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HCFP Loans

HCFP Loans

The United States Department of Agriculture (USDA) provides loans and grants to individuals and rural communities for housing and community facilities though Housing and Community Facilities Programs (HCFP). HCFP provides funding for single family homes, apartments for low-income persons or the elderly, housing for farm laborers, as well as funding for community facilities such as childcare centers, fire and police stations, hospitals, libraries, nursing homes, schools, and more.

Housing and Community Facilities Programs for Individuals

Housing and Community Facilities Programs are available for:

  • Single family housing for rural Americans
  • Home renovations and repair
  • Rental assistance programs for the elderly, disabled, or low-income rural residents of multi-family housing

The remainder of this article will focus on the home ownership and renovation programs.

HCFP Direct Loan Program

The Direct Loan Program makes assistance available to individuals or families in the form of a home loan at an affordable interest rate. Most borrowers have an income level below 80% of the median income for the community in which they live (see here for the income limits on the Direct Loan Program for single family homes). There are also loan limits for loans made under the Direct Loan Program that vary by community (see here for the loan limits for the Direct Loan Program).

More information on the Direct Loan Program may be found on the USDA Rural Development Housing & Community Facilities Programs site: http://www.rurdev.usda.gov/rhs/sfh/brief_rhdirect.htm

HCFP Loan Guarantee Program

Under this program HCFP guarantees loans made by private lenders, similar to FHA or VA loans. With the HCFP Loan Guarantee Program, a borrower may borrow up to 100% of the appraised value of the home (100% LTV). Borrowers may have up to 115% of the median income for their area (see herefor income limits)

More information on the Loan Guarantee Program may be found on the USDA Rural Development Housing & Community Facilities Programs site: http://www.rurdev.usda.gov/rhs/sfh/brief_rhguar.htm

HCFP Mutual Self-Help Housing Program

This program helps very-low- (50 percent of the area median income) and low-income (between 50 and 80 percent of area median income) individuals or families to construct their own home. Borrowers participating in a HCFP mutual self-help project perform approximately 65 percent of the construction on each other's homes under qualified supervision.

More information on the Mutual Self-Help Housing Program may be found on the USDA Rural Development Housing & Community Facilities Programs site: http://www.rurdev.usda.gov/rhs/sfh/brief_selfhelpsite.htm

HCFP Home Repair Loan and Grant Program

HCFP offers loans and grants for home renovation to very-low-income individuals or families who own their own home. Loans made under this program are 1% loans that may be repaid over a 20-year period.

More information on the Mutual Self-Help Housing Program may be found on the USDA Rural Development Housing & Community Facilities Programs site: http://www.rurdev.usda.gov/rhs/sfh/brief_repairloan.htm

Rural Development Real Estate for Sale

Rural Development real estate for sale includes:

  • Government owned real estate and potential foreclosure sales for single family homes (SFH)
  • Government owned real estate and potential foreclosure sales for multi-family housing

More information on the Rural Development real estate for sale may be found on the USDA Rural Development Real Estate for Sale site: http://www.resales.usda.gov/

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