various bills and decisions made by congress, and the specific programs that come out of those decisions are described in "Sections" of this document. In the case of rural home loan programs, the most important program is called "Section 502". Another important rural home loan program from RHS is the "Sweat Equity" program called Section 523. Here's a quote about that program from their website:
The Mutual Self-Help Housing Program makes homes affordable by enabling future homeowners to work on homes themselves. With this investment in the home, or "sweat equity", each homeowner pays less for his or her home. Each qualified applicant is required to complete 65% of the work to build his or her own home.
Technical Assistance Grants and Site Loans are provided to nonprofit and local government organizations, which supervise groups of 5 to 12 enrollees in the Self-Help Program. Members of each group help work on each other's homes, moving in only when all the homes are completed.
For information on these programs, visit the RHS site at:
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