Section 502 Guaranteed Loans
- Loans are made by mortgage lenders and guaranteed by
USDA Rural Development to low and moderate income applicants to buy or build homes (30
year fixed interest rate) in rural areas of Maine.
Lenders
Click Here
Guaranteed Single-Family Housing
Income Limits
List of Approved Lenders
Section 502 Direct Loan Program
- Low interest loans are made directly by Rural
Development to applicants whose incomes are less than 80 percent of the median income for
the area. This program is focused towards purchasing modest housing, constructing
new homes, or repairing pre-owned dwellings, located in rural areas of Maine.
Direct Single-Family Housing
Income Limits
Section 504 Direct Loan Program - Loans are made at 1 percent interest rate to repair,
improve, or modernize modest single family homes in rural areas, making homes safer or
more sanitary, or to remove health and safety hazards. Applicants' incomes must be
less than 50 percent of the median income for the area.
Section 504
Grant Program - For homeowners 62 years old or older who cannot repay
a loan, grant funds are available to remove health or safety hazards, or remodel dwellings
to make them accessible to household members with disabilities.
Mutual Self-Help Housing Program
- Low interest loans are made directly by Rural
Development to applicants whose incomes are less than 80 percent median income for the
area. This program is focused towards constructing modest new homes, through a group
effort, in rural areas of Maine.
Upcoming Foreclosure Sales
-
Information on upcoming foreclosure sales for properties in the State of Maine.
Section 502
Success Story
Helpful Single-Family Housing Links
Eligibility Site
Ineligible Area Maps
Income Limits:
Direct
Guaranteed
Approved Dealers/Contractors for Manufactured Homes
Area Loan Limits
Ineligible Area Maps:
Androscoggin
Penobscot- Bangor
Cumberland
York
