Program Name: Single Family Housing Guaranteed Loan Program
Organization: United States Department of Agriculture – Rural Development
Address: 2118 W. Part Court, Suite A, Champaign, IL 61821
Phone: 217-403-6200
Briefly Describe the Purpose of the Program
he Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify!
Year Program Established:
Eligibility Requirements or Restrictions
Meet income-eligibility (cannot exceed 115% of median household income)

Agree to personally occupy the dwelling as their primary residence

Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien

Application Deadline: Rolling bases
Application Guidelines:
Funding Cap Per Application or Fiscal Year Program Funding:
How Must Funds Be Used: Financing to buy, build, improve, or even relocate a dwelling.