Government Grants, Loans: Very Low to Moderate Income Housing Loans (Eligibility)

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Very Low to Moderate Income Housing Loans

Very Low to Moderate Income Housing Loans

ELIGIBILITY REQUIREMENTS
	· Functional Categories
		Rural Community Development Homebuying, Homeownership Home Improvement Rural Housing Construction Rehabilitation Land Acquisition Site Preparation for Housing
	· Applicants
		Individual/Family Specialized Group (Health Professional, Student, Veteran)
	· Applicant Eligibility
		Applicants must have very low-, low- or moderate incomes. Very low-income is defined as below 50 percent of the area median income (AMI); low-income is between 50 and 80 percent of AMI; moderate income is below 115 percent of AMI. Families must be without adequate housing, but able to afford the housing payments, including principal, interest, taxes, and insurance (PITI). Qualifying repayment ratios are 29 percent for PITI to 41 percent for total debt. In addition, applicants must be unable to obtain credit elsewhere, yet have an acceptable credit history.
	· Beneficiaries
		Individual/Family Specialized group (e.g. health professionals, students, veterans) Farmer/Rancher/Agriculture Producer
	· Beneficiary Eligibility
		Applicants must meet eligibility requirements.
	· Credentials/Documentation
		Applicants may need to submit evidence of inability to obtain credit elsewhere, verification of income, debts, and other information on the application; plans, specifications, and cost estimates. This program is excluded from coverage under OMB Circular No. A-87.

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See AidPage for more information on:
Very Low to Moderate Income Housing Loans

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