Liberty Mortgage

2501 S. Trumbull Ave. Chicago, IL 60623

Phone: 708-713-6613 Email: libertymtgcorp@gmail.com

What is a USDA Loan?

Officially known as the Section 502 Single Family Housing Guaranteed Loan Program, the USDA

loanis a $0 down mortgage option available to rural and suburban homebuyers in the United

States. USDA loans are issued by qualified lenders and guaranteed by the U.S. Department of

Agriculture (USDA).

The USDA loan’s purpose is to provide low-to-moderate income households the opportunity

to achieve the dream of homeownership in eligible rural areas, and does so by guaranteeing

each USDA loan against default. This guarantee allows for amazing benefits, such as zero down

payment,low rates and lenient credit requirements.

Credit Score:

640

Down Payment:

$0.00

Population Requirements:

Can not exceed 20,000 and is not

located in a metropolitan statistical area.

Can not exceed 10,000 if it is located in a

metropolitan statistical area.

Qualified Property Map:

Click Here

Programs

• Home Ownership

  This 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 build, rehabilitate,

  improve or relocate a dwelling in an eligible rural area. Theprogram provides a 90% loan

  note guarantee to approved lenders in order to reduce the risk of extending 100% loans to

  eligible rural homebuyers.

• Farm Ownership

  No current or previous farm ownership requirements and 100 percent financing available

  make FSA direct farm ownership loans a valuable resource to help farmers and ranchers

  become owner-operators of family farms, improve and expand current operations,

  increase agricultural productivity, and assist with land tenure to save farmland for future

  generations.

• Microloan Program

  The focus of Microloans is on the financing needs of small, beginning farmer, niche and

  non-traditional farm operations, such as truck farms, farms participating in direct

  marketing and sales such as farmers’ markets, CSA’s (Community Supported Agriculture),

  restaurants and grocery stores, or those using hydroponic, aquaponic, organic and vertical

  growing methods.

• Multi Family Program

  What does this program do?

  This program provides competitive financing for affordable multi-family rental housing

  for low-income, elderly, or disabled individuals and families in eligible rural areas.

  Who may apply for this program?

  This program assists qualified applicants that cannot obtain commercial credit on terms

  that will allow them to charge rents that are affordable to low-income tenants. Qualified

  applicants include:

  • Individuals, trusts, associations, partnerships, limited partnerships, nonprofit

    organizations, for-profit corporations and consumer cooperatives.

  • Most state and local governmental entities.

  • Federally-recognized Tribes

  Borrowers must have legal authority needed to construct, operate and maintain the

  proposed facilities and the services proposed

  
  What is an eligible area?

  A list of designated eligible places is available from each RD State Office.

  How may funds be used?
  Construction, improvement and purchase of multi-family rental housing for

  low-incomefamilies, the elderly and disabled individuals is the primary

  objective forthis program.

  Funding may also be available for related activities including:

  • Buying and improve land

  • Providing necessary infrastructure

  • For a complete list see Code of Federal Regulations, 7 CFR Part3560.53.

  Who may live in the rental housing?

  • Very-low income to moderate-income families or individuals (1)

  • Elderly people aged 62 or older

  • People with disabilities

  What kinds of funding are available?

  Direct, competitive loans

  What are the loan terms?

  • Up to 30 year payback period

  • Lowest rate at either the time of loan approval or loan closing will be used

  • Contact your local RD Officefor details and current interest rates applicable for your project

• Section 504ImprovementGrants

  Grant funds may be used only to make repairs and improvements that will remove

  identified health and safety hazards or to repair or remodel dwellings to make them

  accessibleand useable for household members with disabilities. Grants are available only

  to eligibleapplicants who are 62 years of age or older who cannot afford a loan. Recipients

  may receivemultiple grants, up to a lifetime maximum of $7,500.