Description
The USDA Section 502 Direct Loan Program is intended to provide very low- and low-income people with the opportunity to acquire, build, rehabilitate, improve or relocate dwellings in rural areas. By providing payment assistance and extended loan terms to eligible borrowers, the program increases an applicant’s repayment ability. Nonprofit organizations with certified loan packagers can assist potential borrowers and work in partnership with USDA Rural Development to package and deliver complete Section 502 loan applications. This webinar will provide information on revisions to the handbook for the USDA Section 502 Loan program (HB-1-3550). We will discuss changes implemented during FY 2017 and 2018. Most changes relate to the determination and documentation of applicant assets, income and credit history.