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