What is the Idaho Rural Development Loan Program, and who is eligible for it?

by ronaldo_von , in category: Real Estate , 8 months ago

What is the Idaho Rural Development Loan Program, and who is eligible for it?

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1 answer

by ethelyn_hansen , 6 months ago


The Idaho Rural Development Loan Program is a government initiative aimed at providing affordable housing financing options to individuals or families living in rural areas of Idaho. The program is administered by the United States Department of Agriculture (USDA) Rural Development agency.

The program offers low-interest loans to eligible applicants for the purchase, construction, renovation, or repair of single-family homes located in designated rural areas. It aims to assist low-income and moderate-income households who may not qualify for conventional financing.

To be eligible for the Idaho Rural Development Loan Program, applicants must meet certain criteria, including:

  1. Income Eligibility: The applicant's household income must fall within the income limits defined by the USDA. These limits vary depending on the county and the number of people in the household.
  2. Rural Location: The property being financed must be located in an eligible rural area as determined by the USDA. Certain urban areas or cities with populations exceeding 35,000 are not eligible.
  3. Citizenship or Legal Residency: The applicant must be a U.S. citizen or hold legal residency status in the United States.
  4. Creditworthiness: Applicants need to demonstrate a good credit history and the ability to repay the loan.

Additionally, applicants must be unable to secure financing from traditional sources and should be unable to afford safe, decent, and sanitary housing in their area without the support of the Idaho Rural Development Loan Program.

It is important to note that the program has specific requirements and guidelines that applicants must adhere to. It is recommended to consult with a USDA-approved lender or the USDA Rural Development agency for detailed information and to determine if one is eligible for the program.