 Sam
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 Posted: Sun Apr 04, 2004 11:21 pm Post subject: Rural Housing Service (RHS) |
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The Rural Housing Service (R.H.S.) is a part of the U.S. Department of Agriculture. The R.H.S. guaranteed loans are meant for low and moderate income families intending to purchase modestly priced homes for their personal use in rural areas. No mortgage insurance or down payment is required in case of such loans. Moreover, closing costs can be included in the loan amount.
The R.H.S. offers Section 502 Direct and Guaranteed Rural Housing loans to home purchasers in rural areas. The homebuyers need to possess certain qualifications :
- A steady and modest income.
- An acceptable credit history.
- Affordability of the home purchased (in rural area) and
- Plans to live in it etc.
It may be noted that apart from the loan guarantee program the R.H.S. has also got a direct loan program for low and very low income families.
To know more about RHS and their programs, click here. |
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