USDA Loans and Grants
USDA 502 Direct Home Loans are used to help low and very low-income individuals or
households purchase homes in rural areas. Print out USDA 502 Prequalification, send
with all requested attachments to:
Housing Development
PO Box 470
Bowling Green, MO 63334
Call 573-324-6622 to have the application mailed to you.
Benefits:
- No Down Payment
- 100% financing
- Taxes and insurance are escrowed with monthly payment
- No Private Mortgage Insurance (PMI)
- USDA is not credit score driven
Qualifications:
- Must have stable and dependable income, which is sufficient to repay the loan. This can
include disability and may include Section 8 vouchers if they are transferable to home ownership. - Gross household income should be within agency income limits (contact specialist for more information).
- Must have acceptable credit history – we can assist you with reviewing and improving your credit
- Must be legal age to incur loan obligation
- Must be a U.S. citizen or have permanent resident alien status
USDA Section 504 Home Repair Program is to provide low and very low-income homeowners loans
to repair, improve or modernize their homes and grants to elderly very-low income homeowners to
remove health and safety hazards.
Print out USDA 504 App, send with all requested attachments to:
Housing Development
PO Box 470
Bowling Green, MO 63334
Call 573-324-6622 to have the application mailed to you.