USDA 502 Direct Loan Packaging

Denied a home loan because of income, lack of down payment, credit, or job history.  Direct Loan may be an option.  It is a fixed rate loan with rates as low as 1% thanks to payment assistance.  Loan terms are 33 - 38 years to payback this assistance.  High Plains Community Development Corporation is a certified Direct Loan Packager meaning we can take your loan application by phone, mail or in our office. 

This loan assists low- and very-low-income applicants with a lending option for a safe home in a rural area by providing payment assistance to increase the applicants repayment ability.  This loan helps applicants who were otherwise denied a home loan and the amount of assistance is determined by the adjusted family income.  

The Rural Home Loan Direct Program is a fixed interest rate based on current market rates at loan approval or loan closing, whichever is lower.   No down payment is typically required unless applicants have assets higher than the asset limit. 

There is no deadline to apply.  HPCDC can start an application today.  Processing times vary depending on funding availability, program demand, and area which an applicant is interested in buying.  We do not approve the loans but package the loan application and submitted to USDA for a fee only if the loan is closed.