USDA Basics
The federal department that Rural Development is a part of
What is the USDA
The Section 502 loan helps eligible rural residents do this
What is purchase, build, or repair a home
The type of area a property must be located in to qualify for RD housing programs
What is a rural area
The mission of USDA Rural Development in one word
What is to improve the quality of life in rural America
The two types of Section 502 Single Family Housing loans
What are Direct and Guaranteed
This document is used to determine if a property is in an eligible rural area
What is the USDA eligibility map
The three main program areas under Rural Development
What are Housing, Business, and Community Programs
The maximum income limit category used to qualify for a Section 502 Direct loan
Section 502 Direct loanWhat is low and very low income
The three main borrower eligibility factors for a Direct loan
What are income, creditworthiness, and repayment ability
The agency within RD that handles housing loans
What is the Rural Housing Service (RHS)
The Section 504 loan and grant program helps rural homeowners do this
What is repair or rehabilitate their home
The term for the subsidy that reduces a Direct loan borrower's effective interest rate
What is payment assistance
The code of federal regulations title that governs RD Single Family Housing programs
What is Title 7
The maximum grant amount available under Section 504 for elderly borrowers
What is $10,000
The recapture provision requires borrowers to repay this when they sell or transfer the home
What is the subsidy received (payment assistance)