Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
Housing Options & Planning Enterprises, Inc. (H.O.P.E.) is a certified packaging process? It is a method by which persons interested in applying for a Section 502 loan may submit an application to the Agency. When an applicant uses the certified packaging process, their first contact will be with a certified packager. The packager spends time with the prospective applicant to review their credit, eligibility for the program, and assists with assembling a complete application. Once the application is assembled, the certified packager makes a recommendation and submits the file to an approved intermediary.
https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans
If you have a need for housing and credit counseling, please let us hear from you. You may call us at 301-567-3330 or you may contact us by email at hope@hopefinancial.org
Housing Options & Planning Enterprises, Inc.(H.O.P.E.)
6188 Oxon Hill Road, Suite 700
Oxon Hill, MD 20745
301-567-3330 (Office)
301-710-0607 (Fax)