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USDA RURAL DEVELOPMENT INCREASES MAXIMUM LOAN AMOUNT
FOR HOME PURCHASES
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Canandaigua N.Y., October 25, 2005 - USDA Rural Development has increased the maximum loan amount available to purchase homes through their Section 502 Single Family Housing Program. The increased loan limits went into effect across New York State on October 1, 2005.
In Ontario and Wayne Counties, the maximum loan limit is now $185,250.00. Residents in Yates County could be eligible to receive a loan up to $164,002.00.
The Section 502 Single Family Housing Direct Loan program provides loans to low- and very low-income households to purchase or construct a home in a rural area. For most borrowers, the term of the loan is 33 years and there is no down payment required. Loan funds can be used to purchase existing dwellings or to construct new dwellings. The current interest rate for this program is 5.375 percent; however, assistance to reduce monthly payments is available to eligible applicants.
Ontario, Wayne and Yates Counties are served by the USDA Rural Development's Canandaigua Office. For information on applying for assistance under USDA Rural Development's Section 502 Home Purchase program please visit or contact the office by mail or phone:
USDA Rural Development
Agricultural Service Center
3037 County Road 10
Canandaigua, NY 14424
(585) 394-0525 x4
Committed to the future of rural communities.
USDA is an equal opportunity provider, employer and lender.
To file a complaint of discrimination write: USDA, Director, Office of Civil Rights, Washington, DC 20250-9410
or call (202) 720-5964 (voice or TDD).
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