Colorado Housing Nonprofits Concerned About Potential Loss of USDA Loan Program
Austin Reese is building his new home in the High Country, thanks to a federal loan program for rural first-time homebuyers.
Reese, who works for the Colorado State Forest Service, bought the home in Hot Sulphur Springs from Habitat for Humanity Grand County.
The United States Department of Agriculture's 502 Direct Loan Program provides subsidized mortgage plans, eliminating the need for a down payment.
- The program benefits low-income buyers, making between 50% and 80% of their county's area median income.
The program has been a "miracle" for rural homebuyers.
Author's summary: USDA loan program aids rural homebuyers.