Rural Development Loans
May 30, 2009
Loans for the Tulsa County & Surrounding County
Even though this program for Rural Development Loans has been around since March 27, 2009, many people still do not know that the United States Department of Agriculture (USDA) has Home Purchase Programs available. The Oklahoma USDA rural mortgage program is a government sponsored home buying program, just like Oklahoma FHA and Oklahoma VA, the USDA does not originate the loan, you will need to apply for a mortgage loan through a lender.
The American Recovery and Reinvestment Act of 2009 have made $10 billion available through the Rural Development Single Family Housing Guaranteed Loan Program known as the SFHGLP.
The USDA has explained that the loan is “subject to receipt of congressionally appropriated funds”. Along with this, all loans must meet specific guidelines especially income. These income limits vary according to the section of the state in which you live and the number of members in your family.
In the Tulsa OK metro area the income limits are:
- Very low income – one person at 20,150 to 8 persons at 38,000
- Low income – one person at 32,250 to 8 persons at 60,850
- Moderate income – one person at 37,750 to 8 persons at 66,350
- 38-year term – one person 20,400 to 8 persons at 38,500
- ADJ. Median Inc. – one person 34,000 to 8 persons at 64,200
The various programs available through the USDA include direct loan program with an estimated loan limit in Tulsa County of $144,500, which became effective march 1, 2009. SFH Guaranteed Loan with income limits of RHS low income for 1 to 4 persons 46,100 and 5 to 8 persons at 60,850 and the RHS Moderate income guaranteed loan income limits at 73,600 for 1 to 4 persons and 97,150 for 5 to 8 persons.
The Mutual Self Help Housing Program is also available for Tulsa County residents with qualified recipients completing 65% of the work themselves to build his or her new home.
To learn more about the various rural development programs that you may be entitled to, you should contact a local real estate agent. He/she will be able to help you find a program to provide you with the help you need to buy a home.