Business / Agriculture / Section 502 Loans: A rural housing loan program, administered by the Rural Housing Service (RHS), authorized under Section 502 of the Housing Act of 1949. Borrowers may obtain loans for purchasing or repairing new or existing single-family housing. Loans are made directly by RHS or by private lenders with a USDA guarantee. Borrowers with income of 80% or less of the area median may be eligible for 33-year direct loans and may receive interest credit to bring the interest rate to as low as 1%. In a given fiscal year, at least 40% of the units financed under this section must be made available only to very low-income families or individuals (below 60% of the area median) with terms up to 38 years. Borrowers must have the means to repay the loans, but be unable to secure reasonable credit terms elsewhere. Borrowers with income of up to 115% of the area median may be eligible for 30-year guaranteed loans from private lenders. Priority is given to first-time homebuyers, and the RHS may require that borrowers complete a homeownership counseling program.
Section Noun Synonyms: sample, slice, cross-section, fraction
Section Adjective Synonyms: part, division, department, branch, sector, group, detachment, segment, portion, subdivision, component, element
Business / Agriculture / Rural Home Loans: Section 502 loans are available through the Rural Housing Service to low- and moderate-income rural households to purchase and repair single-family homes. MORE
Business / Agriculture / Section 404: A provision of the Clean Water Act establishing a program regulating the discharge of dredge or fill material into the nation’s waters. Permits for individual dredge or fill activities are issued by MORE
Business / Agriculture / Section 4 General Or Basic Assistance: This refers to the section of National School Lunch Act requiring the federal government to subsidize all lunches served through the school lunch program, regardless of the income of the participant. MORE